Northland Securities reiterated their buy rating on shares of Lumentum (NASDAQ:LITE) in a report published on Monday, March 19th. They currently have a $95.00 price target on the technology company’s stock.
Other equities research analysts have also issued reports about the company. Barclays upgraded Lumentum from an equal weight rating to an overweight rating and lifted their price target for the company from $65.00 to $67.00 in a research report on Wednesday, January 10th. Loop Capital initiated coverage on Lumentum in a report on Monday, January 29th. They issued a buy rating and a $65.00 target price on the stock. B. Riley reissued a buy rating and issued a $85.00 target price (up from $81.00) on shares of Lumentum in a report on Wednesday, January 31st. BidaskClub raised Lumentum from a sell rating to a hold rating in a report on Wednesday, January 31st. Finally, UBS initiated coverage on Lumentum in a report on Wednesday, January 31st. They issued a buy rating and a $57.00 target price on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and fifteen have assigned a buy rating to the stock. The company has an average rating of Buy and an average target price of $81.38.
Shares of NASDAQ LITE traded up $0.75 during mid-day trading on Monday, hitting $64.25. 1,806,488 shares of the stock traded hands, compared to its average volume of 2,440,300. The company has a quick ratio of 4.16, a current ratio of 4.84 and a debt-to-equity ratio of 0.38. Lumentum has a 52 week low of $40.35 and a 52 week high of $74.40. The firm has a market capitalization of $3,737.07, a PE ratio of 40.41, a P/E/G ratio of 1.16 and a beta of -0.08.
Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Tuesday, February 6th. The technology company reported $1.67 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.00 by $0.67. Lumentum had a return on equity of 24.06% and a net margin of 8.97%. The company had revenue of $404.60 million for the quarter, compared to analyst estimates of $357.03 million. During the same period in the previous year, the company posted $0.57 earnings per share. The firm’s revenue was up 52.7% on a year-over-year basis. research analysts anticipate that Lumentum will post 2.82 earnings per share for the current year.
In other news, COO Vincent Retort sold 12,111 shares of the business’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $71.00, for a total value of $859,881.00. Following the completion of the transaction, the chief operating officer now owns 77,318 shares in the company, valued at $5,489,578. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, General Counsel Judy G. Hamel sold 591 shares of the business’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $58.52, for a total value of $34,585.32. Following the completion of the transaction, the general counsel now owns 28,816 shares of the company’s stock, valued at approximately $1,686,312.32. The disclosure for this sale can be found here. Insiders sold 62,150 shares of company stock valued at $3,800,816 in the last 90 days. Company insiders own 0.76% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. SeaCrest Wealth Management LLC purchased a new stake in Lumentum during the fourth quarter valued at $128,000. Envestnet Asset Management Inc. increased its position in Lumentum by 1,164.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 3,653 shares of the technology company’s stock valued at $178,000 after acquiring an additional 3,364 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Lumentum by 42.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock valued at $186,000 after acquiring an additional 1,135 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. increased its position in Lumentum by 106.7% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,864 shares of the technology company’s stock valued at $189,000 after acquiring an additional 1,995 shares during the last quarter. Finally, Tyers Asset Management LLC increased its position in Lumentum by 26.6% during the fourth quarter. Tyers Asset Management LLC now owns 4,720 shares of the technology company’s stock valued at $231,000 after acquiring an additional 992 shares during the last quarter.
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Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. It operates through two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
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