Lumentum (NASDAQ:LITE) Stock Gets Price Target Cut from Susquehanna

Lumentum (NASDAQ:LITE) had its target price trimmed by Susquehanna from $1,100.00 to $950.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has a positive rating on the technology company’s stock.

Several other equities research analysts also recently issued reports on the stock. Bank of America dropped their price target on shares of Lumentum from $1,100.00 to $1,000.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 12th. Stifel Nicolaus set a $806.00 price objective on shares of Lumentum in a research report on Monday. Needham & Company LLC lowered their price objective on Lumentum from $1,040.00 to $800.00 and set a “buy” rating for the company in a research note on Tuesday. TD Cowen lifted their price objective on Lumentum from $800.00 to $820.00 and gave the stock a “hold” rating in a report on Wednesday, August 12th. Finally, Sanford C. Bernstein initiated coverage on Lumentum in a report on Wednesday, September 30th. They set an “outperform” rating and a $1,220.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $1,081.61.

Lumentum Trading Down 18.7%

NASDAQ:LITE opened at $509.70 on Tuesday. The business’s 50-day moving average is $902.48 and its two-hundred day moving average is $800.69. The firm has a market capitalization of $46.23 billion, a PE ratio of -6.47 and a beta of 1.64. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.61 and a quick ratio of 1.40. Lumentum has a 12 month low of $215.35 and a 12 month high of $1,143.00.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Monday, November 2nd. The technology company reported $4.57 earnings per share for the quarter, topping analysts’ consensus estimates of $4.22 by $0.35. Lumentum had a positive return on equity of 28.85% and a negative net margin of 175.82%. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the prior year, the business earned $1.10 EPS. Lumentum’s quarterly revenue was up 136.5% compared to the same quarter last year. Research analysts predict that Lumentum will post 19.80 earnings per share for the current fiscal year.

Insider Activity at Lumentum

In other Lumentum news, CFO Wajid Ali sold 24,542 shares of the business’s stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $1,048.50, for a total transaction of $25,732,287.00. Following the completion of the sale, the chief financial officer owned 75,074 shares in the company, valued at $78,715,089. The trade was a 24.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Yuen Wupen sold 307 shares of the stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $945.00, for a total transaction of $290,115.00. Following the sale, the insider directly owned 108,320 shares in the company, valued at $102,362,400. This trade represents a 0.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 94,496 shares of company stock worth $85,978,498. Corporate insiders own 0.28% of the company’s stock.

Hedge Funds Weigh In On Lumentum

A number of hedge funds and other institutional investors have recently bought and sold shares of LITE. Artemis Wealth Advisors LLC raised its holdings in Lumentum by 28.6% in the 3rd quarter. Artemis Wealth Advisors LLC now owns 4,500 shares of the technology company’s stock valued at $4,371,000 after acquiring an additional 1,000 shares during the period. FDx Advisors Inc. bought a new stake in shares of Lumentum during the 3rd quarter valued at $246,000. Maryland State Retirement & Pension System grew its stake in Lumentum by 25.7% during the third quarter. Maryland State Retirement & Pension System now owns 4,761 shares of the technology company’s stock worth $4,624,000 after buying an additional 974 shares in the last quarter. Joel Isaacson & Co. LLC bought a new position in Lumentum in the 3rd quarter valued at about $246,000. Finally, Jacobi Capital Management LLC bought a new position in Lumentum in the 3rd quarter valued at about $140,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

More Lumentum News

Here are the key news stories impacting Lumentum this week:

• Positive Sentiment: The proposed Marvell acquisition could combine complementary technologies and support revenue growth and better gross margins over time. Marvell’s Deal to Acquire Lumentum Could Be a Game Changer for the Stock
• Neutral Sentiment: The deal is an all-stock transaction, with Lumentum holders set to receive 4.5 Marvell shares per Lumentum share. That structure means the value of the consideration can fluctuate with Marvell’s stock. Lumentum declines, continues retreat after all-stock Marvell deal
• Negative Sentiment: The immediate pressure appears largely sector-driven: AI optical stocks fell for a second session, with selling persisting even as companies in the group reported strong results. One report said Lumentum’s decline had no clear company-specific catalyst. AI optical stocks slide Lumentum Drops in a Single Session With No Clear Catalyst
• Negative Sentiment: Several firms issued more cautious views: Rosenblatt lowered expectations, TD Cowen published a pessimistic forecast, and B. Riley downgraded its rating. Rosenblatt Securities Lowers Expectations TD Cowen Issues Pessimistic Forecast B. Riley Lowers Lumentum Rating
• Negative Sentiment: A law firm is investigating the proposed Marvell deal’s price and process, adding another source of transaction uncertainty. Investor alert on proposed sale investigation

Lumentum Company Profile

Lumentum Holdings Inc is a technology company that designs and manufactures optical and photonic products for communications networks, industrial applications, and consumer electronics. Its portfolio includes optical components, modules, and subsystems used in fiber-optic networks, data centers, cloud computing infrastructure, telecommunications equipment, and high-speed connectivity systems.

The company also develops laser products for applications such as industrial processing, sensing, three-dimensional imaging, and other specialized commercial and consumer uses.