Lumentum (NASDAQ:LITE) Given New $75.00 Price Target at B. Riley

Lumentum (NASDAQ:LITE - Free Report) had its price objective raised by B. Riley from $62.00 to $75.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a neutral rating on the technology company's stock.

Other analysts have also issued research reports about the stock. Rosenblatt Securities reaffirmed a "buy" rating and set a $110.00 price target on shares of Lumentum in a research report on Friday. Needham & Company LLC reissued a "buy" rating and issued a $110.00 target price on shares of Lumentum in a research report on Friday. Stifel Nicolaus boosted their target price on Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research report on Friday. Susquehanna boosted their target price on Lumentum from $80.00 to $115.00 and gave the company a "positive" rating in a research report on Friday, November 8th. Finally, UBS Group boosted their target price on Lumentum from $93.00 to $96.00 and gave the company a "neutral" rating in a research report on Friday. Two equities 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 company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $88.07.

Lumentum Price Performance

Shares of Lumentum stock traded down $1.47 on Friday, hitting $80.46. 1,347,380 shares of the company were exchanged, compared to its average volume of 2,449,322. The stock has a market capitalization of $5.53 billion, a price-to-earnings ratio of -10.40 and a beta of 0.94. The company has a 50-day moving average price of $87.59 and a 200 day moving average price of $71.95. Lumentum has a 1-year low of $38.28 and a 1-year high of $104.00. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) 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 7.00%. As a group, sell-side analysts predict that Lumentum will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumentum

In other news, CAO Matthew Joseph Sepe sold 8,172 shares of the company's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total value of $715,867.20. Following the completion of the sale, the chief accounting officer now directly owns 21,138 shares of the company's stock, valued at approximately $1,851,688.80. This represents a 27.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $13,205,542.80. The trade was a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 86,797 shares of company stock worth $7,573,878 over the last 90 days. Corporate insiders own 0.19% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in LITE. Atreides Management LP raised its holdings in Lumentum by 28.5% during the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company's stock worth $107,177,000 after purchasing an additional 375,389 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in Lumentum during the third quarter worth about $17,981,000. Proficio Capital Partners LLC purchased a new position in Lumentum in the fourth quarter valued at about $13,421,000. Lightrock Netherlands B.V. purchased a new position in Lumentum in the fourth quarter valued at about $12,668,000. Finally, Pinnacle Associates Ltd. increased its holdings in Lumentum by 50.4% in the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company's stock valued at $25,846,000 after buying an additional 136,659 shares in the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.