Lumentum (NASDAQ:LITE) Upgraded at Raymond James

Raymond James upgraded shares of Lumentum (NASDAQ:LITE) from an outperform rating to a strong-buy rating in a research note published on Monday morning, MarketBeat Ratings reports. The firm currently has $82.00 price objective on the technology company’s stock, down from their prior price objective of $96.00.

A number of other brokerages have also recently commented on LITE. Stifel Nicolaus boosted their target price on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a report on Friday, February 7th. Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. B. Riley raised their target price on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Morgan Stanley dropped their price target on Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, January 31st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Lumentum has a consensus rating of “Moderate Buy” and a consensus target price of $87.40.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $66.11 on Monday. Lumentum has a 1 year low of $38.29 and a 1 year high of $104.00. The stock has a market capitalization of $4.57 billion, a P/E ratio of -8.60 and a beta of 1.03. The company’s 50-day moving average is $76.43 and its 200 day moving average is $75.97. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60.

Lumentum (NASDAQ:LITE) last announced 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 7.25% and a negative net margin of 36.98%. On average, sell-side analysts expect that Lumentum will post 0.03 earnings per share for the current year.

Insider Buying and Selling

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the sale, the chief financial officer now directly owns 51,976 shares in the company, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.19% of the stock is owned by corporate insiders.

Institutional Trading of Lumentum

Large investors have recently modified their holdings of the company. Quarry LP boosted its position in Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after purchasing an additional 201 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after buying an additional 253 shares during the last quarter. Jones Financial Companies Lllp grew its position in Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after buying an additional 130 shares during the period. CoreCap Advisors LLC grew its position in Lumentum by 2,235.3% during the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock valued at $33,000 after buying an additional 380 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its holdings in Lumentum by 67.5% during the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after buying an additional 270 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

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.