Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $92.67, but opened at $87.11. Lumentum shares last traded at $87.47, with a volume of 1,987,566 shares changing hands.
Analyst Ratings Changes
LITE has been the topic of several recent research reports. Northland Securities raised their price objective on Lumentum from $60.00 to $70.00 and gave the company a "market perform" rating in a report on Friday. Stifel Nicolaus lifted their target price on Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a report on Friday. 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 set a $110.00 target price on shares of Lumentum in a report on Friday. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $110.00 target price on shares of Lumentum in a report on Friday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $88.07.
Read Our Latest Research Report on Lumentum
Lumentum Price Performance
The firm has a market capitalization of $5.53 billion, a P/E ratio of -10.40 and a beta of 0.94. The business has a 50-day moving average of $87.59 and a 200 day moving average of $71.95. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.
Lumentum (NASDAQ:LITE - Get Free Report) last issued its earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.00%. On average, sell-side analysts predict that Lumentum Holdings Inc. will post -0.04 earnings per share for the current fiscal year.
Insider Activity at Lumentum
In other news, insider Vincent Retort sold 41,710 shares of the business's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $89.52, for a total value of $3,733,879.20. Following the transaction, the insider now owns 147,515 shares in the company, valued at $13,205,542.80. The trade was a 22.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the business's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total value of $715,867.20. Following the completion of the transaction, the chief accounting officer now owns 21,138 shares in the company, valued at $1,851,688.80. The trade was a 27.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 86,797 shares of company stock valued at $7,573,878 in the last three months. Corporate insiders own 0.19% of the company's stock.
Hedge Funds Weigh In On Lumentum
A number of hedge funds and other institutional investors have recently modified their holdings of LITE. Quarry LP boosted its stake in shares of Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company's stock worth $28,000 after buying an additional 201 shares during the last quarter. UMB Bank n.a. boosted its stake 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 worth $28,000 after buying an additional 253 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock worth $31,000 after buying an additional 130 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in shares of Lumentum in the 3rd quarter worth approximately $33,000. Finally, Nomura Asset Management Co. Ltd. lifted its stake in Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company's stock valued at $42,000 after purchasing an additional 270 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company's stock.
About Lumentum
(
Get Free Report)
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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