Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report)'s share price shot up 3.8% on Thursday . The stock traded as high as $70.06 and last traded at $69.74. 786,252 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 1,680,354 shares. The stock had previously closed at $67.17.
Analysts Set New Price Targets
A number of brokerages have recently commented on LITE. B. Riley increased their price objective on Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Barclays raised Lumentum from an "underweight" rating to an "overweight" rating and upped their target price for the company from $80.00 to $125.00 in a report on Friday, January 17th. UBS Group lifted their price target on Lumentum from $93.00 to $96.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Needham & Company LLC reiterated a "buy" rating and issued a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Finally, Raymond James raised shares of Lumentum from an "outperform" rating to a "strong-buy" rating and dropped their target price for the stock from $96.00 to $82.00 in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $87.40.
View Our Latest Analysis on Lumentum
Lumentum Price Performance
The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The stock has a market capitalization of $5.10 billion, a P/E ratio of -9.57 and a beta of 1.03. The stock's fifty day moving average is $77.36 and its 200-day moving average is $75.77.
Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) 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 7.25%. On average, equities analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.
Insider Transactions at Lumentum
In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the sale, the chief financial officer now owns 51,976 shares of the company's stock, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.19% of the stock is owned by corporate insiders.
Institutional Trading of Lumentum
A number of hedge funds have recently bought and sold shares of LITE. Capital World Investors increased its stake in Lumentum by 108.3% in 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. raised its position in Lumentum by 1.4% in 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 during the last quarter. Atreides Management LP boosted its holdings in Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company's stock valued at $107,177,000 after acquiring an additional 375,389 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in shares of Lumentum by 98.9% in the 4th quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company's stock valued at $103,122,000 after purchasing an additional 610,938 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Lumentum by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 1,195,605 shares of the technology company's stock worth $100,402,000 after buying an additional 9,442 shares during the period. 94.05% of the stock is owned by institutional investors.
About Lumentum
(
Get Free Report)
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.
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