Brokerages Set Lumentum Holdings Inc. (NASDAQ:LITE) PT at $81.92

Lumentum Holdings Inc. (NASDAQ:LITE) has received a consensus rating of “Moderate Buy” from the thirteen research firms that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and nine have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $81.92.

LITE has been the subject of a number of analyst reports. Raymond James increased their price target on Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Rosenblatt Securities increased their target price on shares of Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 8th. Susquehanna boosted their price target on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Morgan Stanley increased their price objective on shares of Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Needham & Company LLC restated a “buy” rating and issued a $110.00 target price on shares of Lumentum in a research note on Thursday, January 9th.

Lumentum Stock Up 3.0 %

Shares of NASDAQ LITE opened at $100.38 on Monday. 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 has a 50-day moving average price of $87.34 and a 200-day moving average price of $69.14. The stock has a market capitalization of $6.90 billion, a P/E ratio of -12.12 and a beta of 0.94. Lumentum has a 1 year low of $38.28 and a 1 year high of $104.00.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, November 7th. The technology company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.48). The company had revenue of $336.90 million for the quarter, compared to analyst estimates of $326.94 million. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. During the same quarter last year, the firm posted ($0.10) EPS. On average, equities research analysts forecast that Lumentum will post -0.02 EPS for the current fiscal year.

Insider Transactions at Lumentum

In related news, Director Penny Herscher sold 1,625 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $81.09, for a total transaction of $131,771.25. Following the sale, the director now directly owns 6,852 shares in the company, valued at approximately $555,628.68. The trade was a 19.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Wajid Ali sold 29,887 shares of the stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $85.06, for a total value of $2,542,188.22. Following the sale, the chief financial officer now directly owns 56,492 shares in the company, valued at $4,805,209.52. This trade represents a 34.60 % decrease in their position. 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 company insiders.

Institutional Investors Weigh In On Lumentum

Institutional investors and hedge funds have recently modified their holdings of the company. Atreides Management LP increased its holdings in Lumentum by 28.5% during the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after acquiring an additional 375,389 shares during the period. Point72 Hong Kong Ltd purchased a new position in shares of Lumentum during the 3rd quarter valued at $17,981,000. Pinnacle Associates Ltd. increased its holdings in shares of Lumentum by 50.4% in the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock worth $25,846,000 after purchasing an additional 136,659 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Lumentum by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after buying an additional 130,838 shares in the last quarter. Finally, Castleark Management LLC bought a new stake in Lumentum during the third quarter valued at $6,205,000. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.