Lumentum (NASDAQ:LITE) Price Target Cut to $40.00

Lumentum (NASDAQ:LITE) had its target price reduced by research analysts at B. Riley from $41.00 to $40.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. B. Riley’s price target would suggest a potential downside of 6.08% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Rosenblatt Securities increased their price objective on shares of Lumentum from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. StockNews.com raised Lumentum to a “sell” rating in a report on Monday. JPMorgan Chase & Co. lowered their target price on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 price target on shares of Lumentum in a research report on Friday, February 9th. Finally, Raymond James raised their price objective on shares of Lumentum from $51.50 to $58.00 and gave the stock an “outperform” rating in a research report on Monday, April 1st. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $52.08.

Lumentum Stock Up 2.9 %

LITE stock opened at $42.59 on Tuesday. Lumentum has a one year low of $35.35 and a one year high of $65.16. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.42 and a current ratio of 3.13. The firm has a market cap of $2.87 billion, a PE ratio of -10.81 and a beta of 1.09. The firm’s fifty day moving average is $45.98 and its 200 day moving average is $47.20.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The business had revenue of $366.80 million during the quarter, compared to analysts’ expectations of $363.44 million. Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. On average, research analysts forecast that Lumentum will post -0.64 EPS for the current year.

Insider Activity at Lumentum

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $49.23, for a total transaction of $487,524.69. Following the transaction, the chief accounting officer now owns 33,188 shares in the company, valued at approximately $1,633,845.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.60% of the stock is currently owned by insiders.

Institutional Trading of Lumentum

A number of hedge funds have recently bought and sold shares of LITE. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Lumentum by 12.1% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 40,302 shares of the technology company’s stock valued at $1,821,000 after purchasing an additional 4,342 shares during the last quarter. Park Avenue Securities LLC acquired a new stake in shares of Lumentum during the 3rd quarter worth approximately $382,000. Inspire Investing LLC raised its position in Lumentum by 22.6% in the third quarter. Inspire Investing LLC now owns 6,755 shares of the technology company’s stock valued at $305,000 after purchasing an additional 1,243 shares during the period. Mcdonald Partners LLC increased its position in shares of Lumentum by 1.8% during the 3rd quarter. Mcdonald Partners LLC now owns 20,022 shares of the technology company’s stock worth $905,000 after purchasing an additional 350 shares during the last quarter. Finally, Capital Advantage Inc. acquired a new position in Lumentum in the third quarter valued at about $930,000. Institutional investors and hedge funds 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.