Lumentum (NASDAQ:LITE) Price Target Raised to $115.00 at Susquehanna

Lumentum (NASDAQ:LITE - Get Free Report) had its price target lifted by investment analysts at Susquehanna from $80.00 to $115.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "positive" rating on the technology company's stock. Susquehanna's price objective indicates a potential upside of 37.15% from the company's previous close.

A number of other brokerages have also recently issued reports on LITE. B. Riley upped their target price on Lumentum from $40.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, August 15th. Needham & Company LLC raised their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, August 15th. Northland Securities lifted their target price on shares of Lumentum from $40.00 to $45.00 and gave the stock a "market perform" rating in a research report on Friday, August 16th. Craig Hallum upped their price target on shares of Lumentum from $65.00 to $70.00 and gave the company a "buy" rating in a research report on Thursday, August 15th. Finally, Bank of America raised their price target on shares of Lumentum from $45.00 to $50.00 and gave the company an "underperform" rating in a research note on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $70.08.

Lumentum Price Performance

Shares of LITE stock traded up $10.21 during trading hours on Friday, reaching $83.85. The company's stock had a trading volume of 7,365,855 shares, compared to its average volume of 1,458,924. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of -10.36, a PEG ratio of 5.48 and a beta of 0.88. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. Lumentum has a fifty-two week low of $38.28 and a fifty-two week high of $88.00. The firm's 50 day simple moving average is $62.73 and its 200-day simple moving average is $53.61.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.03. The business had revenue of $308.30 million during the quarter, compared to analysts' expectations of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The firm's quarterly revenue was down 16.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.12 EPS. Sell-side analysts forecast that Lumentum will post 0.2 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of LITE. Vanguard Group Inc. boosted its position in shares of Lumentum by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company's stock worth $341,786,000 after purchasing an additional 22,088 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Lumentum by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company's stock worth $86,760,000 after purchasing an additional 130,838 shares during the period. Earnest Partners LLC lifted its holdings in shares of Lumentum by 6.0% in the 1st quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company's stock worth $80,027,000 after purchasing an additional 95,428 shares in the last quarter. Swedbank AB acquired a new stake in Lumentum in the 1st quarter valued at $71,025,000. Finally, Van Lanschot Kempen Investment Management N.V. increased its stake in Lumentum by 17.8% during the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company's stock valued at $58,803,000 after purchasing an additional 174,828 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.

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.