Lumentum Holdings Inc. (NASDAQ:LITE) has been given a $70.00 target price by Rosenblatt Securities in a research report issued on Wednesday. The brokerage currently has a “buy” rating on the technology company’s stock. Rosenblatt Securities’ price target suggests a potential upside of 21.95% from the company’s current price.
Other equities analysts have also recently issued reports about the company. B. Riley reissued a “buy” rating and issued a $58.00 target price on shares of Lumentum Holdings in a report on Wednesday, May 10th. Zacks Investment Research cut Lumentum Holdings from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 23rd. UBS AG increased their target price on Lumentum Holdings from $66.00 to $70.00 in a report on Wednesday. Craig Hallum reissued a “buy” rating and issued a $75.00 target price on shares of Lumentum Holdings in a report on Wednesday. Finally, Barclays PLC raised Lumentum Holdings from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $35.00 to $48.00 in a report on Friday, May 5th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $61.50.
Lumentum Holdings (NASDAQ LITE) opened at 57.40 on Wednesday. The company’s 50-day moving average price is $61.39 and its 200-day moving average price is $52.56. The firm’s market cap is $3.51 billion. Lumentum Holdings has a 52-week low of $30.24 and a 52-week high of $68.63.
Lumentum Holdings (NASDAQ:LITE) last posted its quarterly earnings results on Wednesday, August 9th. The technology company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.21 by $0.18. The firm had revenue of $222.70 million during the quarter, compared to analysts’ expectations of $229.45 million. Lumentum Holdings had a positive return on equity of 19.55% and a negative net margin of 3.28%. The company’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 EPS. Analysts predict that Lumentum Holdings will post $2.93 EPS for the current year.
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In related news, CFO Aaron Tachibana sold 1,521 shares of the firm’s stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $54.40, for a total transaction of $82,742.40. Following the completion of the sale, the chief financial officer now directly owns 45,495 shares of the company’s stock, valued at approximately $2,474,928. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Vincent Retort sold 2,029 shares of the firm’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $54.26, for a total value of $110,093.54. Following the sale, the chief operating officer now directly owns 68,448 shares of the company’s stock, valued at $3,713,988.48. The disclosure for this sale can be found here. Insiders have sold a total of 11,813 shares of company stock valued at $648,776 over the last ninety days. Insiders own 0.76% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Chicago Equity Partners LLC acquired a new stake in Lumentum Holdings during the first quarter worth $651,000. Riggs Asset Managment Co. Inc. boosted its stake in Lumentum Holdings by 0.6% in the first quarter. Riggs Asset Managment Co. Inc. now owns 36,569 shares of the technology company’s stock worth $1,951,000 after buying an additional 229 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in Lumentum Holdings by 7.8% in the first quarter. Great West Life Assurance Co. Can now owns 76,101 shares of the technology company’s stock worth $4,055,000 after buying an additional 5,507 shares in the last quarter. Tocqueville Asset Management L.P. boosted its stake in Lumentum Holdings by 112.5% in the first quarter. Tocqueville Asset Management L.P. now owns 25,500 shares of the technology company’s stock worth $1,360,000 after buying an additional 13,500 shares in the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD acquired a new stake in Lumentum Holdings during the first quarter worth $55,001,000. 95.06% of the stock is owned by hedge funds and other institutional investors.
Lumentum Holdings Company Profile
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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