Brokerages Set Lumentum Holdings Inc. (NASDAQ:LITE) Target Price at $88.07

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have received an average rating of “Moderate Buy” from the fifteen ratings firms that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and ten have given a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $88.33.

Several brokerages recently commented on LITE. Jefferies Financial Group started coverage on shares of Lumentum in a report on Friday, February 21st. They set a “buy” rating for the company. UBS Group increased their price objective on shares of Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Raymond James lifted their target price on Lumentum from $94.00 to $96.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Stifel Nicolaus increased their price target on Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 price target on shares of Lumentum in a research report on Friday, February 7th.

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lumentum

A number of hedge funds and other institutional investors have recently made changes to their positions in LITE. J.Safra Asset Management Corp increased its holdings in Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock valued at $43,000 after buying an additional 122 shares during the period. Jones Financial Companies Lllp increased its holdings in Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after purchasing an additional 130 shares in the last quarter. Quadrant Capital Group LLC increased its stake in shares of Lumentum by 27.2% in the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company’s stock valued at $64,000 after buying an additional 164 shares during the period. Crossmark Global Holdings Inc. increased its position in Lumentum by 4.0% in the 4th quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company’s stock valued at $365,000 after acquiring an additional 168 shares during the period. Finally, Manchester Capital Management LLC raised its position in Lumentum by 22.6% during the 4th quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company’s stock worth $86,000 after purchasing an additional 190 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Stock Performance

LITE opened at $68.31 on Tuesday. The company has a market capitalization of $4.73 billion, a price-to-earnings ratio of -8.88 and a beta of 1.03. The business’s 50-day moving average price is $78.81 and its two-hundred day moving average price is $75.46. Lumentum has a 1 year low of $38.29 and a 1 year high of $104.00. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60.

Lumentum (NASDAQ:LITE) last announced 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%. Equities analysts expect that Lumentum will post 0.03 EPS 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.