Barclays Cuts Lumentum (NASDAQ:LITE) Price Target to $38.00

Lumentum (NASDAQ:LITE) had its price objective decreased by equities research analysts at Barclays from $40.00 to $38.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the technology company’s stock. Barclays‘s price target points to a potential downside of 11.48% from the stock’s previous close.

LITE has been the subject of a number of other reports. Stifel Nicolaus restated a “buy” rating and issued a $62.00 price objective on shares of Lumentum in a report on Monday, April 1st. Raymond James increased their price objective on Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a research note on Monday, April 1st. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price target on shares of Lumentum in a report on Friday, February 9th. JPMorgan Chase & Co. decreased their price objective on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, April 11th. Finally, B. Riley cut their target price on Lumentum from $42.00 to $41.00 and set a “neutral” rating on the stock in a research note on Friday, February 9th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Lumentum presently has a consensus rating of “Hold” and a consensus price target of $52.15.

Lumentum Price Performance

Shares of Lumentum stock traded down $1.18 on Tuesday, hitting $42.93. 2,160,573 shares of the company traded hands, compared to its average volume of 1,417,643. Lumentum has a 12-month low of $35.35 and a 12-month high of $65.16. The firm’s 50-day simple moving average is $46.22 and its 200 day simple moving average is $47.22. The company has a market cap of $2.89 billion, a P/E ratio of -10.85 and a beta of 1.09. The company has a current ratio of 3.13, a quick ratio of 2.42 and a debt-to-equity ratio of 1.96.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The firm had revenue of $366.80 million for the quarter, compared to the consensus estimate of $363.44 million. Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. Analysts expect that Lumentum will post -0.64 earnings per share for the current fiscal year.

Insider Activity at Lumentum

In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $49.23, for a total transaction of $487,524.69. Following the sale, the chief accounting officer now directly owns 33,188 shares in the company, valued at approximately $1,633,845.24. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.60% of the stock is owned by insiders.

Institutional Trading of Lumentum

Several large investors have recently modified their holdings of LITE. Mesirow Institutional Investment Management Inc. purchased a new stake in shares of Lumentum during the 1st quarter valued at about $2,352,000. Envestnet Portfolio Solutions Inc. raised its position in Lumentum by 11.0% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 9,062 shares of the technology company’s stock worth $429,000 after acquiring an additional 901 shares during the period. Duality Advisers LP purchased a new position in shares of Lumentum during the 1st quarter worth $1,307,000. John G Ullman & Associates Inc. grew its position in shares of Lumentum by 26.0% during the 1st quarter. John G Ullman & Associates Inc. now owns 73,973 shares of the technology company’s stock valued at $3,503,000 after acquiring an additional 15,282 shares during the period. Finally, Texas Permanent School Fund Corp raised its holdings in Lumentum by 0.9% in the 1st quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock worth $2,759,000 after purchasing an additional 496 shares during the period. Institutional investors own 94.05% of the company’s stock.

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.