B. Riley Raises Lumentum (NASDAQ:LITE) Price Target to $123.00


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Lumentum (NASDAQ:LITE) had its price target increased by B. Riley from $101.00 to $123.00 in a research note issued to investors on Monday, The Fly reports. They currently have a buy rating on the technology company’s stock.

Other equities analysts have also issued research reports about the company. Morgan Stanley raised Lumentum from an equal weight rating to an overweight rating and set a $105.00 price objective on the stock in a research note on Tuesday, December 15th. JPMorgan Chase & Co. upped their price target on shares of Lumentum from $97.00 to $100.00 and gave the stock an overweight rating in a research report on Tuesday, November 3rd. Rosenblatt Securities lowered their price objective on shares of Lumentum from $105.00 to $100.00 and set a buy rating for the company in a research report on Tuesday, November 3rd. ValuEngine raised shares of Lumentum from a sell rating to a hold rating in a research note on Thursday, January 7th. Finally, Jefferies Financial Group increased their price target on shares of Lumentum from $105.00 to $115.00 in a research note on Thursday, October 8th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and sixteen have issued a buy rating to the stock. The company has a consensus rating of Buy and an average price target of $107.24.

Shares of LITE stock opened at $107.29 on Monday. The company has a market capitalization of $8.10 billion, a P/E ratio of 53.91 and a beta of 1.02. Lumentum has a 12-month low of $59.06 and a 12-month high of $112.08. The company has a quick ratio of 6.66, a current ratio of 7.38 and a debt-to-equity ratio of 0.62. The firm has a 50-day moving average price of $93.85 and a 200 day moving average price of $85.53.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Monday, November 2nd. The technology company reported $1.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.47 by $0.31. The company had revenue of $452.40 million during the quarter, compared to analyst estimates of $441.30 million. Lumentum had a net margin of 9.22% and a return on equity of 21.41%. The company’s revenue was up .6% on a year-over-year basis. During the same quarter last year, the business posted $1.44 earnings per share. As a group, research analysts expect that Lumentum will post 5.24 earnings per share for the current year.

In other news, EVP Jason Reinhardt sold 10,000 shares of the company’s stock in a transaction dated Friday, November 6th. The stock was sold at an average price of $89.00, for a total value of $890,000.00. Following the completion of the sale, the executive vice president now directly owns 70,290 shares of the company’s stock, valued at approximately $6,255,810. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Vincent Retort sold 4,451 shares of the stock in a transaction that occurred on Tuesday, January 12th. The shares were sold at an average price of $110.00, for a total transaction of $489,610.00. Following the completion of the sale, the chief operating officer now owns 84,730 shares in the company, valued at $9,320,300. The disclosure for this sale can be found here. In the last three months, insiders sold 58,767 shares of company stock worth $5,348,125. 0.32% of the stock is currently owned by company insiders.

A number of large investors have recently modified their holdings of the business. First Horizon Advisors Inc. acquired a new stake in Lumentum in the third quarter worth $30,000. NEXT Financial Group Inc bought a new stake in shares of Lumentum in the 3rd quarter valued at $35,000. Hall Laurie J Trustee acquired a new stake in Lumentum during the 3rd quarter worth $46,000. Private Advisor Group LLC bought a new position in Lumentum during the second quarter worth about $116,000. Finally, NuWave Investment Management LLC grew its stake in Lumentum by 48,133.3% in the fourth quarter. NuWave Investment Management LLC now owns 1,447 shares of the technology company’s stock valued at $137,000 after acquiring an additional 1,444 shares during the period. 77.42% of the stock is owned by hedge funds and other institutional investors.

About Lumentum

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

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