Lumentum (NASDAQ:LITE) has been given a $75.00 price target by equities researchers at DA Davidson in a report released on Monday, TipRanks reports. The brokerage presently has a “buy” rating on the technology company’s stock. DA Davidson’s price objective would indicate a potential upside of 68.84% from the stock’s previous close.

A number of other research analysts have also recently issued reports on LITE. Zacks Investment Research cut shares of Lumentum from a “hold” rating to a “sell” rating in a research note on Friday, May 10th. ValuEngine cut shares of Lumentum from a “hold” rating to a “sell” rating in a research note on Saturday. TheStreet cut shares of Lumentum from a “b-” rating to a “c+” rating in a research note on Monday, May 13th. BidaskClub cut shares of Lumentum from a “buy” rating to a “hold” rating in a research note on Sunday. Finally, UBS Group set a $70.00 price target on shares of Lumentum and gave the company a “buy” rating in a report on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. Lumentum has a consensus rating of “Buy” and an average price target of $69.47.

Shares of NASDAQ:LITE traded down $1.90 during trading on Monday, reaching $44.42. The stock had a trading volume of 3,704,579 shares, compared to its average volume of 1,668,318. Lumentum has a 52 week low of $37.00 and a 52 week high of $69.95. The company has a current ratio of 3.96, a quick ratio of 3.20 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $3.54 billion, a P/E ratio of 13.71, a price-to-earnings-growth ratio of 0.90 and a beta of 0.68.

Lumentum (NASDAQ:LITE) last posted its earnings results on Tuesday, May 7th. The technology company reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.22. Lumentum had a net margin of 1.57% and a return on equity of 19.94%. The company had revenue of $433.00 million during the quarter, compared to analysts’ expectations of $428.33 million. During the same quarter in the previous year, the company posted $0.78 earnings per share. Lumentum’s quarterly revenue was up 44.8% compared to the same quarter last year. As a group, analysts forecast that Lumentum will post 3.3 EPS for the current fiscal year.

In other Lumentum news, EVP Jason Reinhardt sold 9,575 shares of Lumentum stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $50.38, for a total transaction of $482,388.50. Following the completion of the sale, the executive vice president now owns 63,877 shares of the company’s stock, valued at approximately $3,218,123.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Martin A. Kaplan sold 3,025 shares of Lumentum stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $48.72, for a total transaction of $147,378.00. Following the sale, the director now directly owns 18,902 shares of the company’s stock, valued at approximately $920,905.44. The disclosure for this sale can be found here. In the last three months, insiders sold 14,029 shares of company stock valued at $713,563. 0.55% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Meeder Asset Management Inc. acquired a new stake in Lumentum during the 4th quarter worth $25,000. Sapphire Star Partners LP acquired a new stake in Lumentum during the 4th quarter worth $28,000. Rockefeller Capital Management L.P. grew its holdings in Lumentum by 159.1% during the 1st quarter. Rockefeller Capital Management L.P. now owns 482 shares of the technology company’s stock worth $28,000 after acquiring an additional 296 shares during the period. Oregon Public Employees Retirement Fund grew its holdings in Lumentum by 4,834.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,231,145 shares of the technology company’s stock worth $29,000 after acquiring an additional 1,206,194 shares during the period. Finally, IFP Advisors Inc grew its holdings in Lumentum by 121.7% during the 4th quarter. IFP Advisors Inc now owns 949 shares of the technology company’s stock worth $39,000 after acquiring an additional 521 shares during the period. 88.02% of the stock is owned by hedge funds and other institutional investors.

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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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