Lumentum (NASDAQ:LITE) Price Target Lowered to $100.00 at Needham & Company LLC

Lumentum (NASDAQ:LITE) had its price objective reduced by Needham & Company LLC from $110.00 to $100.00 in a report issued on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.

A number of other equities analysts have also issued reports on LITE. Barclays decreased their target price on shares of Lumentum from $125.00 to $70.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Northland Securities upgraded shares of Lumentum from a “market perform” rating to an “outperform” rating in a research note on Monday, April 7th. B. Riley upped their target price on Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Jefferies Financial Group started coverage on Lumentum in a research report on Friday, February 21st. They set a “buy” rating on the stock. Finally, Raymond James upgraded Lumentum from an “outperform” rating to a “strong-buy” rating and cut their price objective for the company from $96.00 to $82.00 in a report on Monday, March 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $82.20.

Lumentum Stock Performance

Lumentum stock opened at $66.32 on Wednesday. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. Lumentum has a 12 month low of $38.29 and a 12 month high of $104.00. The company has a fifty day moving average price of $60.21 and a two-hundred day moving average price of $74.62. The company has a market cap of $4.59 billion, a PE ratio of -8.62 and a beta of 1.18.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. The business had revenue of $425.20 million during the quarter, compared to analyst estimates of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.09 EPS. Research analysts expect that Lumentum will post 0.03 earnings per share for the current year.

Insider Activity

In related news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the sale, the chief financial officer now owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.19% of the stock is currently owned by insiders.

Institutional Trading of Lumentum

A number of institutional investors have recently bought and sold shares of the business. Skandinaviska Enskilda Banken AB publ acquired a new position in Lumentum in the 1st quarter valued at $25,000. UMB Bank n.a. raised its stake in Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after purchasing an additional 253 shares in the last quarter. Rakuten Securities Inc. lifted its position in Lumentum by 164.4% during the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company’s stock worth $30,000 after purchasing an additional 296 shares during the period. Jones Financial Companies Lllp grew its stake in Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after buying an additional 130 shares in the last quarter. Finally, Golden State Wealth Management LLC increased its holdings in Lumentum by 103.2% in the 1st quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company’s stock valued at $32,000 after buying an additional 260 shares during the period. Institutional investors own 94.05% of the company’s stock.

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.