Rosenblatt Securities Reiterates "Buy" Rating for Lumentum (NASDAQ:LITE)

Rosenblatt Securities reiterated their buy rating on shares of Lumentum (NASDAQ:LITE - Free Report) in a report issued on Friday,Benzinga reports. They currently have a $110.00 price target on the technology company's stock.

Other equities research analysts have also issued reports about the stock. Needham & Company LLC restated a "buy" rating and set a $110.00 price objective on shares of Lumentum in a report on Thursday, January 9th. Susquehanna lifted their price target on Lumentum from $80.00 to $115.00 and gave the company a "positive" rating in a research note on Friday, November 8th. Barclays raised Lumentum from an "underweight" rating to an "overweight" rating and upped their price objective for the stock from $80.00 to $125.00 in a research report on Friday, January 17th. Morgan Stanley cut their target price on Lumentum from $83.00 to $81.00 and set an "equal weight" rating on the stock in a research note on Friday, January 31st. Finally, Northland Securities raised their price target on shares of Lumentum from $45.00 to $60.00 and gave the stock a "market perform" rating in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $88.07.

Lumentum Trading Down 2.3 %

LITE stock traded down $1.88 during midday trading on Friday, hitting $80.06. 1,279,867 shares of the company's stock were exchanged, compared to its average volume of 2,447,886. Lumentum has a one year low of $38.28 and a one 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 market cap of $5.50 billion, a PE ratio of -10.42 and a beta of 0.94. The stock's fifty day moving average price is $87.59 and its 200-day moving average price is $71.95.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share 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%. Research analysts predict that Lumentum will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In other Lumentum news, insider Vincent Retort sold 41,710 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the completion of the sale, the insider now directly owns 147,515 shares in the company, valued at $13,205,542.80. This trade represents a 22.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Wajid Ali sold 29,887 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now owns 56,492 shares in the company, valued at approximately $4,805,209.52. This trade represents a 34.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 86,797 shares of company stock valued at $7,573,878 over the last three months. Insiders own 0.19% of the company's stock.

Hedge Funds Weigh In On Lumentum

Institutional investors and hedge funds have recently modified their holdings of the business. Truist Financial Corp boosted its holdings in Lumentum by 5.8% in the 2nd quarter. Truist Financial Corp now owns 11,054 shares of the technology company's stock valued at $563,000 after purchasing an additional 607 shares during the period. GAMMA Investing LLC grew its position in Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company's stock worth $57,000 after buying an additional 524 shares in the last quarter. Creative Planning increased its stake in Lumentum by 36.0% during the 3rd quarter. Creative Planning now owns 6,914 shares of the technology company's stock worth $438,000 after acquiring an additional 1,831 shares during the period. nVerses Capital LLC raised its holdings in Lumentum by 54.8% in the 3rd quarter. nVerses Capital LLC now owns 4,800 shares of the technology company's stock valued at $304,000 after acquiring an additional 1,700 shares in the last quarter. Finally, First Citizens Bank & Trust Co. bought a new stake in shares of Lumentum during the 3rd quarter valued at $259,000. 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.