Lumentum's (LITE) "Buy" Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Lumentum (NASDAQ:LITE - Free Report) in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has a $110.00 target price on the technology company's stock.

Several other research analysts also recently issued reports on the stock. Northland Securities boosted their price objective on shares of Lumentum from $60.00 to $70.00 and gave the stock a "market perform" rating in a report on Friday. Barclays raised Lumentum from an "underweight" rating to an "overweight" rating and upped their price target for the company from $80.00 to $125.00 in a report on Friday, January 17th. Morgan Stanley decreased their price objective on Lumentum from $83.00 to $81.00 and set an "equal weight" rating on the stock in a report on Friday, January 31st. Raymond James upped their target price on Lumentum from $70.00 to $100.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $110.00 price target on shares of Lumentum in a research note on Friday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $88.07.

Lumentum Stock Performance

Shares of NASDAQ:LITE traded down $1.88 during trading on Friday, reaching $80.06. The stock had a trading volume of 1,279,867 shares, compared to its average volume of 2,447,886. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The stock has a fifty day simple moving average of $87.59 and a two-hundred day simple moving average of $71.95. The firm has a market capitalization of $5.50 billion, a price-to-earnings ratio of -10.42 and a beta of 0.94. Lumentum has a 52 week low of $38.28 and a 52 week high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%. As a group, analysts anticipate that Lumentum will post -0.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumentum

In other Lumentum news, CFO Wajid Ali sold 29,887 shares of the business's stock in a transaction on Friday, November 29th. The stock was sold at an average price of $85.06, for a total value of $2,542,188.22. Following the transaction, the chief financial officer now owns 56,492 shares of the company's stock, valued at approximately $4,805,209.52. The trade was a 34.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the firm's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the sale, the insider now owns 147,515 shares of the company's stock, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 86,797 shares of company stock worth $7,573,878 over the last ninety days. Corporate insiders own 0.19% of the company's stock.

Institutional Trading of Lumentum

Several hedge funds have recently modified their holdings of LITE. Atreides Management LP lifted its holdings in Lumentum by 28.5% during the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company's stock worth $107,177,000 after buying an additional 375,389 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Lumentum by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company's stock valued at $75,198,000 after acquiring an additional 15,799 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Lumentum by 5.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company's stock valued at $46,784,000 after acquiring an additional 37,109 shares during the period. Fisher Asset Management LLC increased its position in Lumentum by 18.8% in the fourth quarter. Fisher Asset Management LLC now owns 687,311 shares of the technology company's stock worth $57,700,000 after purchasing an additional 108,740 shares during the period. Finally, Pinnacle Associates Ltd. raised its holdings in Lumentum by 50.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company's stock worth $25,846,000 after purchasing an additional 136,659 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

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.