Lumentum (NASDAQ:LITE) Now Covered by Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Lumentum (NASDAQ:LITE) in a research note released on Friday morning. The brokerage issued a buy rating on the technology company’s stock.

A number of other equities research analysts have also commented on LITE. B. Riley upped their price objective on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Morgan Stanley cut their price target on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, January 31st. Northland Securities lifted their price objective on Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research report on Friday, February 7th. Raymond James upped their target price on Lumentum from $94.00 to $96.00 and gave the company an “outperform” rating in a research report on Friday, February 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Lumentum has an average rating of “Hold” and an average target price of $88.07.

Lumentum Stock Performance

NASDAQ LITE opened at $73.35 on Friday. The company has a market capitalization of $5.08 billion, a price-to-earnings ratio of -9.54 and a beta of 0.94. Lumentum has a twelve month low of $38.28 and a twelve month high of $104.00. The stock has a fifty day simple moving average of $85.22 and a 200 day simple moving average of $73.46. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share 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 7.25%. Sell-side analysts expect that Lumentum will post 0.03 EPS for the current year.

Insider Buying and Selling at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at approximately $4,071,799.84. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Vincent Retort sold 41,710 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the completion of the sale, the insider now owns 147,515 shares of the company’s stock, valued at approximately $13,205,542.80. The trade was a 22.04 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 73,769 shares of company stock worth $6,446,222. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Several hedge funds have recently modified their holdings of LITE. Atom Investors LP purchased a new stake in shares of Lumentum during the third quarter valued at approximately $4,127,000. Robeco Institutional Asset Management B.V. bought a new position in Lumentum in the 4th quarter valued at $646,000. Two Sigma Advisers LP grew its stake in Lumentum by 24.7% in the 3rd quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock valued at $11,827,000 after purchasing an additional 37,000 shares during the period. West Tower Group LLC purchased a new stake in shares of Lumentum during the 3rd quarter valued at $444,000. Finally, Zweig DiMenna Associates LLC bought a new stake in shares of Lumentum during the 4th quarter worth $7,052,000. Institutional investors own 94.05% of the company’s stock.

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.