Lumentum (NASDAQ:LITE) PT Lowered to $38.00 at Barclays

Lumentum (NASDAQ:LITE) had its target price cut by analysts at Barclays from $40.00 to $38.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the technology company’s stock. Barclays‘s target price would suggest a potential downside of 11.48% from the company’s current price.

A number of other research analysts also recently commented on the stock. Stifel Nicolaus reissued a “buy” rating and issued a $62.00 price objective on shares of Lumentum in a research report on Monday, April 1st. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price target on shares of Lumentum in a research note on Friday, February 9th. Rosenblatt Securities boosted their target price on shares of Lumentum from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Susquehanna reduced their price objective on Lumentum from $65.00 to $60.00 and set a “positive” rating on the stock in a research note on Friday, February 9th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, April 11th. Three analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $52.15.

Lumentum Trading Down 2.7 %

LITE traded down $1.18 during mid-day trading on Tuesday, reaching $42.93. The stock had a trading volume of 2,160,573 shares, compared to its average volume of 1,417,643. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.42 and a current ratio of 3.13. Lumentum has a 52 week low of $35.35 and a 52 week high of $65.16. The stock has a market capitalization of $2.89 billion, a P/E ratio of -10.85 and a beta of 1.09. The firm’s fifty day simple moving average is $46.22 and its two-hundred day simple moving average is $47.22.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. The firm had revenue of $366.80 million during the quarter, compared to analyst estimates of $363.44 million. On average, equities analysts predict that Lumentum will post -0.64 EPS for the current year.

Insider Buying and Selling

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $49.23, for a total transaction of $487,524.69. Following the completion of the sale, the chief accounting officer now owns 33,188 shares of the company’s stock, valued at $1,633,845.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lumentum

Several hedge funds have recently added to or reduced their stakes in the stock. Bridge City Capital LLC boosted its holdings in Lumentum by 0.7% in the first quarter. Bridge City Capital LLC now owns 32,607 shares of the technology company’s stock worth $1,544,000 after purchasing an additional 242 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of Lumentum by 1.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock valued at $691,000 after purchasing an additional 260 shares during the last quarter. Arizona State Retirement System increased its position in Lumentum by 1.7% during the third quarter. Arizona State Retirement System now owns 19,561 shares of the technology company’s stock valued at $884,000 after acquiring an additional 321 shares during the last quarter. Mcdonald Partners LLC boosted its position in shares of Lumentum by 1.8% during the third quarter. Mcdonald Partners LLC now owns 20,022 shares of the technology company’s stock valued at $905,000 after buying an additional 350 shares during the period. Finally, Kestra Advisory Services LLC grew its position in Lumentum by 8.7% in the 3rd quarter. Kestra Advisory Services LLC now owns 5,030 shares of the technology company’s stock valued at $227,000 after acquiring an additional 404 shares during the last quarter. 94.05% of the stock is 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.