Lumentum’s (LITE) Buy Rating Reiterated at Needham & Company LLC

Lumentum (NASDAQ:LITE)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They currently have a $110.00 price target on the technology company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 18.70% from the stock’s previous close.

Several other equities analysts also recently issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research note on Friday. Northland Securities increased their price target on shares of Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research note on Friday. Raymond James increased their price objective on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Susquehanna increased their price objective on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Finally, Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and raised their price target for the company from $80.00 to $125.00 in a report on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $82.54.

Lumentum Trading Up 3.9 %

NASDAQ LITE opened at $92.67 on Friday. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The firm has a market cap of $6.37 billion, a PE ratio of -11.19 and a beta of 0.94. Lumentum has a one year low of $38.28 and a one year high of $104.00. The firm’s fifty day moving average is $87.70 and its two-hundred day moving average is $71.27.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. Analysts expect that Lumentum will post -0.02 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Wajid Ali sold 29,887 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $85.06, for a total value of $2,542,188.22. Following the completion of the sale, the chief financial officer now directly owns 56,492 shares in the company, valued at approximately $4,805,209.52. The trade was a 34.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total transaction of $715,867.20. Following the completion of the sale, the chief accounting officer now owns 21,138 shares of the company’s stock, valued at $1,851,688.80. The trade was a 27.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lumentum

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in Lumentum during the fourth quarter worth $317,000. Lisanti Capital Growth LLC bought a new position in Lumentum during the fourth quarter worth $6,739,000. Black Swift Group LLC bought a new position in Lumentum during the fourth quarter worth $1,343,000. Arizona State Retirement System increased its holdings in Lumentum by 2.2% in the 4th quarter. Arizona State Retirement System now owns 19,891 shares of the technology company’s stock valued at $1,670,000 after buying an additional 425 shares during the period. Finally, Aigen Investment Management LP increased its holdings in Lumentum by 72.9% in the 4th quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company’s stock valued at $1,464,000 after buying an additional 7,354 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.