Lumentum (NASDAQ:LITE) Price Target Raised to $100.00

Lumentum (NASDAQ:LITE - Free Report) had its price objective raised by Raymond James from $70.00 to $100.00 in a research report report published on Friday,Benzinga reports. The firm currently has an outperform rating on the technology company's stock.

A number of other brokerages also recently weighed in on LITE. B. Riley boosted their price target on Lumentum from $40.00 to $50.00 and gave the stock a "neutral" rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. boosted their target price on Lumentum from $57.00 to $65.00 and gave the stock an "overweight" rating in a report on Monday, August 12th. Northland Securities raised their price target on Lumentum from $40.00 to $45.00 and gave the company a "market perform" rating in a report on Friday, August 16th. Bank of America upped their price objective on shares of Lumentum from $45.00 to $50.00 and gave the company an "underperform" rating in a report on Thursday, August 15th. Finally, Rosenblatt Securities raised their target price on shares of Lumentum from $65.00 to $69.00 and gave the stock a "buy" rating in a research note on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Lumentum presently has a consensus rating of "Hold" and a consensus price target of $70.08.

Lumentum Stock Performance

Shares of NASDAQ:LITE traded up $10.21 during trading on Friday, hitting $83.85. 7,365,855 shares of the company were exchanged, compared to its average volume of 1,490,137. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. Lumentum has a fifty-two week low of $38.28 and a fifty-two week high of $88.00. The firm has a fifty day moving average price of $63.25 and a two-hundred day moving average price of $53.90.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.03. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The firm had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. During the same period in the prior year, the firm posted $0.12 earnings per share. The company's quarterly revenue was down 16.9% compared to the same quarter last year. On average, research analysts expect that Lumentum will post 0.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Lumentum

Hedge funds and other institutional investors have recently modified their holdings of the company. Capital Performance Advisors LLP acquired a new position in shares of Lumentum during the third quarter valued at about $33,000. Point72 DIFC Ltd acquired a new position in Lumentum during the 2nd quarter valued at about $36,000. GAMMA Investing LLC increased its holdings in Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company's stock worth $57,000 after purchasing an additional 524 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Lumentum by 93.9% in the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company's stock valued at $58,000 after purchasing an additional 554 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new position in shares of Lumentum during the first quarter valued at approximately $112,000. Institutional investors 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.