Susquehanna Increases Lumentum (NASDAQ:LITE) Price Target to $80.00

Lumentum (NASDAQ:LITE - Get Free Report) had its target price lifted by equities research analysts at Susquehanna from $70.00 to $80.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a "positive" rating on the technology company's stock. Susquehanna's price objective indicates a potential upside of 22.03% from the stock's current price.

Other equities research analysts have also issued reports about the stock. Morgan Stanley increased their target price on shares of Lumentum from $50.00 to $54.00 and gave the stock an "equal weight" rating in a report on Thursday, August 15th. B. Riley raised their price objective on shares of Lumentum from $40.00 to $50.00 and gave the company a "neutral" rating in a research report on Thursday, August 15th. Rosenblatt Securities upped their target price on shares of Lumentum from $65.00 to $69.00 and gave the stock a "buy" rating in a report on Thursday, August 15th. Raymond James increased their price target on Lumentum from $55.00 to $70.00 and gave the stock an "outperform" rating in a research note on Friday, October 4th. Finally, JPMorgan Chase & Co. boosted their price objective on Lumentum from $57.00 to $65.00 and gave the company an "overweight" rating in a research report on Monday, August 12th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $60.77.

Lumentum Stock Performance

Lumentum stock traded down $0.67 during mid-day trading on Monday, reaching $65.56. 1,741,902 shares of the stock traded hands, compared to its average volume of 1,423,500. The stock has a market capitalization of $4.43 billion, a PE ratio of -12.49, a price-to-earnings-growth ratio of 5.78 and a beta of 0.89. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. The business's 50-day moving average is $59.13 and its 200-day moving average is $51.56. Lumentum has a 12-month low of $35.35 and a 12-month high of $71.07.

Lumentum (NASDAQ:LITE - Get Free Report) last issued its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.03. The firm had revenue of $308.30 million for 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 business's quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.12 EPS. As a group, sell-side analysts predict that Lumentum will post 0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Point72 DIFC Ltd purchased a new stake in Lumentum during the second quarter valued at $36,000. GAMMA Investing LLC raised its position in shares of Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company's stock valued at $57,000 after buying an additional 524 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Lumentum by 93.9% in the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company's stock valued at $58,000 after acquiring an additional 554 shares during the last quarter. EntryPoint Capital LLC purchased a new position in Lumentum in the first quarter worth about $112,000. Finally, nVerses Capital LLC increased its stake in Lumentum by 416.7% during the second quarter. nVerses Capital LLC now owns 3,100 shares of the technology company's stock worth $158,000 after acquiring an additional 2,500 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors.

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.