Barclays Forecasts Strong Price Appreciation for Lumentum (NASDAQ:LITE) Stock

Lumentum (NASDAQ:LITE) had its price target increased by Barclays from $40.00 to $80.00 in a research report report published on Monday morning,Benzinga reports. Barclays currently has an underweight rating on the technology company’s stock.

A number of other equities analysts have also recently weighed in on LITE. Morgan Stanley lifted their price target on shares of Lumentum from $50.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 15th. Rosenblatt Securities boosted their target price on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Jefferies Financial Group raised their price target on Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Northland Securities boosted their price objective on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Finally, B. Riley raised their target price on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Lumentum has an average rating of “Hold” and an average price target of $74.85.

Lumentum Stock Performance

LITE opened at $85.13 on Monday. The company has a fifty day moving average price of $65.76 and a two-hundred day moving average price of $55.13. Lumentum has a 52 week low of $38.28 and a 52 week high of $89.70. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. The business had revenue of $308.30 million during the quarter, compared to analysts’ expectations of $301.36 million. During the same period in the previous year, the firm earned $0.12 earnings per share. The firm’s quarterly revenue was down 16.9% compared to the same quarter last year. On average, sell-side analysts forecast that Lumentum will post 0.17 EPS for the current year.

Insiders Place Their Bets

In other Lumentum news, CAO Matthew Joseph Sepe sold 8,172 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total transaction of $715,867.20. Following the sale, the chief accounting officer now directly owns 21,138 shares of the company’s stock, valued at approximately $1,851,688.80. This represents a 27.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Harold L. Covert sold 15,000 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the completion of the sale, the director now owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. This represents a 63.13 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Lumentum

A number of institutional investors and hedge funds have recently modified their holdings of LITE. Cinctive Capital Management LP acquired a new position in shares of Lumentum during the 3rd quarter worth approximately $882,000. Atom Investors LP acquired a new position in shares of Lumentum in the third quarter valued at $4,127,000. Atreides Management LP raised its position in shares of Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after purchasing an additional 375,389 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of Lumentum during the 3rd quarter worth about $17,981,000. Finally, Eventide Asset Management LLC bought a new stake in shares of Lumentum during the 3rd quarter worth about $1,675,000. 94.05% of the stock is 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.