Lumentum (NASDAQ:LITE) Stock Price Expected to Rise, Raymond James Analyst Says

Lumentum (NASDAQ:LITE - Get Free Report) had its price objective boosted by equities researchers at Raymond James from $94.00 to $96.00 in a report released on Friday,Benzinga reports. The firm presently has an "outperform" rating on the technology company's stock. Raymond James' price objective would suggest a potential upside of 19.32% from the company's previous close.

Other equities research analysts have also recently issued reports about the company. B. Riley lifted their target price on Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a report on Friday. Needham & Company LLC reaffirmed a "buy" rating and issued a $110.00 target price on shares of Lumentum in a report on Friday. Susquehanna lifted their target price on Lumentum from $80.00 to $115.00 and gave the stock a "positive" rating in a report on Friday, November 8th. Northland Securities boosted their price objective on Lumentum from $60.00 to $70.00 and gave the stock a "market perform" rating in a research note on Friday. Finally, Rosenblatt Securities reissued a "buy" rating and set a $110.00 price objective on shares of Lumentum in a research note on Friday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $88.07.

Lumentum Price Performance

Shares of Lumentum stock traded down $1.47 during trading hours on Friday, hitting $80.46. The company's stock had a trading volume of 1,347,380 shares, compared to its average volume of 2,449,322. The business has a 50 day moving average price of $87.59 and a two-hundred day moving average price of $71.95. Lumentum has a 12-month low of $38.28 and a 12-month high of $104.00. The company has a market cap of $5.53 billion, a PE ratio of -10.40 and a beta of 0.94. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.00%. Analysts expect that Lumentum will post -0.04 earnings per share for the current fiscal year.

Insider Activity at Lumentum

In other Lumentum news, Director Harold L. Covert sold 3,345 shares of the company's stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $81.78, for a total transaction of $273,554.10. Following the completion of the sale, the director now owns 8,729 shares in the company, valued at $713,857.62. This represents a 27.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Wajid Ali sold 29,887 shares of the company's stock in a transaction on Friday, November 29th. The stock was sold at an average price of $85.06, for a total value of $2,542,188.22. Following the sale, the chief financial officer now owns 56,492 shares of the company's stock, valued at approximately $4,805,209.52. This represents a 34.60 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 86,797 shares of company stock worth $7,573,878. Company insiders own 0.19% of the company's stock.

Hedge Funds Weigh In On Lumentum

Large investors have recently made changes to their positions in the business. UMB Bank n.a. increased its position 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 grew its position in Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock worth $31,000 after purchasing an additional 130 shares during the period. Quarry LP grew its position in Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company's stock worth $28,000 after purchasing an additional 201 shares during the period. J.Safra Asset Management Corp grew its position in 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 during the period. Finally, Capital Performance Advisors LLP acquired a new stake in Lumentum during the 3rd quarter worth about $33,000. 94.05% of the stock is 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.