Lumentum (NASDAQ:LITE) Stock Price Up 3.8% – Time to Buy?

Lumentum Holdings Inc. (NASDAQ:LITE)’s share price traded up 3.8% during trading on Thursday . The stock traded as high as $70.06 and last traded at $69.74. 786,252 shares were traded during mid-day trading, a decline of 53% from the average session volume of 1,680,354 shares. The stock had previously closed at $67.17.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on LITE. Jefferies Financial Group initiated coverage on Lumentum in a research note on Friday, February 21st. They set a “buy” rating on the stock. UBS Group lifted their target price on Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. B. Riley boosted their target price on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and raised their price target for the stock from $80.00 to $125.00 in a research report on Friday, January 17th. Finally, Raymond James increased their target price on shares of Lumentum from $94.00 to $96.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat, Lumentum has a consensus rating of “Moderate Buy” and a consensus price target of $88.33.

Lumentum Price Performance

The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The company has a market cap of $4.80 billion, a price-to-earnings ratio of -9.03 and a beta of 1.03. The business has a fifty day moving average price of $78.04 and a 200 day moving average price of $75.46.

Lumentum (NASDAQ:LITE) last released its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. As a group, research analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insider Buying and Selling

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at approximately $4,071,799.84. This trade represents a 4.01 % 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. 0.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP grew its holdings in Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after purchasing an additional 253 shares during the period. Jones Financial Companies Lllp grew its stake 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 worth $31,000 after purchasing an additional 130 shares during the last quarter. CoreCap Advisors LLC grew its stake in shares of Lumentum by 2,235.3% in the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock worth $33,000 after purchasing an additional 380 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. increased its holdings in 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 purchasing an additional 270 shares during the period. Institutional investors and hedge funds 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.