Morgan Stanley Analysts Give Lumentum (LITE) a $60.00 Price Target

Morgan Stanley set a $60.00 target price on Lumentum (NASDAQ:LITE) in a research note issued to investors on Friday morning. The firm currently has a hold rating on the technology company’s stock.

Other analysts have also issued research reports about the stock. TheStreet upgraded shares of Lumentum from a c rating to a b- rating in a research report on Wednesday, February 7th. B. Riley reduced their price target on shares of Lumentum from $89.00 to $81.00 and set a buy rating on the stock in a research report on Wednesday, January 24th. MKM Partners reduced their price target on shares of Lumentum to $62.00 and set a buy rating on the stock in a research report on Tuesday, January 23rd. Piper Jaffray Companies reiterated a buy rating and set a $81.00 price target on shares of Lumentum in a research report on Wednesday, January 3rd. Finally, Stifel Nicolaus reduced their price target on shares of Lumentum from $75.00 to $66.00 and set a buy rating on the stock in a research report on Wednesday, January 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and fifteen have assigned a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $73.19.

How to Become a New Pot Stock Millionaire

Lumentum (LITE) opened at $68.97 on Friday. Lumentum has a 52-week low of $40.35 and a 52-week high of $69.25. The stock has a market cap of $4,304.04, a P/E ratio of 28.27, a price-to-earnings-growth ratio of 1.30 and a beta of -0.09. The company has a current ratio of 4.84, a quick ratio of 4.16 and a debt-to-equity ratio of 0.38.

Lumentum (NASDAQ:LITE) last announced its earnings results on Tuesday, February 6th. The technology company reported $1.67 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.00 by $0.67. Lumentum had a net margin of 8.97% and a return on equity of 24.06%. The firm had revenue of $404.60 million for the quarter, compared to analyst estimates of $357.03 million. During the same quarter in the prior year, the business posted $0.57 EPS. The business’s revenue was up 52.7% compared to the same quarter last year. sell-side analysts expect that Lumentum will post 2.85 earnings per share for the current year.

In related news, Director Harold L. Covert sold 7,564 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $56.58, for a total value of $427,971.12. Following the completion of the transaction, the director now owns 22,628 shares of the company’s stock, valued at approximately $1,280,292.24. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Alan S. Lowe sold 4,511 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $58.52, for a total transaction of $263,983.72. Following the completion of the transaction, the chief executive officer now directly owns 238,998 shares of the company’s stock, valued at approximately $13,986,162.96. The disclosure for this sale can be found here. In the last three months, insiders sold 48,039 shares of company stock valued at $2,798,935. 0.76% of the stock is owned by insiders.

A number of large investors have recently modified their holdings of the stock. SeaCrest Wealth Management LLC bought a new position in shares of Lumentum during the fourth quarter valued at $128,000. Envestnet Asset Management Inc. raised its stake in shares of Lumentum by 1,164.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 3,653 shares of the technology company’s stock valued at $178,000 after acquiring an additional 3,364 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Lumentum by 42.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock valued at $186,000 after acquiring an additional 1,135 shares during the last quarter. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Lumentum by 106.7% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,864 shares of the technology company’s stock valued at $189,000 after acquiring an additional 1,995 shares during the last quarter. Finally, Tyers Asset Management LLC raised its stake in shares of Lumentum by 26.6% during the fourth quarter. Tyers Asset Management LLC now owns 4,720 shares of the technology company’s stock valued at $231,000 after acquiring an additional 992 shares during the last quarter.

TRADEMARK VIOLATION WARNING: “Morgan Stanley Analysts Give Lumentum (LITE) a $60.00 Price Target” was originally reported by Markets Daily and is the property of of Markets Daily. If you are reading this story on another site, it was copied illegally and republished in violation of U.S. & international copyright & trademark laws. The correct version of this story can be viewed at https://www.themarketsdaily.com/2018/03/12/morgan-stanley-analysts-give-lumentum-lite-a-60-00-price-target.html.

About Lumentum

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).

Analyst Recommendations for Lumentum (NASDAQ:LITE)

Receive News & Ratings for Lumentum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply