Lumentum (NASDAQ:LITE) had its price target reduced by research analysts at Morgan Stanley from $66.00 to $55.00 in a research note issued to investors on Tuesday. The brokerage currently has a “hold” rating on the technology company’s stock. Morgan Stanley’s target price points to a potential upside of 41.21% from the company’s current price.

A number of other brokerages also recently issued reports on LITE. ValuEngine raised Lumentum from a “hold” rating to a “buy” rating in a research report on Tuesday, August 28th. JPMorgan Chase & Co. set a $80.00 price target on Lumentum and gave the stock a “hold” rating in a research report on Tuesday, September 4th. Needham & Company LLC upped their price target on Lumentum from $80.00 to $90.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, September 5th. They noted that the move was a valuation call. BidaskClub raised Lumentum from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 28th. Finally, Raymond James reduced their price target on Lumentum from $99.00 to $85.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, August 22nd. Three research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. Lumentum currently has a consensus rating of “Buy” and a consensus price target of $70.74.

Shares of LITE stock opened at $38.95 on Tuesday. The firm has a market cap of $2.38 billion, a PE ratio of 12.02, a price-to-earnings-growth ratio of 0.48 and a beta of 0.46. The company has a debt-to-equity ratio of 0.34, a quick ratio of 4.88 and a current ratio of 5.52. Lumentum has a 12-month low of $37.00 and a 12-month high of $74.40.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, November 1st. The technology company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.29. The business had revenue of $354.00 million for the quarter, compared to the consensus estimate of $351.21 million. Lumentum had a return on equity of 28.74% and a net margin of 21.21%. The business’s quarterly revenue was up 45.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.43 earnings per share. On average, analysts predict that Lumentum will post 4.34 earnings per share for the current year.

In related news, CFO Christopher W. Coldren sold 3,416 shares of the company’s stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $64.36, for a total value of $219,853.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Matthew Joseph Sepe sold 2,000 shares of the company’s stock in a transaction on Friday, August 24th. The shares were sold at an average price of $64.91, for a total value of $129,820.00. Following the completion of the transaction, the insider now directly owns 15,332 shares in the company, valued at $995,200.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,108 shares of company stock worth $570,740. 0.55% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MetLife Investment Advisors LLC increased its position in shares of Lumentum by 152.9% in the 2nd quarter. MetLife Investment Advisors LLC now owns 68,098 shares of the technology company’s stock valued at $3,943,000 after acquiring an additional 41,174 shares during the period. First Trust Advisors LP boosted its holdings in Lumentum by 101.5% in the second quarter. First Trust Advisors LP now owns 121,160 shares of the technology company’s stock valued at $7,015,000 after purchasing an additional 61,027 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in Lumentum by 7.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 379,953 shares of the technology company’s stock valued at $22,000,000 after purchasing an additional 27,127 shares during the last quarter. James Investment Research Inc. purchased a new stake in Lumentum in the third quarter valued at $2,231,000. Finally, Northern Trust Corp boosted its holdings in Lumentum by 24.4% in the second quarter. Northern Trust Corp now owns 976,037 shares of the technology company’s stock valued at $56,514,000 after purchasing an additional 191,336 shares during the last quarter.

About Lumentum

Lumentum Holdings, Inc engages in the manufacture of optical and photonic products enabling optical networking and commercial laser. It operates through the Optical Communications (OpComms) and Commercial Lasers business segments. The OpComms segment includes modules and subsystems to support and maintain customers in the Telecom and Datacom markets.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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