Lumentum (NASDAQ:LITE) Trading 4.4% Higher - What's Next?

Shares of Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) shot up 4.4% on Wednesday . The company traded as high as $65.03 and last traded at $66.41. 129,843 shares changed hands during trading, a decline of 92% from the average session volume of 1,725,456 shares. The stock had previously closed at $63.59.

Wall Street Analysts Forecast Growth

LITE has been the subject of a number of analyst reports. Northland Securities upgraded shares of Lumentum from a "market perform" rating to an "outperform" rating in a research note on Monday. Stifel Nicolaus lifted their price target on shares of Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a report on Friday, February 7th. Morgan Stanley reduced their price objective on shares of Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday, January 31st. UBS Group increased their target price on Lumentum from $93.00 to $96.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Finally, Raymond James upgraded Lumentum from an "outperform" rating to a "strong-buy" rating and dropped their price target for the stock from $96.00 to $82.00 in a research note on Monday, March 24th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Lumentum currently has an average rating of "Moderate Buy" and a consensus price target of $87.40.

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Lumentum Trading Up 5.1 %

The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The company has a market capitalization of $3.60 billion, a PE ratio of -6.82 and a beta of 1.14. The stock's 50 day moving average is $71.46 and its two-hundred day moving average is $76.38.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its earnings results 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 net margin of 36.98% and a negative return on equity of 7.25%. As a group, sell-side analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Insider Buying and Selling at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Lumentum

A number of institutional investors have recently modified their holdings of the stock. Capital World Investors boosted its stake in shares of Lumentum by 108.3% during the 4th quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock worth $302,231,000 after acquiring an additional 1,871,572 shares in the last quarter. Norges Bank purchased a new stake in Lumentum in the 4th quarter worth $68,962,000. Nuveen Asset Management LLC raised its position in Lumentum by 98.9% during the fourth quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company's stock worth $103,122,000 after acquiring an additional 610,938 shares during the period. Balyasny Asset Management L.P. grew its position in shares of Lumentum by 419.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company's stock valued at $37,286,000 after purchasing an additional 583,330 shares during the period. Finally, Capital Research Global Investors purchased a new stake in shares of Lumentum during the fourth quarter worth about $42,415,000. Hedge funds and other 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.