Lumentum (NASDAQ:LITE) Given New $96.00 Price Target at UBS Group

Lumentum (NASDAQ:LITE) had its price objective upped by UBS Group from $93.00 to $96.00 in a report published on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the technology company’s stock.

LITE has been the topic of several other research reports. Raymond James lifted their price objective on Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Stifel Nicolaus lifted their price target on Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Friday. Barclays upgraded 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. Susquehanna boosted their price objective on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Finally, Northland Securities upped their price target on Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Lumentum has an average rating of “Hold” and a consensus price target of $88.07.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $85.90 on Friday. The stock has a market cap of $5.90 billion, a price-to-earnings ratio of -11.17 and a beta of 0.94. Lumentum has a 52 week low of $38.28 and a 52 week high of $104.00. The company’s 50-day moving average price is $87.68 and its 200 day moving average price is $71.74. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.

Lumentum (NASDAQ:LITE) last released 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 7.00% and a negative net margin of 36.98%. As a group, research analysts forecast that Lumentum will post -0.04 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Penny Herscher sold 1,625 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $81.09, for a total transaction of $131,771.25. Following the completion of the transaction, the director now owns 6,852 shares in the company, valued at approximately $555,628.68. This trade represents a 19.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Julia Suzanne Johnson sold 2,058 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was 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 owns 23,287 shares of the company’s stock, valued at approximately $1,998,490.34. The trade was a 8.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is currently owned by company insiders.

Institutional Trading of Lumentum

Institutional investors and hedge funds have recently modified their holdings of the company. UMB Bank n.a. increased its position in Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after acquiring an additional 253 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after purchasing an additional 130 shares during the last quarter. Quarry LP lifted its stake in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares during the period. J.Safra Asset Management Corp lifted its stake in Lumentum by 31.1% in the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock valued at $43,000 after buying an additional 122 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in Lumentum in the third quarter valued at approximately $33,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.