Lumentum (NASDAQ:LITE – Get Free Report) updated its fourth quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of ($0.05)-$0.10 for the period, compared to the consensus estimate of $0.14. The company issued revenue guidance of $290-$315 million, compared to the consensus revenue estimate of $330.86 million.
Wall Street Analysts Forecast Growth
LITE has been the topic of several analyst reports. Raymond James upped their price target on shares of Lumentum from $51.50 to $58.00 and gave the stock an outperform rating in a research report on Monday, April 1st. B. Riley reduced their price target on Lumentum from $42.00 to $41.00 and set a neutral rating for the company in a report on Friday, February 9th. Rosenblatt Securities raised their price target on Lumentum from $60.00 to $65.00 and gave the company a buy rating in a report on Friday, February 9th. Stifel Nicolaus reiterated a buy rating and issued a $62.00 price objective on shares of Lumentum in a report on Monday, April 1st. Finally, JPMorgan Chase & Co. dropped their price objective 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. Three analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and an average target price of $52.69.
Get Our Latest Stock Analysis on LITE
Lumentum Price Performance
Lumentum (NASDAQ:LITE – Get Free Report) last issued its quarterly earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). The firm had revenue of $366.80 million for the quarter, compared to the consensus estimate of $363.44 million. Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. As a group, sell-side analysts forecast that Lumentum will post -0.64 EPS for the current fiscal year.
Insider Buying and Selling
In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $49.23, for a total transaction of $487,524.69. Following the sale, the chief accounting officer now owns 33,188 shares of the company’s stock, valued at $1,633,845.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.60% of the stock is owned by corporate insiders.
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.
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