Needham & Company LLC Cuts Lumentum (NASDAQ:LITE) Price Target to $100.00

Lumentum (NASDAQ:LITE) had its target price cut by Needham & Company LLC from $110.00 to $100.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other equities research analysts also recently issued reports on the company. Jefferies Financial Group assumed coverage on Lumentum in a report on Friday, February 21st. They set a “buy” rating on the stock. Morgan Stanley reduced their price objective on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Rosenblatt Securities dropped their target price on shares of Lumentum from $110.00 to $85.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Stifel Nicolaus lifted their price target on Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Finally, Barclays cut their price objective on Lumentum from $125.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Lumentum currently has a consensus rating of “Moderate Buy” and a consensus target price of $82.20.

Lumentum Price Performance

LITE stock opened at $64.87 on Wednesday. The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of -8.44 and a beta of 1.18. The stock’s fifty day simple moving average is $60.21 and its 200-day simple moving average is $74.61. Lumentum has a 52-week low of $38.29 and a 52-week high of $104.00. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.07. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The business had revenue of $425.20 million for the quarter, compared to analyst estimates of $418.18 million. During the same period in the previous year, the company posted $0.09 EPS. The company’s revenue was up 16.0% compared to the same quarter last year. Equities research analysts expect that Lumentum will post 0.03 EPS for the current year.

Insider Buying and Selling

In other news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tidal Investments LLC boosted its position in shares of Lumentum by 35.6% in the third quarter. Tidal Investments LLC now owns 18,669 shares of the technology company’s stock worth $1,183,000 after buying an additional 4,899 shares during the period. GAMMA Investing LLC lifted its stake in Lumentum by 33.3% in the 4th quarter. GAMMA Investing LLC now owns 1,192 shares of the technology company’s stock worth $100,000 after acquiring an additional 298 shares in the last quarter. Friedenthal Financial acquired a new stake in Lumentum during the 4th quarter worth about $773,000. Assenagon Asset Management S.A. purchased a new position in Lumentum during the 4th quarter valued at about $2,723,000. Finally, Hanseatic Management Services Inc. purchased a new position in Lumentum during the 4th quarter valued at about $1,165,000. 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.