UBS Group Increases Lumentum (NASDAQ:LITE) Price Target to $96.00

Lumentum (NASDAQ:LITE) had its target price boosted by analysts at UBS Group from $93.00 to $96.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. UBS Group’s price target suggests a potential upside of 10.71% from the stock’s previous close.

Several other research analysts have also recently weighed in on LITE. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and raised their target price for the company from $80.00 to $125.00 in a research note on Friday, January 17th. Susquehanna upped their target price on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Morgan Stanley dropped their price target on Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, January 31st. Stifel Nicolaus increased their price objective on Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Raymond James increased their price target on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $86.57.

Lumentum Stock Down 6.4 %

Shares of LITE traded down $5.96 during midday trading on Friday, hitting $86.71. 2,527,491 shares of the company’s stock traded hands, compared to its average volume of 2,285,108. The firm’s fifty day moving average is $87.70 and its 200-day moving average is $71.27. The stock has a market capitalization of $5.96 billion, a price-to-earnings ratio of -10.47 and a beta of 0.94. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. Lumentum has a 1 year low of $38.28 and a 1 year high of $104.00.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. As a group, sell-side analysts anticipate that Lumentum will post -0.02 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Matthew Joseph Sepe sold 8,172 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total transaction of $715,867.20. Following the sale, the chief accounting officer now owns 21,138 shares in the company, valued at $1,851,688.80. This represents a 27.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Penny Herscher sold 1,625 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $81.09, for a total transaction of $131,771.25. Following the completion of the transaction, the director now owns 6,852 shares in the company, valued at $555,628.68. The trade was a 19.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,797 shares of company stock valued at $8,881,428. 0.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Lumentum

A number of hedge funds have recently added to or reduced their stakes in the stock. J.Safra Asset Management Corp boosted its holdings in Lumentum by 31.1% in the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock valued at $43,000 after purchasing an additional 122 shares during the last quarter. Jones Financial Companies Lllp increased its position in Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after purchasing an additional 130 shares during the last quarter. Signaturefd LLC increased its stake in Lumentum by 13.8% during the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock worth $83,000 after acquiring an additional 158 shares during the last quarter. Crossmark Global Holdings Inc. lifted its position in Lumentum by 4.0% in the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company’s stock valued at $365,000 after buying an additional 168 shares during the last quarter. Finally, Manchester Capital Management LLC grew its holdings in shares of Lumentum by 22.6% in the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company’s stock valued at $86,000 after purchasing an additional 190 shares in 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.