Lumentum (NASDAQ:LITE) Price Target Raised to $69.00

Lumentum (NASDAQ:LITE) had its target price increased by Rosenblatt Securities from $65.00 to $69.00 in a report published on Thursday morning, Benzinga reports. Rosenblatt Securities currently has a buy rating on the technology company’s stock.

A number of other equities analysts have also commented on LITE. B. Riley reduced their price target on shares of Lumentum from $41.00 to $40.00 and set a neutral rating on the stock in a research report on Tuesday, May 7th. JPMorgan Chase & Co. boosted their target price on Lumentum from $57.00 to $65.00 and gave the stock an overweight rating in a report on Monday, August 12th. Barclays dropped their price target on Lumentum from $40.00 to $38.00 and set an underweight rating for the company in a report on Tuesday, May 7th. StockNews.com upgraded Lumentum to a sell rating in a research report on Monday, May 6th. Finally, Needham & Company LLC increased their target price on Lumentum from $65.00 to $70.00 and gave the stock a buy rating in a report on Thursday. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $59.08.

Lumentum Trading Down 0.5 %

LITE stock opened at $51.98 on Thursday. Lumentum has a 1-year low of $35.35 and a 1-year high of $60.99. The company has a current ratio of 5.20, a quick ratio of 3.87 and a debt-to-equity ratio of 2.13. The business’s 50 day moving average is $50.52 and its 200-day moving average is $48.14. The firm has a market cap of $3.51 billion, a P/E ratio of -9.90, a P/E/G ratio of 39.11 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The firm had revenue of $308.30 million for the quarter, compared to analysts’ expectations of $301.36 million. Lumentum had a negative return on equity of 1.72% and a negative net margin of 24.91%. The business’s revenue was down 16.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.12 earnings per share. Equities analysts anticipate that Lumentum will post -0.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lumentum

A number of hedge funds have recently modified their holdings of LITE. Algert Global LLC acquired a new position in shares of Lumentum in the 2nd quarter valued at approximately $346,000. Susquehanna Fundamental Investments LLC raised its position in Lumentum by 106.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 29,936 shares of the technology company’s stock valued at $1,524,000 after buying an additional 15,436 shares during the last quarter. Shellback Capital LP boosted its holdings in Lumentum by 35.7% during the second quarter. Shellback Capital LP now owns 221,097 shares of the technology company’s stock worth $11,258,000 after purchasing an additional 58,108 shares during the last quarter. Dark Forest Capital Management LP grew its position in Lumentum by 11.9% in the second quarter. Dark Forest Capital Management LP now owns 27,408 shares of the technology company’s stock valued at $1,396,000 after purchasing an additional 2,905 shares in the last quarter. Finally, DigitalBridge Group Inc. grew its position in Lumentum by 10.9% in the second quarter. DigitalBridge Group Inc. now owns 554,529 shares of the technology company’s stock valued at $28,237,000 after purchasing an additional 54,703 shares in the last quarter. 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.