Lumentum (NASDAQ:LITE) Price Target Raised to $110.00 at Rosenblatt Securities

Lumentum (NASDAQ:LITE) had its target price raised by Rosenblatt Securities from $69.00 to $110.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Rosenblatt Securities’ price objective indicates a potential upside of 31.19% from the stock’s previous close.

LITE has been the topic of a number of other reports. Bank of America upped their price objective on Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Thursday, August 15th. Northland Securities upped their price objective on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a report on Friday. Craig Hallum upped their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Barclays upped their target price on Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a research report on Thursday, August 15th. Finally, Needham & Company LLC upped their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $70.08.

Lumentum Stock Performance

NASDAQ LITE traded up $10.21 on Friday, reaching $83.85. The stock had a trading volume of 7,365,633 shares, compared to its average volume of 1,458,924. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. The firm has a fifty day moving average of $62.73 and a two-hundred day moving average of $53.61. Lumentum has a 1-year low of $38.28 and a 1-year high of $88.00. The company has a market cap of $5.75 billion, a P/E ratio of -10.36, a price-to-earnings-growth ratio of 5.48 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The firm had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. During the same period in the prior year, the firm posted $0.12 EPS. The company’s revenue for the quarter was down 16.9% on a year-over-year basis. On average, equities research analysts anticipate that Lumentum will post 0.2 EPS for the current year.

Institutional Trading of Lumentum

Institutional investors and hedge funds have recently modified their holdings of the business. Duality Advisers LP bought a new stake in shares of Lumentum during the 1st quarter worth $1,307,000. Vanguard Group Inc. raised its position in Lumentum by 0.3% in the first quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock valued at $341,786,000 after purchasing an additional 22,088 shares during the last quarter. Swedbank AB bought a new position in Lumentum in the first quarter valued at about $71,025,000. DigitalBridge Group Inc. raised its position in Lumentum by 10.9% in the second quarter. DigitalBridge Group Inc. now owns 554,529 shares of the technology company’s stock valued at $28,237,000 after purchasing an additional 54,703 shares during the last quarter. Finally, International Assets Investment Management LLC raised its position in Lumentum by 6,238.0% in the third quarter. International Assets Investment Management LLC now owns 21,169 shares of the technology company’s stock valued at $1,342,000 after purchasing an additional 20,835 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors.

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.