B. Riley Increases Lumentum (NASDAQ:LITE) Price Target to $75.00

Lumentum (NASDAQ:LITE) had its price objective hoisted by stock analysts at B. Riley from $62.00 to $75.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. B. Riley’s price objective points to a potential downside of 11.99% from the stock’s current price.

Several other equities research analysts have also commented on the company. Stifel Nicolaus boosted their price target on Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday. Morgan Stanley decreased their price target on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. Susquehanna boosted their target price on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Northland Securities boosted their price objective on shares of Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a research report on Friday. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $110.00 price objective on shares of Lumentum in a report on Friday. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $88.07.

Lumentum Stock Performance

Lumentum stock traded down $7.45 during mid-day trading on Friday, hitting $85.22. The company had a trading volume of 3,616,112 shares, compared to its average volume of 2,334,500. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of -10.37 and a beta of 0.94. The company’s fifty day moving average is $87.70 and its 200-day moving average is $71.27. Lumentum has a 12-month low of $38.28 and a 12-month high of $104.00.

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

Insider Buying and Selling

In other news, insider Vincent Retort sold 41,710 shares of Lumentum stock in a transaction on Monday, November 25th. The stock was sold at an average price of $89.52, for a total value of $3,733,879.20. Following the transaction, the insider now directly owns 147,515 shares in the company, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Wajid Ali sold 29,887 shares of the business’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $85.06, for a total value of $2,542,188.22. Following the transaction, the chief financial officer now owns 56,492 shares in the company, valued at approximately $4,805,209.52. This trade represents a 34.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,797 shares of company stock worth $8,881,428 in the last quarter. 0.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Lumentum

Large investors have recently bought and sold shares of the business. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in shares of Lumentum in the fourth quarter valued at about $317,000. Lisanti Capital Growth LLC acquired a new position in shares of Lumentum during the 4th quarter worth $6,739,000. Black Swift Group LLC acquired a new position in Lumentum in the 4th quarter valued at about $1,343,000. Arizona State Retirement System increased its position in Lumentum by 2.2% during the 4th quarter. Arizona State Retirement System now owns 19,891 shares of the technology company’s stock worth $1,670,000 after purchasing an additional 425 shares in the last quarter. Finally, Aigen Investment Management LP grew its position in Lumentum by 72.9% in the fourth quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company’s stock valued at $1,464,000 after acquiring an additional 7,354 shares in the last quarter. 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.