Lumentum (NASDAQ:LITE) Price Target Lowered to $85.00 at Rosenblatt Securities

Lumentum (NASDAQ:LITE - Free Report) had its price target reduced by Rosenblatt Securities from $110.00 to $85.00 in a research report released on Tuesday,Benzinga reports. They currently have a buy rating on the technology company's stock.

Several other equities analysts have also recently issued reports on the company. B. Riley lifted their price objective on Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. JPMorgan Chase & Co. cut their price target on Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Stifel Nicolaus raised their target price on shares of Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a report on Friday, February 7th. Raymond James raised shares of Lumentum from an "outperform" rating to a "strong-buy" rating and reduced their price target for the company from $96.00 to $82.00 in a report on Monday, March 24th. Finally, 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. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $82.60.

Lumentum Stock Performance

Shares of LITE stock traded up $1.23 during trading hours on Tuesday, reaching $60.00. 1,466,852 shares of the company's stock were exchanged, compared to its average volume of 1,900,380. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. Lumentum has a 1 year low of $38.29 and a 1 year high of $104.00. The company has a market cap of $4.15 billion, a P/E ratio of -7.80 and a beta of 1.14. The company's 50 day moving average is $61.91 and its two-hundred day moving average is $74.99.

Lumentum (NASDAQ:LITE - Get Free Report) last released its earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS 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%. Equities research analysts anticipate that Lumentum will post 0.03 EPS for the current fiscal year.

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares of the company's stock, valued at approximately $4,071,799.84. This trade 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. Insiders own 0.19% of the company's stock.

Institutional Investors Weigh In On Lumentum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Peregrine Capital Management LLC lifted its stake in shares of Lumentum by 0.7% in the 1st quarter. Peregrine Capital Management LLC now owns 116,408 shares of the technology company's stock valued at $7,257,000 after purchasing an additional 825 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Lumentum by 43.7% during the first quarter. Robeco Institutional Asset Management B.V. now owns 11,059 shares of the technology company's stock valued at $689,000 after buying an additional 3,362 shares in the last quarter. Golden State Wealth Management LLC lifted its position in Lumentum by 103.2% during the first quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock valued at $32,000 after buying an additional 260 shares in the last quarter. Lecap Asset Management Ltd. grew its stake in Lumentum by 15.7% during the first quarter. Lecap Asset Management Ltd. now owns 7,935 shares of the technology company's stock worth $495,000 after buying an additional 1,078 shares during the period. Finally, Asset Management One Co. Ltd. acquired a new stake in shares of Lumentum in the first quarter worth $69,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.