Lumentum (NASDAQ:LITE) Price Target Raised to $110.00 at Rosenblatt Securities

Lumentum (NASDAQ:LITE - Get Free Report) had its price target raised by Rosenblatt Securities from $69.00 to $110.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Rosenblatt Securities' price target would suggest a potential upside of 31.19% from the company's previous close.

Several other equities analysts have also issued reports on the company. 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 report on Thursday, August 15th. Northland Securities boosted their target price on Lumentum from $45.00 to $60.00 and gave the stock a "market perform" rating in a research report on Friday. Barclays boosted their target price on Lumentum from $38.00 to $40.00 and gave the stock an "underweight" rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. lifted their price objective on Lumentum from $57.00 to $65.00 and gave the company an "overweight" rating in a report on Monday, August 12th. Finally, Raymond James lifted their price objective on Lumentum from $70.00 to $100.00 and gave the company an "outperform" rating in a report on Friday. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $70.08.

Lumentum Trading Up 13.9 %

LITE stock traded up $10.21 during midday trading on Friday, reaching $83.85. The stock had a trading volume of 7,365,633 shares, compared to its average volume of 1,458,924. The business has a fifty day simple moving average of $62.73 and a two-hundred day simple moving average of $53.61. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. The firm has a market cap of $5.75 billion, a price-to-earnings ratio of -10.36, a PEG ratio of 5.48 and a beta of 0.88. Lumentum has a twelve month low of $38.28 and a twelve month high of $88.00.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.03. The firm had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The company's revenue was down 16.9% on a year-over-year basis. During the same period last year, the company earned $0.12 earnings per share. As a group, research analysts expect that Lumentum will post 0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Lumentum

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Signaturefd LLC raised its stake in shares of Lumentum by 13.8% during the 3rd quarter. Signaturefd LLC now owns 1,302 shares of the technology company's stock worth $83,000 after purchasing an additional 158 shares in the last quarter. Janney Montgomery Scott LLC increased its holdings in shares of Lumentum by 1.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company's stock worth $691,000 after acquiring an additional 260 shares during the last quarter. Mcdonald Partners LLC increased its holdings in shares of Lumentum by 1.6% during the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company's stock worth $1,010,000 after acquiring an additional 318 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Lumentum by 2.5% during the 2nd quarter. Arizona State Retirement System now owns 18,868 shares of the technology company's stock worth $961,000 after acquiring an additional 455 shares during the last quarter. Finally, Texas Permanent School Fund Corp increased its holdings in shares of Lumentum by 0.9% during the 1st quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company's stock worth $2,759,000 after acquiring an additional 496 shares during the last quarter. 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.

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