Lumentum (NASDAQ:LITE) Price Target Raised to $70.00 at Susquehanna

Lumentum (NASDAQ:LITE) had its target price raised by equities researchers at Susquehanna from $60.00 to $70.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “positive” rating on the technology company’s stock. Susquehanna’s price target would indicate a potential upside of 18.46% from the stock’s previous close.

A number of other analysts have also recently commented on LITE. Needham & Company LLC reduced their target price on shares of Lumentum from $60.00 to $55.00 and set a “buy” rating for the company in a report on Monday, May 20th. JPMorgan Chase & Co. reduced 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. Barclays reduced their price objective on shares of Lumentum from $40.00 to $38.00 and set an “underweight” rating for the company in a research note on Tuesday, May 7th. Raymond James increased their price objective on shares of Lumentum from $51.50 to $58.00 and gave the stock an “outperform” rating in a research note on Monday, April 1st. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $62.00 price objective on shares of Lumentum in a research note on Monday, April 1st. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $53.08.

Lumentum Stock Up 1.9 %

Shares of LITE stock opened at $59.09 on Wednesday. Lumentum has a 12 month low of $35.35 and a 12 month high of $60.99. The stock has a market cap of $3.99 billion, a P/E ratio of -11.26, a P/E/G ratio of 47.23 and a beta of 0.88. 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 company has a 50 day simple moving average of $48.61 and a two-hundred day simple moving average of $48.75.

Lumentum (NASDAQ:LITE) last announced its earnings results on Monday, May 6th. The technology company reported ($0.18) EPS for the quarter, meeting analysts’ consensus estimates of ($0.18). Lumentum had a negative net margin of 24.91% and a negative return on equity of 1.72%. The business had revenue of $366.50 million during the quarter, compared to analysts’ expectations of $366.53 million. On average, research analysts expect that Lumentum will post -0.64 earnings per share for the current year.

Institutional Investors Weigh In On Lumentum

Hedge funds and other institutional investors have recently made changes to their positions in the company. CENTRAL TRUST Co raised its stake in shares of Lumentum by 714.3% in the first quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock valued at $54,000 after acquiring an additional 1,000 shares during the period. Principal Securities Inc. purchased a new stake in shares of Lumentum in the fourth quarter valued at $55,000. Whittier Trust Co. raised its stake in shares of Lumentum by 697.7% in the fourth quarter. Whittier Trust Co. now owns 1,715 shares of the technology company’s stock valued at $90,000 after acquiring an additional 1,500 shares during the period. EntryPoint Capital LLC purchased a new position in Lumentum in the 1st quarter worth about $112,000. Finally, Perigon Wealth Management LLC purchased a new position in Lumentum in the 1st quarter worth about $236,000. Hedge funds and other 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.