Lumentum (NASDAQ:LITE) Given New $96.00 Price Target at Raymond James

Lumentum (NASDAQ:LITE) had its target price hoisted by Raymond James from $94.00 to $96.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an outperform rating on the technology company’s stock.

LITE has been the subject of a number of other reports. Needham & Company LLC reiterated a “buy” rating and set a $110.00 target price on shares of Lumentum in a research report on Friday. Rosenblatt Securities reiterated a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research report on Friday. Northland Securities boosted their target price on shares of Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a report on Friday. Susquehanna increased their price target on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Finally, Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and lifted their price target for the stock from $80.00 to $125.00 in a research report on Friday, January 17th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Lumentum currently has an average rating of “Hold” and an average price target of $88.07.

Lumentum Stock Down 7.3 %

Shares of NASDAQ LITE opened at $85.90 on Friday. The firm’s fifty day moving average is $87.68 and its two-hundred day moving average is $71.49. Lumentum has a 52-week low of $38.28 and a 52-week high of $104.00. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.

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 the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%. On average, analysts forecast that Lumentum will post -0.04 earnings per share for the current fiscal year.

Insider Transactions at Lumentum

In other Lumentum news, Director Julia Suzanne Johnson sold 2,058 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $85.82, for a total value of $176,617.56. Following the completion of the sale, the director now directly owns 23,287 shares in the company, valued at approximately $1,998,490.34. This represents a 8.12 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Wajid Ali sold 29,887 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $85.06, for a total value of $2,542,188.22. Following the transaction, the chief financial officer now owns 56,492 shares in the company, valued at approximately $4,805,209.52. This represents a 34.60 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,797 shares of company stock worth $8,881,428. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Atreides Management LP lifted its position in shares of Lumentum by 28.5% in the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after purchasing an additional 375,389 shares during the period. Geode Capital Management LLC lifted its holdings in Lumentum by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock worth $75,198,000 after buying an additional 15,799 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Lumentum by 5.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock valued at $46,784,000 after acquiring an additional 37,109 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Lumentum by 18.8% in the 4th quarter. Fisher Asset Management LLC now owns 687,311 shares of the technology company’s stock valued at $57,700,000 after acquiring an additional 108,740 shares during the period. Finally, Pinnacle Associates Ltd. raised its position in shares of Lumentum by 50.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock worth $25,846,000 after acquiring an additional 136,659 shares in the last quarter. 94.05% of the stock is currently 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.