Lumentum (NASDAQ:LITE) Given Buy Rating at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Lumentum (NASDAQ:LITE) in a report issued on Monday, TipRanks reports. Rosenblatt Securities currently has a $90.00 target price on the technology company’s stock.

Other equities analysts have also recently issued reports about the company. Piper Jaffray Companies lifted their target price on Lumentum from $68.00 to $72.00 and gave the stock an overweight rating in a report on Friday, August 9th. UBS Group set a $71.00 price target on shares of Lumentum and gave the stock a buy rating in a report on Friday, November 1st. MKM Partners set a $75.00 price objective on shares of Lumentum and gave the company a buy rating in a research note on Friday, November 1st. B. Riley increased their target price on shares of Lumentum from $71.00 to $75.00 and gave the stock a buy rating in a research report on Friday, November 1st. Finally, Barclays increased their target price on shares of Lumentum from $60.00 to $65.00 and gave the stock an overweight rating in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $72.64.

Shares of LITE stock opened at $74.06 on Monday. Lumentum has a 1 year low of $37.31 and a 1 year high of $74.54. The company has a debt-to-equity ratio of 0.58, a quick ratio of 3.85 and a current ratio of 4.49. The business’s fifty day moving average is $63.74 and its 200-day moving average is $55.66. The stock has a market cap of $5.69 billion, a PE ratio of 22.44, a price-to-earnings-growth ratio of 1.84 and a beta of 1.41.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, October 31st. The technology company reported $1.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.20 by $0.24. Lumentum had a positive return on equity of 17.81% and a negative net margin of 2.18%. The business had revenue of $449.90 million during the quarter, compared to analyst estimates of $448.16 million. During the same quarter in the prior year, the firm posted $1.31 earnings per share. The company’s revenue was up 27.1% on a year-over-year basis. Equities research analysts predict that Lumentum will post 3.99 earnings per share for the current year.

In other news, COO Vincent Retort sold 3,221 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $68.59, for a total value of $220,928.39. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Alan S. Lowe sold 22,887 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $57.14, for a total transaction of $1,307,763.18. Following the completion of the sale, the chief executive officer now owns 233,536 shares in the company, valued at approximately $13,344,247.04. The disclosure for this sale can be found here. In the last quarter, insiders have sold 182,240 shares of company stock valued at $11,413,524. 0.48% of the stock is currently owned by corporate insiders.

Several large investors have recently bought and sold shares of LITE. Nuveen Asset Management LLC grew its position in Lumentum by 2,178.5% during the second quarter. Nuveen Asset Management LLC now owns 1,372,183 shares of the technology company’s stock worth $73,289,000 after buying an additional 1,311,961 shares in the last quarter. Westfield Capital Management Co. LP increased its position in shares of Lumentum by 113.6% during the second quarter. Westfield Capital Management Co. LP now owns 1,027,148 shares of the technology company’s stock valued at $54,860,000 after purchasing an additional 546,318 shares during the period. Victory Capital Management Inc. increased its position in shares of Lumentum by 771.4% during the second quarter. Victory Capital Management Inc. now owns 431,043 shares of the technology company’s stock valued at $23,022,000 after purchasing an additional 381,575 shares during the period. Tairen Capital Ltd acquired a new position in shares of Lumentum in the second quarter valued at $15,561,000. Finally, Maverick Capital Ltd. acquired a new position in shares of Lumentum in the second quarter valued at $15,017,000. Institutional investors own 90.63% 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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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