Stifel Nicolaus reissued their buy rating on shares of Lumentum Holdings Inc. (NASDAQ:LITE) in a research report sent to investors on Thursday. Stifel Nicolaus currently has a $73.00 price target on the technology company’s stock.
A number of other analysts have also weighed in on the stock. 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. BidaskClub raised shares of Lumentum Holdings from a sell rating to a hold rating in a research note on Saturday, August 26th. Zacks Investment Research lowered shares of Lumentum Holdings from a buy rating to a hold rating in a research note on Tuesday, August 15th. B. Riley reaffirmed a buy rating and issued a $81.00 price target on shares of Lumentum Holdings in a research note on Sunday, August 13th. Finally, 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. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of Buy and an average price target of $64.75.
Lumentum Holdings (NASDAQ:LITE) opened at 56.40 on Thursday. The stock’s market capitalization is $3.47 billion. The firm has a 50-day moving average of $57.97 and a 200-day moving average of $54.40. Lumentum Holdings has a one year low of $32.90 and a one year high of $68.63.
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 analysts’ consensus estimates of $0.21 by $0.18. The company had revenue of $222.70 million during the quarter, compared to analyst estimates of $229.45 million. Lumentum Holdings had a negative net margin of 10.25% and a positive return on equity of 18.12%. The business’s revenue for the quarter was down 7.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.41 EPS. On average, equities research analysts forecast that Lumentum Holdings will post $3.02 earnings per share for the current year.
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In other news, COO Vincent Retort sold 14,875 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $51.59, for a total transaction of $767,401.25. Following the sale, the chief operating officer now owns 92,694 shares in the company, valued at $4,782,083.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Penny Herscher sold 1,313 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total transaction of $69,641.52. Following the sale, the director now owns 26,464 shares in the company, valued at approximately $1,403,650.56. The disclosure for this sale can be found here. Insiders have sold 52,199 shares of company stock worth $2,692,047 in the last 90 days. 0.76% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Lumentum Holdings by 151,490.5% in the 1st quarter. BlackRock Inc. now owns 6,441,080 shares of the technology company’s stock valued at $343,632,000 after buying an additional 6,436,831 shares during the period. Alliancebernstein L.P. increased its stake in Lumentum Holdings by 2,347.2% in the 1st quarter. Alliancebernstein L.P. now owns 1,837,130 shares of the technology company’s stock valued at $98,011,000 after buying an additional 1,762,060 shares during the period. Wellington Management Group LLP increased its stake in Lumentum Holdings by 702.0% in the 1st quarter. Wellington Management Group LLP now owns 1,480,805 shares of the technology company’s stock valued at $79,000,000 after buying an additional 1,296,173 shares during the period. Bank of New York Mellon Corp increased its stake in Lumentum Holdings by 71.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,662,272 shares of the technology company’s stock valued at $151,883,000 after buying an additional 1,107,107 shares during the period. Finally, Whale Rock Capital Management LLC acquired a new position in Lumentum Holdings in the 1st quarter valued at approximately $51,341,000. Institutional investors and hedge funds own 95.74% of the company’s stock.
About Lumentum Holdings
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).
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