Lumentum (NASDAQ:LITE) Stock Price Expected to Rise, Northland Securities Analyst Says

Lumentum (NASDAQ:LITE) had its price objective raised by equities researchers at Northland Securities from $60.00 to $70.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “market perform” rating on the technology company’s stock. Northland Securities’ price objective suggests a potential downside of 24.46% from the stock’s previous close.

Several other brokerages have also recently weighed in on LITE. Morgan Stanley lowered their price objective on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Susquehanna raised their target price on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Rosenblatt Securities restated a “buy” rating and set a $110.00 target price on shares of Lumentum in a research note on Friday. Needham & Company LLC restated a “buy” rating and set a $110.00 target price on shares of Lumentum in a research note on Thursday, January 9th. Finally, Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $82.54.

Lumentum Price Performance

Shares of NASDAQ:LITE opened at $92.67 on Friday. The firm’s 50 day moving average price is $87.70 and its 200-day moving average price is $71.27. Lumentum has a twelve month low of $38.28 and a twelve month high of $104.00. 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 has a market capitalization of $6.37 billion, a PE ratio of -11.19 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate 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 expect that Lumentum will post -0.02 EPS for the current year.

Insider Activity at Lumentum

In other news, CFO Wajid Ali sold 29,887 shares of Lumentum stock in a transaction on Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction 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 approximately $4,805,209.52. This trade represents a 34.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 sale, the insider now owns 147,515 shares of the company’s stock, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,797 shares of company stock valued at $8,881,428. 0.19% of the stock is owned by corporate insiders.

Institutional Trading of Lumentum

Institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP lifted its position in shares of Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after purchasing an additional 201 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after acquiring an additional 253 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of Lumentum by 54.2% in the fourth 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 in the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Lumentum in the third quarter valued at about $33,000. Finally, Nomura Asset Management Co. Ltd. raised its holdings in shares of Lumentum by 67.5% in the third 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 in the last quarter. 94.05% of the stock is currently owned by institutional investors.

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.