Lumentum (NASDAQ:LITE) Upgraded by Raymond James to Strong-Buy Rating

Raymond James upgraded shares of Lumentum (NASDAQ:LITE - Free Report) from an outperform rating to a strong-buy rating in a report released on Monday morning, Marketbeat.com reports. They currently have $82.00 price objective on the technology company's stock, down from their prior price objective of $96.00.

A number of other research analysts have also commented on the stock. Northland Securities raised their price objective on shares of Lumentum from $60.00 to $70.00 and gave the company a "market perform" rating in a research note on Friday, February 7th. UBS Group lifted their price target on Lumentum from $93.00 to $96.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. BNP Paribas upgraded shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target on the stock in a research report on Tuesday, March 11th. Rosenblatt Securities restated a "buy" rating and set a $110.00 price objective on shares of Lumentum in a research report on Friday, February 7th. Finally, Stifel Nicolaus boosted their target price on shares of Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $87.40.

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Lumentum Stock Performance

LITE traded down $1.40 during trading hours on Monday, hitting $62.58. The company's stock had a trading volume of 1,715,675 shares, compared to its average volume of 1,720,647. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. Lumentum has a fifty-two week low of $38.29 and a fifty-two week high of $104.00. The company has a 50-day simple moving average of $75.28 and a 200 day simple moving average of $75.96. The firm has a market capitalization of $4.33 billion, a PE ratio of -8.14 and a beta of 1.03.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share 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%. As a group, sell-side analysts expect that Lumentum will post 0.03 EPS for the current year.

Insider Activity at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction on Tuesday, February 18th. The shares were 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 owns 51,976 shares in the company, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lumentum

Several large investors have recently made changes to their positions in LITE. J.Safra Asset Management Corp increased its holdings in Lumentum by 31.1% during the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after purchasing an additional 122 shares in the last quarter. Jones Financial Companies Lllp increased its stake in shares of Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after buying an additional 130 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Lumentum by 27.2% in the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock valued at $64,000 after buying an additional 164 shares during the last quarter. Crossmark Global Holdings Inc. lifted its position in Lumentum by 4.0% during the 4th quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock worth $365,000 after buying an additional 168 shares in the last quarter. Finally, Manchester Capital Management LLC grew its holdings in Lumentum by 22.6% during the 4th quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock worth $86,000 after acquiring an additional 190 shares during the last quarter. Institutional investors 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.