Piper Jaffray Companies restated their buy rating on shares of Lumentum Holdings Inc. (NASDAQ:LITE) in a research note released on Monday. The firm currently has a $68.00 target price on the technology company’s stock.
LITE has been the topic of a number of other research reports. BidaskClub lowered Lumentum Holdings from a hold rating to a sell rating in a report on Saturday, August 19th. Needham & Company LLC reissued a strong-buy rating and set a $80.00 price objective on shares of Lumentum Holdings in a report on Wednesday, September 6th. B. Riley reissued a buy rating and set a $81.00 price objective on shares of Lumentum Holdings in a report on Thursday, September 14th. Barclays PLC reaffirmed a hold rating on shares of Lumentum Holdings in a report on Friday, July 14th. Finally, Zacks Investment Research lowered Lumentum Holdings from a buy rating to a hold rating in a report on Tuesday, August 15th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Lumentum Holdings presently has a consensus rating of Buy and an average price target of $66.31.
Lumentum Holdings (NASDAQ:LITE) opened at 59.25 on Monday. The firm has a 50-day moving average price of $56.45 and a 200-day moving average price of $56.45. Lumentum Holdings has a 12-month low of $32.90 and a 12-month high of $60.20. The stock’s market cap is $3.64 billion.
Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.39 EPS for the quarter, beating 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 positive return on equity of 18.12% and a negative net margin of 10.25%. The firm’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 forecast that Lumentum Holdings will post $3.07 EPS for the current fiscal year.
In other Lumentum Holdings news, Director Penny Herscher sold 1,313 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $53.04, for a total value of $69,641.52. Following the completion of the sale, the director now owns 26,464 shares in the company, valued at approximately $1,403,650.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Alan S. Lowe sold 4,364 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $54.59, for a total value of $238,230.76. The disclosure for this sale can be found here. Insiders sold a total of 87,269 shares of company stock valued at $4,602,526 in the last quarter. Corporate insiders own 0.76% of the company’s stock.
Several hedge funds have recently made changes to their positions in LITE. Karp Capital Management Corp bought a new stake in shares of Lumentum Holdings in the 1st quarter worth approximately $653,000. Ameritas Investment Partners Inc. bought a new stake in shares of Lumentum Holdings in the 1st quarter worth approximately $233,000. Mason Street Advisors LLC lifted its position in shares of Lumentum Holdings by 8.5% in the 1st quarter. Mason Street Advisors LLC now owns 12,971 shares of the technology company’s stock worth $692,000 after acquiring an additional 1,014 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Lumentum Holdings by 69.2% in the 1st quarter. JPMorgan Chase & Co. now owns 78,078 shares of the technology company’s stock worth $4,166,000 after acquiring an additional 31,944 shares during the period. Finally, Prudential Financial Inc. lifted its position in shares of Lumentum Holdings by 11.7% in the 1st quarter. Prudential Financial Inc. now owns 170,764 shares of the technology company’s stock worth $9,110,000 after acquiring an additional 17,910 shares during the period. Institutional investors own 95.74% of the company’s stock.
About Lumentum Holdings
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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