Lumentum (NASDAQ:LITE) Shares Gap Up - What's Next?

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $57.41, but opened at $59.51. Lumentum shares last traded at $61.90, with a volume of 359,618 shares.

Analysts Set New Price Targets

LITE has been the topic of several analyst reports. Northland Securities upped their price target on shares of Lumentum from $60.00 to $70.00 and gave the company a "market perform" rating in a report on Friday, February 7th. Barclays raised Lumentum from an "underweight" rating to an "overweight" rating and raised their price target for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. Raymond James upped their price objective on Lumentum from $94.00 to $96.00 and gave the company an "outperform" rating in a research report on Friday, February 7th. Needham & Company LLC reiterated a "buy" rating and set a $110.00 target price on shares of Lumentum in a research report on Friday, February 7th. Finally, UBS Group upped their target price on shares of Lumentum from $93.00 to $96.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $88.33.

Lumentum Trading Up 10.1 %

The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The business has a 50 day moving average price of $81.64 and a 200-day moving average price of $75.22. The firm has a market capitalization of $4.37 billion, a PE ratio of -8.22 and a beta of 1.03.

Remove Ads

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the sale, the chief financial officer now owns 51,976 shares in the company, valued at approximately $4,071,799.84. This trade represents a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.19% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of LITE. Capital World Investors lifted its stake in shares of Lumentum by 108.3% during the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock valued at $302,231,000 after acquiring an additional 1,871,572 shares during the period. Alliancebernstein L.P. increased its holdings in Lumentum by 1.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,711,956 shares of the technology company's stock worth $143,719,000 after purchasing an additional 23,136 shares in the last quarter. Atreides Management LP raised its position in Lumentum by 28.5% in the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company's stock valued at $107,177,000 after buying an additional 375,389 shares during the last quarter. Nuveen Asset Management LLC lifted its position in shares of Lumentum by 98.9% in the fourth quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company's stock worth $103,122,000 after purchasing an additional 610,938 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Lumentum by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 1,195,605 shares of the technology company's stock valued at $100,402,000 after acquiring an additional 9,442 shares during the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.