Barclays Forecasts Strong Price Appreciation for Lumentum (NASDAQ:LITE) Stock

Lumentum (NASDAQ:LITE - Get Free Report) had its price objective raised by equities research analysts at Barclays from $40.00 to $80.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an "underweight" rating on the technology company's stock. Barclays's price target indicates a potential downside of 7.75% from the stock's current price.

Other analysts have also recently issued research reports about the company. Morgan Stanley raised their price objective on Lumentum from $50.00 to $54.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 15th. Rosenblatt Securities boosted their price target on Lumentum from $69.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday. Northland Securities increased their price objective on shares of Lumentum from $45.00 to $60.00 and gave the company a "market perform" rating in a research report on Friday. Craig Hallum lifted their target price on shares of Lumentum from $65.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, August 15th. Finally, JPMorgan Chase & Co. upped their price target on shares of Lumentum from $57.00 to $65.00 and gave the company an "overweight" rating in a research note on Monday, August 12th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Lumentum presently has a consensus rating of "Hold" and a consensus price target of $73.15.

Lumentum Stock Up 3.4 %

NASDAQ LITE traded up $2.87 during midday trading on Monday, hitting $86.72. 3,190,782 shares of the company traded hands, compared to its average volume of 1,466,884. Lumentum has a 52 week low of $38.28 and a 52 week high of $89.70. The company's 50-day simple moving average is $63.84 and its 200-day simple moving average is $54.38. The company has a market cap of $5.95 billion, a PE ratio of -10.47, a price-to-earnings-growth ratio of 8.55 and a beta of 0.88. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.03. Lumentum had a negative return on equity of 6.43% 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 firm earned $0.12 earnings per share. The firm's quarterly revenue was down 16.9% compared to the same quarter last year. As a group, equities research analysts forecast that Lumentum will post 0.17 earnings per share for the current year.

Institutional Investors Weigh In On Lumentum

Institutional investors have recently modified their holdings of the business. Capital Performance Advisors LLP purchased a new position in Lumentum during the third quarter worth approximately $33,000. Point72 DIFC Ltd purchased a new position in shares of Lumentum during the 2nd quarter valued at approximately $36,000. GAMMA Investing LLC grew its stake in 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 acquiring an additional 524 shares during the period. Signaturefd LLC increased its holdings in Lumentum by 93.9% in the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company's stock worth $58,000 after acquiring an additional 554 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new position in Lumentum during the first quarter worth $112,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.