Lumentum (NASDAQ:LITE) Given New $70.00 Price Target at Northland Securities

Lumentum (NASDAQ:LITE) had its price objective upped by Northland Securities from $60.00 to $70.00 in a report published on Friday morning,Benzinga reports. They currently have a market perform rating on the technology company’s stock.

A number of other analysts also recently commented on LITE. Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and upped their target price for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. Raymond James lifted their target price on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Morgan Stanley lowered their price target on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a report on Thursday, January 9th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $88.07.

Lumentum Trading Down 7.3 %

Lumentum stock opened at $85.90 on Friday. The stock has a 50-day moving average price of $87.68 and a 200 day moving average price of $71.49. Lumentum has a 52 week low of $38.28 and a 52 week high of $104.00. 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 Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.00%. Research analysts predict that Lumentum will post -0.04 earnings per share for the current year.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 29,887 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $85.06, for a total value of $2,542,188.22. Following the completion of the sale, the chief financial officer now directly owns 56,492 shares in the company, valued at $4,805,209.52. This represents a 34.60 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total value of $1,307,550.00. Following the transaction, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. The trade was a 63.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,797 shares of company stock valued at $8,881,428 over the last ninety days. Insiders own 0.19% of the company’s stock.

Institutional Trading of Lumentum

Hedge funds and other institutional investors have recently modified their holdings of the stock. Atom Investors LP purchased a new stake in shares of Lumentum in the third quarter valued at about $4,127,000. Two Sigma Advisers LP grew its stake in shares of Lumentum by 24.7% in the 3rd quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock valued at $11,827,000 after buying an additional 37,000 shares during the period. Robeco Institutional Asset Management B.V. purchased a new stake in shares of Lumentum in the 4th quarter valued at approximately $646,000. West Tower Group LLC purchased a new stake in shares of Lumentum during the 3rd quarter valued at approximately $444,000. Finally, Zweig DiMenna Associates LLC acquired a new position in Lumentum in the fourth quarter valued at approximately $7,052,000. 94.05% of the stock is owned by institutional investors and hedge funds.

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.