Brokerages Set Lumentum Holdings Inc. (NASDAQ:LITE) PT at $87.40

Lumentum Holdings Inc. (NASDAQ:LITE) has been assigned a consensus rating of “Moderate Buy” from the sixteen ratings firms that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $87.40.

Several research analysts have recently issued reports on LITE shares. Needham & Company LLC reaffirmed a “buy” rating and set a $110.00 price target on shares of Lumentum in a research note on Friday, February 7th. UBS Group lifted their target price on shares of Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $110.00 price target on shares of Lumentum in a report on Friday, February 7th. Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and raised their price objective for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. Finally, Jefferies Financial Group began coverage on Lumentum in a research note on Friday, February 21st. They issued a “buy” rating on the stock.

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

Institutional Trading of Lumentum

Several institutional investors have recently made changes to their positions in LITE. Capital World Investors raised its holdings in shares of Lumentum by 108.3% in the 4th quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock worth $302,231,000 after purchasing an additional 1,871,572 shares during the period. Norges Bank purchased a new position in Lumentum in the fourth quarter valued at approximately $68,962,000. Nuveen Asset Management LLC raised its holdings in Lumentum by 98.9% in the fourth quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company’s stock valued at $103,122,000 after buying an additional 610,938 shares during the period. Balyasny Asset Management L.P. lifted its position in Lumentum by 419.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company’s stock valued at $37,286,000 after buying an additional 583,330 shares in the last quarter. Finally, Capital Research Global Investors acquired a new stake in shares of Lumentum in the fourth quarter worth $42,415,000. 94.05% of the stock is owned by hedge funds and other institutional investors.

Lumentum Trading Up 19.6 %

Shares of LITE opened at $59.81 on Friday. Lumentum has a twelve month low of $38.29 and a twelve month high of $104.00. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The firm has a market capitalization of $4.14 billion, a P/E ratio of -7.78 and a beta of 1.14. The firm’s 50-day moving average is $68.91 and its two-hundred day moving average is $75.93.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share 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 7.25%. On average, research analysts predict that Lumentum will post 0.03 earnings per share for the current fiscal year.

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.