Lumentum (NASDAQ:LITE) Price Target Cut to $81.00 by Analysts at Morgan Stanley

Lumentum (NASDAQ:LITE) had its target price decreased by analysts at Morgan Stanley from $83.00 to $81.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s price objective points to a potential downside of 6.71% from the company’s current price.

LITE has been the topic of a number of other reports. Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and boosted their price objective for the company from $80.00 to $125.00 in a research note on Friday, January 17th. Susquehanna raised their price target on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $110.00 price target on shares of Lumentum in a report on Thursday, January 9th. Northland Securities lifted their price objective on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Finally, Raymond James upped their target price on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.77.

Lumentum Price Performance

Lumentum stock opened at $86.83 on Friday. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The business’s 50 day simple moving average is $87.56 and its 200 day simple moving average is $70.21. Lumentum has a 12 month low of $38.28 and a 12 month high of $104.00. The company has a market cap of $5.97 billion, a price-to-earnings ratio of -10.40 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, November 7th. The technology company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.48). The firm had revenue of $336.90 million during the quarter, compared to the consensus estimate of $326.94 million. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. Sell-side analysts forecast that Lumentum will post -0.02 EPS for the current year.

Insider Buying and Selling at Lumentum

In other news, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total value of $1,307,550.00. Following the transaction, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. The trade was a 63.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the sale, the insider now directly owns 147,515 shares of the company’s stock, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,797 shares of company stock worth $8,881,428 over the last ninety days. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Lumentum

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Algert Global LLC purchased a new stake in shares of Lumentum during the second quarter worth about $346,000. Truist Financial Corp lifted its holdings in Lumentum by 5.8% in the 2nd quarter. Truist Financial Corp now owns 11,054 shares of the technology company’s stock worth $563,000 after buying an additional 607 shares during the period. Point72 DIFC Ltd bought a new stake in shares of Lumentum in the 2nd quarter worth approximately $36,000. Central Pacific Bank Trust Division increased its stake in shares of Lumentum by 6,232.5% during the third quarter. Central Pacific Bank Trust Division now owns 7,599 shares of the technology company’s stock valued at $482,000 after buying an additional 7,479 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after acquiring an additional 524 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors.

Lumentum Company Profile

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.