Lumentum (NASDAQ:LITE - Get Free Report) had its price target increased by research analysts at Northland Securities from $45.00 to $60.00 in a research report issued on Friday,Benzinga reports. The firm currently has a "market perform" rating on the technology company's stock. Northland Securities' target price would suggest a potential downside of 28.44% from the company's current price.
A number of other research firms have also weighed in on LITE. Morgan Stanley upped their price objective on Lumentum from $50.00 to $54.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. increased their price objective on shares of Lumentum from $57.00 to $65.00 and gave the company an "overweight" rating in a report on Monday, August 12th. Barclays boosted their target price on shares of Lumentum from $38.00 to $40.00 and gave the stock an "underweight" rating in a report on Thursday, August 15th. B. Riley lifted their price target on shares of Lumentum from $40.00 to $50.00 and gave the company a "neutral" rating in a report on Thursday, August 15th. Finally, Susquehanna boosted their target price on Lumentum from $80.00 to $115.00 and gave the stock a "positive" rating in a research report on Friday. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $70.08.
Get Our Latest Analysis on LITE
Lumentum Stock Performance
LITE stock traded up $10.21 during trading on Friday, reaching $83.85. The stock had a trading volume of 7,369,004 shares, compared to its average volume of 1,490,137. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61. The firm has a market cap of $5.75 billion, a PE ratio of -10.13, a PEG ratio of 7.34 and a beta of 0.88. The stock's 50 day moving average is $63.25 and its two-hundred day moving average is $53.90. Lumentum has a 52 week low of $38.28 and a 52 week high of $88.00.
Lumentum (NASDAQ:LITE - Get Free Report) last released its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The company had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. During the same period in the previous year, the business earned $0.12 earnings per share. Lumentum's quarterly revenue was down 16.9% compared to the same quarter last year. As a group, equities analysts anticipate that Lumentum will post 0.17 earnings per share for the current year.
Hedge Funds Weigh In On Lumentum
A number of large investors have recently bought and sold shares of the business. Duality Advisers LP bought a new position in Lumentum in the first quarter worth approximately $1,307,000. Vanguard Group Inc. grew its holdings in Lumentum by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company's stock worth $341,786,000 after acquiring an additional 22,088 shares in the last quarter. Swedbank AB bought a new position in Lumentum during the 1st quarter worth about $71,025,000. International Assets Investment Management LLC raised its holdings in shares of Lumentum by 6,238.0% in the 3rd quarter. International Assets Investment Management LLC now owns 21,169 shares of the technology company's stock valued at $1,342,000 after purchasing an additional 20,835 shares in the last quarter. Finally, DigitalBridge Group Inc. boosted its stake in shares of Lumentum by 10.9% during the second quarter. DigitalBridge Group Inc. now owns 554,529 shares of the technology company's stock valued at $28,237,000 after purchasing an additional 54,703 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company's stock.
About Lumentum
(
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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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