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

Lumentum (NASDAQ:LITE - Free Report) had its target price cut by Morgan Stanley from $83.00 to $81.00 in a report released on Friday morning,Benzinga reports. They currently have an equal weight rating on the technology company's stock.

Other analysts have also recently issued reports about the company. Susquehanna lifted their price objective on Lumentum from $80.00 to $115.00 and gave the company a "positive" rating in a research report on Friday, November 8th. Raymond James increased their price objective on Lumentum from $70.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Rosenblatt Securities boosted their target price on shares of Lumentum from $69.00 to $110.00 and gave the company a "buy" rating in a report on Friday, November 8th. Northland Securities lifted their price target on shares of Lumentum from $45.00 to $60.00 and gave the company a "market perform" rating in a research report on Friday, November 8th. Finally, Needham & Company LLC restated a "buy" rating and issued a $110.00 price objective on shares of Lumentum in a report on Thursday, January 9th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Lumentum currently has an average rating of "Moderate Buy" and a consensus price target of $81.77.

Lumentum Trading Down 0.9 %

LITE stock traded down $0.75 during trading on Friday, hitting $84.31. 2,006,253 shares of the company traded hands, compared to its average volume of 2,085,300. The firm has a market capitalization of $5.79 billion, a PE ratio of -10.18 and a beta of 0.94. Lumentum has a 1 year low of $38.28 and a 1 year high of $104.00. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The company has a 50-day moving average of $87.42 and a 200-day moving average of $70.78.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The technology company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.48). Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. The business had revenue of $336.90 million during the quarter, compared to analysts' expectations of $326.94 million. During the same quarter last year, the business posted ($0.10) EPS. Analysts predict that Lumentum will post -0.02 earnings per share for the current fiscal year.

Insider Activity

In other Lumentum news, insider Vincent Retort sold 41,710 shares of the company's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the transaction, the insider now directly owns 147,515 shares in the company, valued at $13,205,542.80. This represents a 22.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Harold L. Covert sold 15,000 shares of the firm's stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total value of $1,307,550.00. Following the transaction, the director now owns 8,761 shares in the company, valued at $763,696.37. The trade was a 63.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,797 shares of company stock valued at $8,881,428 in the last ninety days. Insiders own 0.19% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Atom Investors LP bought a new position in shares of Lumentum during the third quarter valued at approximately $4,127,000. Two Sigma Advisers LP lifted its stake in shares of Lumentum by 24.7% during the third quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company's stock worth $11,827,000 after buying an additional 37,000 shares during the period. West Tower Group LLC purchased a new stake in Lumentum in the third quarter valued at approximately $444,000. Zweig DiMenna Associates LLC acquired a new stake in shares of Lumentum in the fourth quarter worth $7,052,000. Finally, Crossmark Global Holdings Inc. raised its stake in shares of Lumentum by 4.0% during the 4th quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock valued at $365,000 after buying an additional 168 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors.

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.