Lumentum (NASDAQ:LITE) Upgraded at Raymond James

Lumentum (NASDAQ:LITE) was upgraded by equities research analysts at Raymond James from an “outperform” rating to a “strong-buy” rating in a note issued to investors on Monday,Benzinga reports. The firm presently has a $82.00 price objective on the technology company’s stock, down from their prior price objective of $96.00. Raymond James’ price objective would suggest a potential upside of 23.10% from the stock’s current price.

Several other research firms also recently commented on LITE. Stifel Nicolaus boosted their target price on shares of Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. B. Riley boosted their price objective on Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and increased their price objective for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 target price on shares of Lumentum in a research report on Friday, February 7th. Finally, BNP Paribas raised Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price target for the company in a research report on Tuesday, March 11th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $87.40.

Lumentum Stock Down 3.2 %

Shares of NASDAQ:LITE opened at $66.61 on Monday. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. Lumentum has a 52-week low of $38.29 and a 52-week high of $104.00. The business’s 50 day simple moving average is $77.36 and its two-hundred day simple moving average is $75.77. The firm has a market cap of $4.61 billion, a P/E ratio of -8.66 and a beta of 1.03.

Lumentum (NASDAQ:LITE) last issued 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 return on equity of 7.25% and a negative net margin of 36.98%. As a group, research analysts forecast that Lumentum will post 0.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the 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 completion of the transaction, the chief financial officer now owns 51,976 shares in the company, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.19% of the company’s stock.

Institutional Trading of Lumentum

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