Lumentum Holdings Inc. (NASDAQ:LITE) Receives $88.07 Consensus Target Price from Analysts

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have been assigned an average rating of “Moderate Buy” from the fourteen brokerages that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $88.07.

LITE has been the topic of several analyst reports. Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and raised their target price for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Morgan Stanley lowered their target price on Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, January 31st. Stifel Nicolaus raised their target price on Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Raymond James raised their target price on Lumentum from $94.00 to $96.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Finally, Susquehanna raised their target price on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research report on Friday, November 8th.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the sale, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at $4,071,799.84. The trade was a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Vincent Retort sold 41,710 shares of Lumentum stock in a transaction on 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 transaction, the insider now owns 147,515 shares in the company, valued at $13,205,542.80. This represents a 22.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 73,769 shares of company stock valued at $6,446,222 over the last three months. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LITE. Capital World Investors grew its holdings in shares of Lumentum by 108.3% during the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock valued at $302,231,000 after buying an additional 1,871,572 shares in the last quarter. Norges Bank purchased a new position in shares of Lumentum during the fourth quarter valued at $68,962,000. Nuveen Asset Management LLC grew its holdings in shares of Lumentum by 98.9% during the fourth quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company’s stock valued at $103,122,000 after buying an additional 610,938 shares in the last quarter. Balyasny Asset Management L.P. grew its holdings in shares of Lumentum by 419.1% during the fourth quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company’s stock valued at $37,286,000 after buying an additional 583,330 shares in the last quarter. Finally, Capital Research Global Investors purchased a new position in shares of Lumentum during the fourth quarter valued at $42,415,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Trading Down 1.2 %

Shares of NASDAQ LITE opened at $76.34 on Friday. The company has a market cap of $5.28 billion, a price-to-earnings ratio of -9.93 and a beta of 0.94. Lumentum has a 12-month low of $38.28 and a 12-month high of $104.00. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The stock’s 50 day simple moving average is $85.61 and its 200 day simple moving average is $73.24.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Equities research analysts expect that Lumentum will post 0.03 EPS for the current year.

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.