Lumentum (NASDAQ:LITE) Upgraded by BNP Paribas to Outperform Rating

Lumentum (NASDAQ:LITE) was upgraded by equities research analysts at BNP Paribas from a “neutral” rating to an “outperform” rating in a report issued on Tuesday, MarketBeat Ratings reports. The firm presently has a $92.00 target price on the technology company’s stock. BNP Paribas’ target price would indicate a potential upside of 60.25% from the company’s current price.

Other analysts have also recently issued research reports about the stock. Morgan Stanley reduced their price objective on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, January 31st. Needham & Company LLC reiterated a “buy” rating and set a $110.00 price target on shares of Lumentum in a research report on Friday, February 7th. UBS Group upped their price target on Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Jefferies Financial Group started coverage on Lumentum in a report on Friday, February 21st. They set a “buy” rating for the company. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Lumentum presently has an average rating of “Moderate Buy” and a consensus target price of $88.33.

Lumentum Stock Performance

NASDAQ LITE opened at $57.41 on Tuesday. The stock has a market capitalization of $3.97 billion, a price-to-earnings ratio of -7.47 and a beta of 1.03. The business’s 50 day moving average is $81.64 and its two-hundred day moving average is $75.22. Lumentum has a 12-month low of $38.29 and a 12-month high of $104.00. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Research analysts expect that Lumentum will post 0.03 EPS for the current year.

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. UMB Bank n.a. raised its stake in shares of Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after acquiring an additional 253 shares during the period. Jones Financial Companies Lllp increased its holdings in Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after purchasing an additional 130 shares in the last quarter. CoreCap Advisors LLC raised its position in Lumentum by 2,235.3% in the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock valued at $33,000 after purchasing an additional 380 shares during the period. Quarry LP lifted its stake in shares of Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after purchasing an additional 201 shares in the last quarter. Finally, J.Safra Asset Management Corp boosted its position in shares of Lumentum by 31.1% in the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock worth $43,000 after buying an additional 122 shares during the period. Institutional investors and hedge funds own 94.05% of the company’s stock.

About Lumentum

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.