UBS Group Issues Positive Forecast for Lumentum (NASDAQ:LITE) Stock Price

Lumentum (NASDAQ:LITE) had its price target increased by UBS Group from $93.00 to $96.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

Several other analysts have also recently weighed in on the company. Morgan Stanley dropped their price objective on Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. Rosenblatt Securities reissued a “buy” rating and set a $110.00 price target on shares of Lumentum in a research note on Friday. Raymond James raised their price objective on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and upped their target price for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Finally, Susquehanna increased their price target on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $88.07.

Lumentum Price Performance

LITE opened at $85.90 on Friday. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The company’s 50 day simple moving average is $87.68 and its 200-day simple moving average is $71.49. Lumentum has a one year low of $38.28 and a one year high of $104.00.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.00%. Sell-side analysts anticipate that Lumentum will post -0.04 EPS for the current fiscal year.

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 29,887 shares of the stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the sale, the chief financial officer now directly owns 56,492 shares of the company’s stock, valued at approximately $4,805,209.52. This represents a 34.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Julia Suzanne Johnson sold 2,058 shares of Lumentum stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $85.82, for a total transaction of $176,617.56. Following the completion of the transaction, the director now directly owns 23,287 shares in the company, valued at approximately $1,998,490.34. The trade was a 8.12 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,797 shares of company stock valued at $8,881,428 over the last 90 days. 0.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lumentum

A number of large investors have recently added to or reduced their stakes in the company. Atom Investors LP bought a new stake in shares of Lumentum in the third quarter valued at about $4,127,000. Two Sigma Advisers LP lifted its stake in Lumentum by 24.7% in the 3rd quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock valued at $11,827,000 after acquiring an additional 37,000 shares in the last quarter. Robeco Institutional Asset Management B.V. acquired a new position in Lumentum during the 4th quarter worth approximately $646,000. West Tower Group LLC acquired a new position in Lumentum during the 3rd quarter worth approximately $444,000. Finally, Zweig DiMenna Associates LLC bought a new position in Lumentum in the fourth quarter valued at $7,052,000. 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.