Lumentum (NASDAQ:LITE) Rating Increased to Strong-Buy at Northland Capmk

Northland Capmk upgraded shares of Lumentum (NASDAQ:LITE) from a hold rating to a strong-buy rating in a research note issued to investors on Monday morning,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the company. Morgan Stanley decreased 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. Jefferies Financial Group started coverage on shares of Lumentum in a report on Friday, February 21st. They set a “buy” rating on the stock. B. Riley raised their price target on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Northland Securities upgraded Lumentum from a “market perform” rating to an “outperform” rating in a research report on Monday. Finally, Stifel Nicolaus boosted their target price on Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Lumentum presently has an average rating of “Moderate Buy” and an average target price of $87.40.

Lumentum Stock Performance

Shares of LITE stock opened at $59.81 on Monday. Lumentum has a 12 month low of $38.29 and a 12 month high of $104.00. The stock has a market capitalization of $4.14 billion, a P/E ratio of -7.78 and a beta of 1.14. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The firm’s 50 day moving average is $68.91 and its 200 day moving average is $75.93.

Lumentum (NASDAQ:LITE) last posted its quarterly 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 return on equity of 7.25% and a negative net margin of 36.98%. On average, sell-side analysts anticipate that Lumentum will post 0.03 earnings per share for the current year.

Insiders Place Their Bets

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the sale, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at $4,071,799.84. The trade was a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. GAMMA Investing LLC grew its position in Lumentum by 10,626.4% during the 1st quarter. GAMMA Investing LLC now owns 127,859 shares of the technology company’s stock worth $7,971,000 after acquiring an additional 126,667 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Lumentum by 0.4% during the fourth quarter. California State Teachers Retirement System now owns 64,170 shares of the technology company’s stock valued at $5,387,000 after purchasing an additional 251 shares during the period. CWC Advisors LLC. bought a new position in shares of Lumentum in the fourth quarter worth approximately $201,000. Virtue Capital Management LLC purchased a new position in shares of Lumentum in the fourth quarter worth $899,000. Finally, Woodline Partners LP raised its holdings in Lumentum by 377.7% during the 4th quarter. Woodline Partners LP now owns 282,055 shares of the technology company’s stock valued at $23,679,000 after buying an additional 223,011 shares during the last quarter. Hedge funds and other 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.