Northland Securities Increases Lumentum (NASDAQ:LITE) Price Target to $70.00

Lumentum (NASDAQ:LITE - Get Free Report) had its target price increased by stock analysts at Northland Securities from $60.00 to $70.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a "market perform" rating on the technology company's stock. Northland Securities' price objective indicates a potential downside of 12.56% from the company's previous close.

LITE has been the subject of several other research reports. 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 report on Friday, January 31st. Needham & Company LLC reaffirmed a "buy" rating and issued a $110.00 price target on shares of Lumentum in a research note on Thursday, January 9th. Raymond James increased their price objective on shares of Lumentum from $70.00 to $100.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. 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, Rosenblatt Securities reiterated a "buy" rating and issued a $110.00 price target on shares of Lumentum in a report on Friday. Two research 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. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $88.07.

Lumentum Trading Down 2.3 %

NASDAQ LITE traded down $1.88 during mid-day trading on Friday, reaching $80.06. 1,279,867 shares of the stock were exchanged, compared to its average volume of 2,447,886. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The stock has a market cap of $5.50 billion, a P/E ratio of -10.42 and a beta of 0.94. The stock has a 50 day simple moving average of $87.59 and a 200-day simple moving average of $71.95. Lumentum has a one year low of $38.28 and a one year high of $104.00.

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

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 29,887 shares of Lumentum stock in a transaction on Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the sale, the chief financial officer now directly owns 56,492 shares in the company, valued at approximately $4,805,209.52. This trade represents a 34.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Harold L. Covert sold 3,345 shares of the firm's stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.78, for a total value of $273,554.10. Following the sale, the director now directly owns 8,729 shares of the company's stock, valued at approximately $713,857.62. This represents a 27.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 86,797 shares of company stock worth $7,573,878 in the last quarter. 0.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. KLP Kapitalforvaltning AS purchased a new position in Lumentum in the fourth quarter valued at approximately $1,173,000. Quantbot Technologies LP purchased a new position in shares of Lumentum during the 4th quarter valued at $5,468,000. Semanteon Capital Management LP bought a new position in shares of Lumentum during the 4th quarter worth $1,463,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Lumentum by 1.4% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,173 shares of the technology company's stock worth $1,274,000 after acquiring an additional 206 shares during the last quarter. Finally, Xponance Inc. raised its stake in Lumentum by 10.7% in the 4th quarter. Xponance Inc. now owns 8,064 shares of the technology company's stock valued at $677,000 after acquiring an additional 779 shares during the period. 94.05% of the stock is owned by institutional investors.

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.