Lumentum (NASDAQ:LITE) Price Target Increased to $45.00 by Analysts at Northland Securities

Lumentum (NASDAQ:LITE) had its price target upped by research analysts at Northland Securities from $40.00 to $45.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “market perform” rating on the technology company’s stock. Northland Securities’ target price would indicate a potential downside of 16.33% from the company’s previous close.

A number of other analysts have also recently commented on LITE. B. Riley upped their price objective on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday. JPMorgan Chase & Co. upped their price objective on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday. Needham & Company LLC upped their price objective on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday. Jefferies Financial Group upped their price target on Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Rosenblatt Securities upped their price target on Lumentum from $65.00 to $69.00 and gave the stock a “buy” rating in a research report on Thursday. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Lumentum presently has an average rating of “Hold” and a consensus price target of $58.36.

Lumentum Stock Performance

Shares of NASDAQ:LITE traded up $1.52 during midday trading on Friday, reaching $53.78. 267,359 shares of the company’s stock traded hands, compared to its average volume of 1,371,267. The company has a market cap of $3.64 billion, a price-to-earnings ratio of -10.24, a P/E/G ratio of 39.11 and a beta of 0.88. The company has a debt-to-equity ratio of 2.13, a quick ratio of 3.87 and a current ratio of 5.20. Lumentum has a one year low of $35.35 and a one year high of $60.99. The stock has a 50 day moving average of $50.40 and a 200 day moving average of $48.27.

Institutional Investors Weigh In On Lumentum

Institutional investors and hedge funds have recently bought and sold shares of the company. Bridge City Capital LLC raised its position in shares of Lumentum by 0.7% in the 1st quarter. Bridge City Capital LLC now owns 32,607 shares of the technology company’s stock worth $1,544,000 after acquiring an additional 242 shares in the last quarter. Janney Montgomery Scott LLC raised its position 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 worth $691,000 after acquiring an additional 260 shares in the last quarter. Mcdonald Partners LLC raised its position in shares of Lumentum by 1.6% in the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock worth $1,010,000 after acquiring an additional 318 shares in the last quarter. Arizona State Retirement System increased its position in Lumentum by 2.5% during the 2nd quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock valued at $961,000 after buying an additional 455 shares in the last quarter. Finally, Texas Permanent School Fund Corp increased its position in Lumentum by 0.9% during the 1st quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock valued at $2,759,000 after buying an additional 496 shares in the last quarter. 94.05% of the stock is owned by institutional investors.

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.