Brokerages Set Lumentum Holdings Inc. (NASDAQ:LITE) Target Price at $52.69

Lumentum Holdings Inc. (NASDAQ:LITE) has been given an average rating of “Hold” by the twelve analysts that are presently covering the company, MarketBeat reports. Two investment 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. The average twelve-month target price among brokers that have covered the stock in the last year is $52.69.

Several research firms recently commented on LITE. Susquehanna cut their price objective on shares of Lumentum from $65.00 to $60.00 and set a “positive” rating on the stock in a research report on Friday, February 9th. Barclays boosted their price target on shares of Lumentum from $40.00 to $45.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 16th. Rosenblatt Securities boosted their price target on shares of Lumentum from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. B. Riley cut their price target on shares of Lumentum from $42.00 to $41.00 and set a “neutral” rating on the stock in a research report on Friday, February 9th. Finally, JPMorgan Chase & Co. cut their price target 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.

Insider Transactions at Lumentum

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of LITE. Norges Bank acquired a new position in Lumentum in the 4th quarter valued at about $53,785,000. Westfield Capital Management Co. LP acquired a new position in Lumentum in the 4th quarter valued at about $29,675,000. Vanguard Group Inc. grew its stake in Lumentum by 6.5% in the 4th quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after buying an additional 442,177 shares during the last quarter. FengHe Fund Management Pte. Ltd. acquired a new position in Lumentum in the 4th quarter valued at about $19,547,000. Finally, Earnest Partners LLC grew its stake in Lumentum by 26.2% in the 3rd quarter. Earnest Partners LLC now owns 1,624,514 shares of the technology company’s stock valued at $73,396,000 after buying an additional 337,096 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Trading Up 0.1 %

LITE opened at $42.06 on Friday. The stock has a market capitalization of $2.83 billion, a P/E ratio of -10.68 and a beta of 1.09. Lumentum has a 12 month low of $35.35 and a 12 month high of $65.16. The firm’s fifty day simple moving average is $47.27 and its 200 day simple moving average is $47.08. 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 posted its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The company had revenue of $366.80 million during the quarter, compared to the consensus estimate of $363.44 million. Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. As a group, research analysts anticipate that Lumentum will post -0.64 EPS for the current fiscal year.

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.