Rosenblatt Securities reaffirmed their buy rating on shares of Lumentum Holdings Inc. (NASDAQ:LITE) in a research report sent to investors on Wednesday. Rosenblatt Securities currently has a $75.00 price target on the technology company’s stock, up from their prior price target of $70.00.

Several other brokerages have also recently weighed in on LITE. Needham & Company LLC reaffirmed a strong-buy rating and issued a $80.00 price target on shares of Lumentum Holdings in a research note on Wednesday, September 6th. B. Riley reaffirmed a buy rating and issued a $77.00 price target on shares of Lumentum Holdings in a research note on Thursday, August 3rd. UBS AG upped their price target on Lumentum Holdings from $66.00 to $70.00 in a research note on Wednesday, August 9th. Jefferies Group LLC reaffirmed a buy rating and issued a $72.00 price target (up from $63.00) on shares of Lumentum Holdings in a research note on Thursday, August 10th. Finally, Zacks Investment Research cut Lumentum Holdings from a buy rating to a hold rating in a research note on Tuesday, August 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. Lumentum Holdings currently has a consensus rating of Buy and a consensus price target of $66.06.

Shares of Lumentum Holdings (NASDAQ:LITE) traded down 1.43% during trading on Wednesday, hitting $55.25. The company had a trading volume of 919,895 shares. The firm’s market capitalization is $3.40 billion. Lumentum Holdings has a 1-year low of $32.90 and a 1-year high of $60.00. The company’s 50 day moving average is $55.98 and its 200 day moving average is $55.98.

Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.18. The company had revenue of $222.70 million for the quarter, compared to analysts’ expectations of $229.45 million. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The firm’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 earnings per share. Analysts anticipate that Lumentum Holdings will post $3.04 earnings per share for the current fiscal year.

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In other Lumentum Holdings news, CEO Alan S. Lowe sold 28,095 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $51.20, for a total value of $1,438,464.00. Following the sale, the chief executive officer now directly owns 249,655 shares of the company’s stock, valued at $12,782,336. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Alan S. Lowe sold 4,364 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $54.59, for a total value of $238,230.76. The disclosure for this sale can be found here. Insiders sold 87,269 shares of company stock worth $4,602,526 over the last three months. Corporate insiders own 0.76% of the company’s stock.

Large investors have recently made changes to their positions in the company. Riverhead Capital Management LLC lifted its holdings in shares of Lumentum Holdings by 71.8% during the second quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock valued at $118,000 after purchasing an additional 862 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Lumentum Holdings by 111.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock valued at $152,000 after purchasing an additional 1,406 shares in the last quarter. Creative Planning lifted its holdings in shares of Lumentum Holdings by 54.2% during the second quarter. Creative Planning now owns 3,039 shares of the technology company’s stock valued at $173,000 after purchasing an additional 1,068 shares in the last quarter. LS Investment Advisors LLC lifted its holdings in shares of Lumentum Holdings by 2.1% during the second quarter. LS Investment Advisors LLC now owns 3,569 shares of the technology company’s stock valued at $204,000 after purchasing an additional 75 shares in the last quarter. Finally, World Asset Management Inc bought a new position in shares of Lumentum Holdings during the second quarter valued at $211,000. 95.74% of the stock is currently owned by hedge funds and other institutional investors.

Lumentum Holdings Company Profile

Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).

Analyst Recommendations for Lumentum Holdings (NASDAQ:LITE)

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