Lumentum (NASDAQ:LITE) Shares Gap Up After Analyst Upgrade

Lumentum Holdings Inc. (NASDAQ:LITE)’s stock price gapped up before the market opened on Friday after Rosenblatt Securities raised their price target on the stock from $69.00 to $110.00. The stock had previously closed at $73.64, but opened at $86.50. Rosenblatt Securities currently has a buy rating on the stock. Lumentum shares last traded at $85.92, with a volume of 2,155,661 shares traded.

Several other equities research analysts have also recently commented on LITE. Barclays lifted their target price on Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a research note on Thursday, August 15th. Needham & Company LLC lifted their price objective on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. upped their target price on shares of Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. B. Riley raised their target price on shares of Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Finally, Raymond James boosted their price target on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $70.08.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC grew its holdings in shares of Lumentum by 1.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock valued at $691,000 after buying an additional 260 shares during the period. Texas Permanent School Fund Corp lifted its holdings in Lumentum by 0.9% during the first quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock worth $2,759,000 after acquiring an additional 496 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in Lumentum by 11.0% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 9,062 shares of the technology company’s stock valued at $429,000 after acquiring an additional 901 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in shares of Lumentum in the first quarter worth about $687,000. Finally, Arnhold LLC increased its holdings in shares of Lumentum by 25.7% in the first quarter. Arnhold LLC now owns 187,828 shares of the technology company’s stock worth $8,894,000 after acquiring an additional 38,399 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Stock Performance

The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. The company has a market cap of $5.75 billion, a price-to-earnings ratio of -10.13, a price-to-earnings-growth ratio of 7.34 and a beta of 0.88. The stock has a 50-day moving average price of $63.25 and a 200 day moving average price of $53.98.

Lumentum (NASDAQ:LITE) last announced its earnings results on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.03 by $0.03. The firm had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The business’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period last year, the company posted $0.12 EPS. As a group, analysts anticipate that Lumentum Holdings Inc. will post 0.17 EPS for the current fiscal 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.