Barclays Has Lowered Expectations for Lumentum (NASDAQ:LITE) Stock Price

Lumentum (NASDAQ:LITE - Free Report) had its price objective reduced by Barclays from $125.00 to $70.00 in a research note released on Tuesday morning,Benzinga reports. Barclays currently has an overweight rating on the technology company's stock.

Several other brokerages also recently issued reports on LITE. B. Riley raised their price objective on shares of Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Rosenblatt Securities reissued a "buy" rating and set a $110.00 price target on shares of Lumentum in a report on Friday, February 7th. JPMorgan Chase & Co. reduced their price objective on Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. UBS Group lifted their target price on Lumentum from $93.00 to $96.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. Finally, BNP Paribas upgraded Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target for the company in a research note on Tuesday, March 11th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $82.60.

Lumentum Stock Up 0.6 %

Shares of Lumentum stock traded up $0.36 during trading hours on Tuesday, reaching $59.13. 214,509 shares of the company were exchanged, compared to its average volume of 1,886,997. Lumentum has a 1 year low of $38.29 and a 1 year high of $104.00. The firm has a market cap of $4.09 billion, a PE ratio of -7.71 and a beta of 1.14. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The stock's fifty day moving average is $62.32 and its 200 day moving average is $74.99.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. As a group, equities research analysts forecast that Lumentum will post 0.03 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the sale, the chief financial officer now directly owns 51,976 shares of the company's stock, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.19% of the company's stock.

Hedge Funds Weigh In On Lumentum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. J.Safra Asset Management Corp increased its stake in shares of Lumentum by 31.1% during the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock worth $43,000 after purchasing an additional 122 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after buying an additional 130 shares during the last quarter. Quadrant Capital Group LLC increased its position in Lumentum by 27.2% during the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock worth $64,000 after buying an additional 164 shares in the last quarter. Crossmark Global Holdings Inc. increased its position in Lumentum by 4.0% during the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock worth $365,000 after buying an additional 168 shares in the last quarter. Finally, Manchester Capital Management LLC raised its holdings in shares of Lumentum by 22.6% in the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock worth $86,000 after acquiring an additional 190 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.

Lumentum Company Profile

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.