Lumentum (NASDAQ:LITE) Price Target Raised to $76.00 at Morgan Stanley

Lumentum (NASDAQ:LITE) had its target price lifted by research analysts at Morgan Stanley from $61.00 to $76.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s price objective would suggest a potential downside of 13.12% from the company’s current price.

Several other equities analysts also recently weighed in on the company. Needham & Company LLC lifted their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. B. Riley increased their price objective on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Bank of America boosted their target price on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. increased their price target on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Finally, Northland Securities boosted their price objective on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Lumentum currently has a consensus rating of “Hold” and a consensus target price of $74.85.

Lumentum Trading Down 0.7 %

LITE stock traded down $0.58 during mid-day trading on Thursday, hitting $87.48. 523,045 shares of the company were exchanged, compared to its average volume of 1,468,115. The business has a fifty day simple moving average of $65.16 and a 200-day simple moving average of $54.92. The firm has a market capitalization of $6.01 billion, a P/E ratio of -10.57, a PEG ratio of 8.83 and a beta of 0.88. Lumentum has a 12-month low of $38.28 and a 12-month high of $89.70. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87.

Lumentum (NASDAQ:LITE) last announced its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. The company had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. During the same quarter in the previous year, the company earned $0.12 earnings per share. The firm’s quarterly revenue was down 16.9% compared to the same quarter last year. On average, equities research analysts predict that Lumentum will post 0.17 earnings per share for the current fiscal year.

Institutional Trading of Lumentum

Several institutional investors have recently modified their holdings of the stock. Capital Performance Advisors LLP acquired a new stake in Lumentum during the 3rd quarter worth $33,000. Point72 DIFC Ltd purchased a new stake in shares of Lumentum in the 2nd quarter valued at about $36,000. GAMMA Investing LLC boosted its position in shares of Lumentum by 141.6% in the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after purchasing an additional 524 shares during the period. Signaturefd LLC grew its stake in Lumentum by 93.9% during the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after buying an additional 554 shares during the last quarter. Finally, EntryPoint Capital LLC acquired a new position in Lumentum during the first quarter worth approximately $112,000. Hedge funds and other institutional investors 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.