Analysts Set Lumentum Holdings Inc. (NASDAQ:LITE) PT at $81.92

Lumentum Holdings Inc. (NASDAQ:LITE) has received a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and nine have assigned a buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $81.92.

A number of equities research analysts recently weighed in on LITE shares. Rosenblatt Securities upped their price objective on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Susquehanna raised their price target on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. Morgan Stanley raised their target price on shares of Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Raymond James upped their price target on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th.

Insider Transactions at Lumentum

In other news, Director Harold L. Covert sold 15,000 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the sale, the director now owns 8,761 shares in the company, valued at $763,696.37. This represents a 63.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total transaction of $715,867.20. Following the transaction, the chief accounting officer now owns 21,138 shares of the company’s stock, valued at $1,851,688.80. This represents a 27.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,797 shares of company stock worth $8,881,428 over the last three months. 0.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lumentum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LITE. Dimensional Fund Advisors LP boosted its stake in shares of Lumentum by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after buying an additional 130,838 shares during the last quarter. Atreides Management LP lifted its holdings in Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after acquiring an additional 375,389 shares during the period. Geode Capital Management LLC boosted its position in Lumentum by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock worth $75,198,000 after purchasing an additional 15,799 shares in the last quarter. Divisar Capital Management LLC grew its stake in shares of Lumentum by 5.8% during the 2nd quarter. Divisar Capital Management LLC now owns 961,574 shares of the technology company’s stock worth $48,963,000 after purchasing an additional 52,300 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Lumentum by 5.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock valued at $46,784,000 after purchasing an additional 37,109 shares in the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Lumentum Stock Down 3.7 %

Shares of Lumentum stock opened at $95.65 on Monday. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The stock has a market cap of $6.57 billion, a price-to-earnings ratio of -11.55 and a beta of 0.94. The firm’s 50-day moving average is $87.91 and its two-hundred day moving average is $69.81. Lumentum has a 1 year low of $38.28 and a 1 year high of $104.00.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.48). The business had revenue of $336.90 million for the quarter, compared to analysts’ expectations of $326.94 million. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. During the same period in the previous year, the business earned ($0.10) earnings per share. As a group, research analysts expect that Lumentum will post -0.02 earnings per share for the current fiscal year.

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.