Lumentum (NASDAQ:LITE) Stock Price Expected to Rise, UBS Group Analyst Says

Lumentum (NASDAQ:LITE - Free Report) had its price target lifted by UBS Group from $93.00 to $96.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a neutral rating on the technology company's stock.

Several other brokerages have also commented on LITE. Raymond James lifted their target price on Lumentum from $70.00 to $100.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a "buy" rating and issued a $110.00 price objective on shares of Lumentum in a report on Friday. Susquehanna increased their target price on shares of Lumentum from $80.00 to $115.00 and gave the stock a "positive" rating in a report on Friday, November 8th. Stifel Nicolaus lifted their price target on shares of Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a report on Friday. Finally, Northland Securities increased their price objective on shares of Lumentum from $60.00 to $70.00 and gave the stock a "market perform" rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $88.07.

Lumentum Stock Down 1.8 %

Shares of LITE stock traded down $1.47 during mid-day trading on Friday, reaching $80.46. 1,347,380 shares of the company were exchanged, compared to its average volume of 2,449,322. The company has a market capitalization of $5.53 billion, a P/E ratio of -10.40 and a beta of 0.94. The business's 50 day simple moving average is $87.59 and its 200 day simple moving average is $71.95. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. Lumentum has a fifty-two week low of $38.28 and a fifty-two week high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last released its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share 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%. Research analysts predict that Lumentum will post -0.04 earnings per share for the current year.

Insider Buying and Selling at Lumentum

In other Lumentum news, Director Harold L. Covert sold 3,345 shares of the firm's stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $81.78, for a total transaction of $273,554.10. Following the completion of the sale, the director now directly owns 8,729 shares in the company, valued at approximately $713,857.62. This trade represents a 27.70 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the business's stock in a transaction on Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the transaction, the insider now owns 147,515 shares in the company, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 86,797 shares of company stock valued at $7,573,878. 0.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Lumentum

Institutional investors have recently modified their holdings of the company. Atom Investors LP acquired a new position in shares of Lumentum during the third quarter valued at about $4,127,000. Robeco Institutional Asset Management B.V. acquired a new stake in shares of Lumentum during the fourth quarter worth approximately $646,000. Two Sigma Advisers LP boosted its stake in Lumentum by 24.7% in the third quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company's stock worth $11,827,000 after purchasing an additional 37,000 shares in the last quarter. West Tower Group LLC bought a new stake in Lumentum during the 3rd quarter worth about $444,000. Finally, Zweig DiMenna Associates LLC acquired a new stake in shares of Lumentum in the fourth quarter valued at approximately $7,052,000. 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.