Lumentum (LITE) Given New $80.00 Price Target at UBS

Lumentum (NASDAQ:LITE) had its price target increased by investment analysts at UBS from $62.00 to $80.00 in a research report issued to clients and investors on Thursday, www.benzinga.com reports. The firm presently has a “buy” rating on the technology company’s stock. UBS’s price target indicates a potential upside of 18.78% from the stock’s current price.

Several other brokerages have also recently issued reports on LITE. Rosenblatt Securities reissued a “buy” rating on shares of Lumentum in a research note on Monday, March 12th. BidaskClub raised Lumentum from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, March 14th. Stifel Nicolaus reissued a “buy” rating and issued a $79.00 price objective on shares of Lumentum in a research note on Thursday, March 15th. Craig Hallum set a $90.00 price objective on Lumentum and gave the stock a “buy” rating in a research note on Tuesday, March 13th. Finally, MKM Partners increased their price objective on Lumentum to $88.00 and gave the stock a “buy” rating in a research note on Wednesday, March 14th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $81.00.

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Lumentum stock opened at $67.35 on Thursday. Lumentum has a 52 week low of $40.35 and a 52 week high of $74.40. The stock has a market capitalization of $4,321.62, a P/E ratio of 46.13, a P/E/G ratio of 1.31 and a beta of -0.09. The company has a quick ratio of 4.16, a current ratio of 4.84 and a debt-to-equity ratio of 0.38.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, February 6th. The technology company reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.67. Lumentum had a return on equity of 24.06% and a net margin of 8.97%. The company had revenue of $404.60 million for the quarter, compared to analysts’ expectations of $357.03 million. During the same quarter in the prior year, the firm earned $0.57 earnings per share. Lumentum’s revenue was up 52.7% compared to the same quarter last year. analysts expect that Lumentum will post 2.83 EPS for the current year.

In other Lumentum news, General Counsel Judy G. Hamel sold 2,000 shares of the company’s stock in a transaction on Monday, March 12th. The stock was sold at an average price of $71.00, for a total transaction of $142,000.00. Following the completion of the sale, the general counsel now owns 26,773 shares in the company, valued at $1,900,883. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, General Counsel Judy G. Hamel sold 953 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $58.80, for a total value of $56,036.40. Following the sale, the general counsel now owns 28,816 shares of the company’s stock, valued at approximately $1,694,380.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,150 shares of company stock valued at $3,800,816. 0.76% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Xact Kapitalforvaltning AB purchased a new stake in shares of Lumentum during the 4th quarter valued at $293,000. Envestnet Asset Management Inc. lifted its holdings in shares of Lumentum by 1,164.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 3,653 shares of the technology company’s stock valued at $178,000 after purchasing an additional 3,364 shares during the last quarter. Fore Capital LLC purchased a new stake in shares of Lumentum during the 4th quarter valued at $666,000. MetLife Investment Advisors LLC purchased a new stake in shares of Lumentum during the 4th quarter valued at $1,389,000. Finally, Kayak Investment Partners LLC lifted its holdings in shares of Lumentum by 32.3% during the 4th quarter. Kayak Investment Partners LLC now owns 312,026 shares of the technology company’s stock valued at $15,258,000 after purchasing an additional 76,100 shares during the last quarter.

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About Lumentum

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. It operates through two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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