Lumentum (NASDAQ:LITE) Given New $96.00 Price Target at Raymond James

Lumentum (NASDAQ:LITE) had its target price hoisted by stock analysts at Raymond James from $94.00 to $96.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Raymond James’ price objective points to a potential upside of 12.65% from the company’s current price.

Other research analysts have also issued reports about the company. B. Riley increased their target price on Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday. Rosenblatt Securities restated a “buy” rating and set a $110.00 target price 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 report on Friday. Morgan Stanley cut their target price on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st. Finally, UBS Group raised their target price on shares of Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $88.07.

Lumentum Stock Performance

Shares of LITE stock traded down $7.45 during mid-day trading on Friday, hitting $85.22. 3,616,112 shares of the stock were exchanged, compared to its average volume of 2,334,500. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. Lumentum has a 12-month low of $38.28 and a 12-month high of $104.00. The stock’s fifty day simple moving average is $87.70 and its two-hundred day simple moving average is $71.27. The stock has a market capitalization of $5.85 billion, a price-to-earnings ratio of -10.37 and a beta of 0.94.

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

Insider Buying and Selling at Lumentum

In other Lumentum news, insider Vincent Retort sold 41,710 shares of Lumentum stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the completion of the transaction, the director now directly 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is owned by corporate insiders.

Institutional Trading of Lumentum

Large investors have recently added to or reduced their stakes in the stock. UMB Bank n.a. boosted its stake in Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after purchasing an additional 253 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after purchasing an additional 130 shares during the last quarter. Quarry LP increased its position in shares of Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares during the last quarter. J.Safra Asset Management Corp increased its position in shares of Lumentum by 31.1% during the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock valued at $43,000 after purchasing an additional 122 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in shares of Lumentum during the 3rd quarter valued at approximately $33,000. Institutional investors own 94.05% of the company’s stock.

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.