DA Davidson Trims Lumentum (NASDAQ:LITE) Target Price to $95.00

Lumentum (NASDAQ:LITE) had its price target cut by DA Davidson from $110.00 to $95.00 in a report published on Thursday morning, The Fly reports. They currently have a buy rating on the technology company’s stock.

Several other research firms have also commented on LITE. Raymond James upgraded Lumentum from an outperform rating to a strong-buy rating and set a $112.00 target price for the company in a research note on Thursday, April 1st. Stifel Nicolaus lowered Lumentum from a buy rating to a hold rating and set a $98.00 target price for the company. in a research note on Wednesday, January 20th. JPMorgan Chase & Co. upped their target price on Lumentum from $100.00 to $118.00 and gave the company an overweight rating in a research note on Wednesday, January 20th. Northland Securities dropped their target price on Lumentum from $130.00 to $90.00 and set an outperform rating for the company in a research note on Thursday. They noted that the move was a valuation call. Finally, Susquehanna Bancshares reiterated a buy rating and issued a $120.00 target price on shares of Lumentum in a research note on Friday, February 19th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $98.06.

NASDAQ LITE opened at $70.05 on Thursday. Lumentum has a fifty-two week low of $65.67 and a fifty-two week high of $112.08. The stock has a market cap of $5.32 billion, a price-to-earnings ratio of 35.20 and a beta of 1.05. The business has a fifty day moving average of $89.09 and a 200-day moving average of $90.49. The company has a quick ratio of 6.66, a current ratio of 7.38 and a debt-to-equity ratio of 0.62.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Wednesday, May 12th. The technology company reported $1.40 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $1.40. Lumentum had a return on equity of 21.41% and a net margin of 9.22%. The company had revenue of $419.50 million during the quarter, compared to analysts’ expectations of $434.02 million. During the same period in the previous year, the firm posted $1.26 earnings per share. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, analysts anticipate that Lumentum will post 5.24 EPS for the current year.

In other news, CFO Wajid Ali sold 6,480 shares of the company’s stock in a transaction dated Wednesday, February 17th. The stock was sold at an average price of $93.35, for a total value of $604,908.00. Following the completion of the sale, the chief financial officer now owns 86,091 shares of the company’s stock, valued at $8,036,594.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Alan S. Lowe sold 9,862 shares of the company’s stock in a transaction dated Wednesday, February 17th. The stock was sold at an average price of $93.39, for a total value of $921,012.18. The disclosure for this sale can be found here. 0.32% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. Analog Century Management LP purchased a new position in Lumentum in the fourth quarter valued at about $9,064,000. IBM Retirement Fund purchased a new position in Lumentum in the fourth quarter valued at about $264,000. New York State Teachers Retirement System boosted its holdings in Lumentum by 2.4% in the fourth quarter. New York State Teachers Retirement System now owns 100,142 shares of the technology company’s stock valued at $9,493,000 after purchasing an additional 2,300 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Lumentum in the fourth quarter valued at about $562,000. Finally, Mcdonald Partners LLC purchased a new position in Lumentum in the fourth quarter valued at about $1,618,000. 89.81% of the stock is owned by hedge funds and other institutional investors.

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 in 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.

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