Raymond James Increases Lumentum (NASDAQ:LITE) Price Target to $100.00

Lumentum (NASDAQ:LITE) had its price target lifted by equities research analysts at Raymond James from $70.00 to $100.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Raymond James’ price objective would indicate a potential upside of 18.89% from the stock’s current price.

A number of other research firms have also weighed in on LITE. Bank of America raised their target price on shares of Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Thursday, August 15th. Rosenblatt Securities increased their price target on shares of Lumentum from $65.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Craig Hallum upped their price objective on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Morgan Stanley lifted their target price on Lumentum from $50.00 to $54.00 and gave the stock an “equal weight” rating in a report on Thursday, August 15th. Finally, Northland Securities raised their price target on Lumentum from $40.00 to $45.00 and gave the stock a “market perform” rating in a research report on Friday, August 16th. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Lumentum has a consensus rating of “Hold” and an average target price of $65.77.

Lumentum Price Performance

Shares of Lumentum stock traded up $10.47 on Friday, hitting $84.11. 5,526,013 shares of the company traded hands, compared to its average volume of 1,450,447. Lumentum has a 52 week low of $38.28 and a 52 week high of $88.00. The business has a 50-day simple moving average of $62.73 and a 200 day simple moving average of $53.61. The company has a debt-to-equity ratio of 2.61, a quick ratio of 4.43 and a current ratio of 5.90. The stock has a market capitalization of $5.77 billion, a P/E ratio of -10.40, a price-to-earnings-growth ratio of 5.48 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, beating the consensus estimate of $0.03 by $0.03. The business had revenue of $308.30 million during the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The business’s revenue was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.12 EPS. Research analysts expect that Lumentum will post 0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lumentum

A number of institutional investors have recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC lifted its position in shares of Lumentum by 1.8% during the first quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock valued at $691,000 after buying an additional 260 shares during the last quarter. Texas Permanent School Fund Corp lifted its position in Lumentum by 0.9% during the first quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock valued at $2,759,000 after acquiring an additional 496 shares during the last quarter. Duality Advisers LP purchased a new stake in Lumentum during the first quarter valued at approximately $1,307,000. Envestnet Portfolio Solutions Inc. boosted its stake in Lumentum by 11.0% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 9,062 shares of the technology company’s stock valued at $429,000 after acquiring an additional 901 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in Lumentum in the first quarter worth $687,000. 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.