Lumentum (NASDAQ:LITE) Price Target Raised to $70.00

Lumentum (NASDAQ:LITE) had its target price increased by analysts at Raymond James from $55.00 to $70.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Raymond James’ price objective suggests a potential upside of 1.74% from the company’s current price.

Other analysts also recently issued reports about the stock. Needham & Company LLC increased their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Rosenblatt Securities raised their price target on shares of Lumentum from $65.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. B. Riley boosted their price objective on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Northland Securities increased their target price on Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a research note on Friday, August 16th. Finally, Craig Hallum boosted their price target on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Lumentum has an average rating of “Hold” and a consensus target price of $60.00.

Lumentum Price Performance

Shares of LITE opened at $68.80 on Friday. Lumentum has a fifty-two week low of $35.35 and a fifty-two week high of $68.81. The firm’s 50-day simple moving average is $54.66 and its two-hundred day simple moving average is $50.18. The stock has a market cap of $4.65 billion, a PE ratio of -13.10, a price-to-earnings-growth ratio of 4.83 and a beta of 0.89. The company has a debt-to-equity ratio of 2.61, a quick ratio of 4.43 and a current ratio of 5.90.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The company had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. During the same quarter last year, the company earned $0.12 EPS. The firm’s revenue for the quarter was down 16.9% on a year-over-year basis. Analysts anticipate that Lumentum will post 0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lumentum

Several hedge funds and other institutional investors have recently made changes to their positions in LITE. Bridge City Capital LLC raised its position in shares of Lumentum by 0.7% during the first quarter. Bridge City Capital LLC now owns 32,607 shares of the technology company’s stock valued at $1,544,000 after buying an additional 242 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in Lumentum by 1.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock worth $691,000 after purchasing an additional 260 shares in the last quarter. Mcdonald Partners LLC boosted its holdings in shares of Lumentum by 1.6% during the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock valued at $1,010,000 after purchasing an additional 318 shares during the last quarter. Arizona State Retirement System grew its position in shares of Lumentum by 2.5% during the second quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock valued at $961,000 after purchasing an additional 455 shares in the last quarter. Finally, Texas Permanent School Fund Corp increased its holdings in shares of Lumentum by 0.9% in the first quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock worth $2,759,000 after purchasing an additional 496 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Company Profile

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.