Lumentum (NASDAQ:LITE) Receives Buy Rating from Rosenblatt Securities

Lumentum (NASDAQ:LITE)‘s stock had its “buy” rating reissued by analysts at Rosenblatt Securities in a note issued to investors on Friday,Benzinga reports. They presently have a $110.00 price target on the technology company’s stock. Rosenblatt Securities’ target price suggests a potential upside of 18.70% from the company’s current price.

Other analysts have also issued research reports about the company. Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research report on Thursday, January 9th. Susquehanna increased their target price on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and increased their target price for the company from $80.00 to $125.00 in a report on Friday, January 17th. Raymond James increased their target price on Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Morgan Stanley dropped their target price on Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $82.54.

Lumentum Stock Up 3.9 %

NASDAQ:LITE opened at $92.67 on Friday. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The stock’s fifty day moving average is $87.70 and its two-hundred day moving average is $71.27. Lumentum has a 52 week low of $38.28 and a 52 week high of $104.00. The stock has a market capitalization of $6.37 billion, a price-to-earnings ratio of -11.19 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data 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%. Research analysts anticipate that Lumentum will post -0.02 EPS for the current year.

Insider Buying and Selling

In other Lumentum news, insider Vincent Retort sold 41,710 shares of Lumentum stock in a transaction that occurred 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 sale, the insider now owns 147,515 shares of the company’s stock, valued at approximately $13,205,542.80. The trade was a 22.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Wajid Ali sold 29,887 shares of Lumentum stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $85.06, for a total value of $2,542,188.22. Following the completion of the sale, the chief financial officer now directly owns 56,492 shares in the company, valued at $4,805,209.52. This represents a 34.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,797 shares of company stock valued at $8,881,428 over the last quarter. 0.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lumentum

A number of institutional investors have recently added to or reduced their stakes in LITE. Quarry LP boosted its holdings in Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares in the last quarter. UMB Bank n.a. boosted its holdings in Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after purchasing an additional 253 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after acquiring an additional 130 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of Lumentum during the 3rd quarter valued at approximately $33,000. Finally, Nomura Asset Management Co. Ltd. lifted its position in shares of Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after acquiring an additional 270 shares during the period. 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.