Lumentum’s (LITE) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Lumentum (NASDAQ:LITE) in a research report report published on Friday morning,Benzinga reports. They currently have a $110.00 target price on the technology company’s stock.

Several other equities research analysts also recently commented on the stock. Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and boosted their target price for the stock from $80.00 to $125.00 in a research report on Friday, January 17th. Raymond James increased their target price on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Rosenblatt Securities reissued a “buy” rating and set a $110.00 target price on shares of Lumentum in a research report on Friday. Susquehanna upped their price target on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Finally, Northland Securities increased their target price on shares of Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Lumentum has a consensus rating of “Hold” and a consensus target price of $88.07.

Lumentum Stock Performance

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

Lumentum (NASDAQ:LITE) last released its 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 net margin of 36.98% and a negative return on equity of 7.00%. Sell-side analysts forecast that Lumentum will post -0.04 EPS for the current year.

Insider Activity at Lumentum

In other Lumentum news, insider Vincent Retort sold 41,710 shares of the firm’s 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 sale, the insider now owns 147,515 shares of the company’s stock, valued at $13,205,542.80. This trade represents a 22.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total transaction of $715,867.20. Following the completion of the sale, the chief accounting officer now directly owns 21,138 shares in the company, valued at approximately $1,851,688.80. This trade represents a 27.88 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,797 shares of company stock valued at $8,881,428. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Quarry LP lifted its position in Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after acquiring an additional 201 shares during the period. UMB Bank n.a. raised its holdings in Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after buying an additional 253 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after buying an additional 130 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in Lumentum in the third quarter worth about $33,000. Finally, Nomura Asset Management Co. Ltd. raised its holdings in Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after buying an additional 270 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

About Lumentum

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.