Lumentum (NASDAQ:LITE) Upgraded at BNP Paribas

BNP Paribas upgraded shares of Lumentum (NASDAQ:LITE) from a neutral rating to an outperform rating in a research report report published on Tuesday, MarketBeat reports. BNP Paribas currently has $92.00 price target on the technology company’s stock.

Other equities research analysts have also recently issued reports about the company. Northland Securities boosted their price target on Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a research note on Friday, February 7th. Raymond James increased their target price on Lumentum from $94.00 to $96.00 and gave the stock an “outperform” rating in a report on Friday, February 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research note on Friday, February 7th. Stifel Nicolaus raised their target price on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a report on Friday, February 7th. Finally, Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and boosted their target price for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $88.33.

Lumentum Stock Performance

Shares of NASDAQ LITE opened at $60.29 on Tuesday. Lumentum has a one year low of $38.29 and a one year high of $104.00. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The firm has a market cap of $4.17 billion, a price-to-earnings ratio of -7.84 and a beta of 1.03. The stock’s fifty day moving average price is $80.28 and its two-hundred day moving average price is $75.17.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results 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 return on equity of 7.25% and a negative net margin of 36.98%. On average, equities analysts forecast that Lumentum will post 0.03 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction that occurred on Tuesday, February 18th. The shares were 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 in the company, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Several large investors have recently modified their holdings of LITE. Capital World Investors lifted its holdings in Lumentum by 108.3% during the 4th quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock worth $302,231,000 after buying an additional 1,871,572 shares during the period. Norges Bank acquired a new position in Lumentum in the fourth quarter valued at $68,962,000. Nuveen Asset Management LLC boosted its position in 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 acquiring an additional 610,938 shares during the last quarter. Balyasny Asset Management L.P. grew its holdings in Lumentum by 419.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 444,147 shares of the technology company’s stock worth $37,286,000 after acquiring an additional 583,330 shares during the period. Finally, Capital Research Global Investors acquired a new stake in Lumentum during the 4th quarter worth about $42,415,000. 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.