Lumentum (NASDAQ:LITE) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

Lumentum (NASDAQ:LITE) had its price objective upped by stock analysts at Stifel Nicolaus from $95.00 to $105.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Stifel Nicolaus’ price objective would indicate a potential upside of 21.94% from the company’s current price.

Several other equities research analysts have also recently commented on LITE. Northland Securities boosted their price target on Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a research note on Friday. Raymond James boosted their target price on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Rosenblatt Securities reiterated a “buy” rating and set a $110.00 price target on shares of Lumentum in a report on Friday. Morgan Stanley cut their price target on Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $110.00 price target on shares of Lumentum in a report on Friday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $85.85.

Lumentum Stock Down 7.1 %

NASDAQ:LITE traded down $6.56 on Friday, hitting $86.11. 2,243,425 shares of the company’s stock traded hands, compared to its average volume of 2,272,924. The company has a market cap of $5.92 billion, a PE ratio of -10.39 and a beta of 0.94. The firm has a 50-day moving average price of $87.70 and a 200-day moving average price of $71.27. Lumentum has a 1 year low of $38.28 and a 1 year high of $104.00. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. Equities analysts anticipate that Lumentum will post -0.02 EPS for the current fiscal year.

Insider Buying and Selling at Lumentum

In other news, insider Vincent Retort sold 41,710 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the sale, the insider now owns 147,515 shares in the company, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Harold L. Covert sold 15,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. This represents a 63.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,797 shares of company stock worth $8,881,428 over the last three months. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Several hedge funds have recently added to or reduced their stakes in the company. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in Lumentum in the fourth quarter valued at about $317,000. Lisanti Capital Growth LLC acquired a new position in Lumentum in the fourth quarter valued at about $6,739,000. Black Swift Group LLC acquired a new position in Lumentum in the fourth quarter valued at about $1,343,000. Arizona State Retirement System lifted its stake in Lumentum by 2.2% in the fourth quarter. Arizona State Retirement System now owns 19,891 shares of the technology company’s stock valued at $1,670,000 after buying an additional 425 shares during the period. Finally, Aigen Investment Management LP lifted its stake in Lumentum by 72.9% in the fourth quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company’s stock valued at $1,464,000 after buying an additional 7,354 shares during the period. Institutional investors own 94.05% of the company’s stock.

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.