Lumentum (LITE) PT Raised to $75.00 at Piper Jaffray Companies

Lumentum (NASDAQ:LITE) had its target price upped by Piper Jaffray Companies to $75.00 in a report published on Tuesday morning, The Fly reports. They currently have an overweight rating on the technology company’s stock.

Other analysts also recently issued reports about the company. Jefferies Financial Group reiterated a buy rating and set a $70.00 target price on shares of Lumentum in a research report on Friday, March 29th. Northland Securities reiterated a buy rating and set a $70.00 target price on shares of Lumentum in a research report on Monday, April 22nd. Rosenblatt Securities reiterated a buy rating and set a $80.00 target price on shares of Lumentum in a research report on Tuesday. ValuEngine upgraded Lumentum from a sell rating to a hold rating in a research report on Wednesday, March 27th. Finally, BidaskClub upgraded Lumentum from a buy rating to a strong-buy rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, sixteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $70.37.

Shares of Lumentum stock traded down $2.28 during trading on Tuesday, reaching $57.12. The company’s stock had a trading volume of 16,142 shares, compared to its average volume of 1,583,413. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.17 and a quick ratio of 3.24. Lumentum has a 12-month low of $37.00 and a 12-month high of $69.95. The company has a market cap of $4.52 billion, a PE ratio of 17.62, a price-to-earnings-growth ratio of 1.20 and a beta of 0.68.

Lumentum (NASDAQ:LITE) last posted its earnings results on Tuesday, May 7th. The technology company reported $0.91 EPS for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.22. The company had revenue of $433.00 million for the quarter, compared to the consensus estimate of $428.33 million. Lumentum had a return on equity of 20.24% and a net margin of 7.50%. Lumentum’s quarterly revenue was up 44.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.78 earnings per share. On average, equities research analysts anticipate that Lumentum will post 3.31 EPS for the current fiscal year.

In other news, EVP Jason Reinhardt sold 9,575 shares of the business’s stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $50.38, for a total value of $482,388.50. Following the completion of the transaction, the executive vice president now directly owns 63,877 shares of the company’s stock, valued at $3,218,123.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Martin A. Kaplan sold 3,025 shares of the business’s stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $48.72, for a total value of $147,378.00. Following the completion of the transaction, the director now directly owns 18,902 shares of the company’s stock, valued at $920,905.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 15,617 shares of company stock valued at $768,579. Insiders own 0.55% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its holdings in shares of Lumentum by 9.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,133 shares of the technology company’s stock worth $177,000 after acquiring an additional 269 shares during the last quarter. CIBC World Markets Inc. acquired a new position in shares of Lumentum in the first quarter worth $223,000. IMA Wealth Inc. raised its holdings in shares of Lumentum by 8.8% in the first quarter. IMA Wealth Inc. now owns 66,133 shares of the technology company’s stock worth $3,739,000 after acquiring an additional 5,347 shares during the last quarter. AlphaOne Investment Services LLC raised its holdings in shares of Lumentum by 100,772.7% in the first quarter. AlphaOne Investment Services LLC now owns 133,152 shares of the technology company’s stock worth $7,528,000 after acquiring an additional 133,020 shares during the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of Lumentum by 0.3% in the first quarter. California State Teachers Retirement System now owns 116,499 shares of the technology company’s stock worth $6,587,000 after acquiring an additional 343 shares during the last quarter. 88.11% of the stock is owned by 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 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.

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The Fly

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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