Lumentum (NASDAQ:LITE) Rating Increased to Strong-Buy at Northland Capmk

Lumentum (NASDAQ:LITE - Get Free Report) was upgraded by analysts at Northland Capmk from a "hold" rating to a "strong-buy" rating in a research note issued on Monday, April 7th,Zacks.com reports.

A number of other research firms have also issued reports on LITE. B. Riley boosted their target price on shares of Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, February 7th. Barclays raised Lumentum from an "underweight" rating to an "overweight" rating and increased their price objective for the stock from $80.00 to $125.00 in a report on Friday, January 17th. Needham & Company LLC reiterated a "buy" rating and set a $110.00 price target on shares of Lumentum in a research report on Friday, February 7th. BNP Paribas raised Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target for the company in a research note on Tuesday, March 11th. Finally, Raymond James upgraded shares of Lumentum from an "outperform" rating to a "strong-buy" rating and cut their price objective for the company from $96.00 to $82.00 in a research note on Monday, March 24th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $87.40.

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Lumentum Stock Performance

LITE traded up $0.54 on Monday, hitting $51.81. 915,411 shares of the company's stock were exchanged, compared to its average volume of 1,857,381. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The stock has a fifty day moving average of $67.62 and a two-hundred day moving average of $75.90. Lumentum has a twelve month low of $38.29 and a twelve month high of $104.00. The firm has a market cap of $3.59 billion, a PE ratio of -6.74 and a beta of 1.14.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. On average, research analysts anticipate that Lumentum will post 0.03 earnings per share for the current fiscal year.

Insider Activity at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the business's 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 sale, the chief financial officer now directly owns 51,976 shares in the company, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.19% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of LITE. Quarry LP increased its stake in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company's stock worth $28,000 after purchasing an additional 201 shares during the period. UMB Bank n.a. lifted its holdings in shares of Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock worth $28,000 after buying an additional 253 shares during the last quarter. Jones Financial Companies Lllp boosted its position 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 acquiring an additional 130 shares during the period. CoreCap Advisors LLC increased its position in Lumentum by 2,235.3% during the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock worth $33,000 after acquiring an additional 380 shares during the period. Finally, Nomura Asset Management Co. Ltd. raised its stake in Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company's stock valued at $42,000 after purchasing an additional 270 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.

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.