Lumentum Holdings Inc. (NASDAQ:LITE)‘s stock had its “overweight” rating reiterated by stock analysts at Piper Jaffray Companies in a research report issued to clients and investors on Thursday, The Fly reports. They currently have a $68.00 target price on the technology company’s stock. Piper Jaffray Companies’ price target would indicate a potential upside of 18.47% from the company’s previous close.
A number of other brokerages have also commented on LITE. Barclays PLC reaffirmed a “hold” rating on shares of Lumentum Holdings in a research report on Friday, July 14th. Stifel Nicolaus reaffirmed a “buy” rating and set a $73.00 target price on shares of Lumentum Holdings in a research report on Saturday, July 22nd. B. Riley reaffirmed a “buy” rating and set a $77.00 target price (up from $58.00) on shares of Lumentum Holdings in a research report on Tuesday, June 27th. BidaskClub lowered shares of Lumentum Holdings from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Finally, DA Davidson assumed coverage on shares of Lumentum Holdings in a research report on Thursday, June 22nd. They set a “neutral” rating and a $77.00 target price on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Lumentum Holdings currently has an average rating of “Buy” and an average target price of $62.81.
Lumentum Holdings (NASDAQ LITE) opened at 57.40 on Thursday. The stock’s market cap is $3.51 billion. The company’s 50-day moving average price is $61.39 and its 200-day moving average price is $52.56. Lumentum Holdings has a one year low of $30.24 and a one year high of $68.63.
Lumentum Holdings (NASDAQ:LITE) last issued its earnings results on Wednesday, August 9th. The technology company reported $0.39 EPS for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.18. The business had revenue of $222.70 million for the quarter, compared to analyst estimates of $229.45 million. Lumentum Holdings had a negative net margin of 3.28% and a positive return on equity of 19.55%. The company’s quarterly revenue was down 7.9% compared to the same quarter last year. During the same period last year, the company posted $0.41 earnings per share. Analysts forecast that Lumentum Holdings will post $2.93 EPS for the current fiscal year.
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In other news, CEO Alan S. Lowe sold 5,954 shares of the stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $54.29, for a total transaction of $323,242.66. Following the transaction, the chief executive officer now directly owns 153,439 shares in the company, valued at $8,330,203.31. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Vincent Retort sold 2,029 shares of the stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $54.26, for a total transaction of $110,093.54. Following the transaction, the chief operating officer now owns 68,448 shares in the company, valued at $3,713,988.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,813 shares of company stock worth $648,776. Insiders own 0.76% of the company’s stock.
A number of large investors have recently made changes to their positions in LITE. Chicago Equity Partners LLC purchased a new stake in shares of Lumentum Holdings during the first quarter valued at $651,000. Riggs Asset Managment Co. Inc. increased its stake in shares of 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 valued at $1,951,000 after buying an additional 229 shares during the period. Great West Life Assurance Co. Can increased its stake in shares of 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 valued at $4,055,000 after buying an additional 5,507 shares during the period. Tocqueville Asset Management L.P. increased its stake in shares of 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 valued at $1,360,000 after buying an additional 13,500 shares during the period. Finally, Sumitomo Mitsui Asset Management Company LTD purchased a new stake in shares of Lumentum Holdings during the first quarter valued at $55,001,000. Institutional investors own 95.06% of the company’s stock.
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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