Needham & Company LLC Raises Lumentum Holdings Inc. (LITE) Price Target to $80.00

Lumentum Holdings Inc. (NASDAQ:LITE) had its price objective upped by analysts at Needham & Company LLC from $56.00 to $80.00 in a research report issued on Monday, June 12th, Marketbeat reports. The firm currently has a “strong-buy” rating on the technology company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 27.29% from the company’s current price.

Several other research firms have also commented on LITE. Rosenblatt Securities assumed coverage on Lumentum Holdings in a research report on Tuesday, May 23rd. They set a “buy” rating and a $66.00 price target on the stock. Zacks Investment Research lowered Lumentum Holdings from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 23rd. Jefferies Group LLC reissued a “buy” rating and set a $62.00 price target on shares of Lumentum Holdings in a research report on Monday, May 15th. Stifel Nicolaus upped their target price on Lumentum Holdings from $52.00 to $53.00 and gave the company a “buy” rating in a research report on Monday, May 15th. Finally, Morgan Stanley upped their target price on Lumentum Holdings from $34.00 to $44.00 and gave the company an “underweight” rating in a research report on Wednesday, February 22nd. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Lumentum Holdings has an average rating of “Buy” and an average target price of $54.33.

Analyst Recommendations for Lumentum Holdings (NASDAQ:LITE)

Lumentum Holdings (NASDAQ LITE) traded up 0.56% during midday trading on Monday, hitting $63.20. 574,844 shares of the stock traded hands. The company’s 50-day moving average is $55.84 and its 200 day moving average is $46.82. Lumentum Holdings has a 12-month low of $22.04 and a 12-month high of $67.30. The firm’s market cap is $3.86 billion.

Lumentum Holdings (NASDAQ:LITE) last issued its earnings results on Thursday, May 4th. The technology company reported $0.49 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.12. Lumentum Holdings had a positive return on equity of 19.55% and a negative net margin of 3.28%. The business had revenue of $255.80 million during the quarter, compared to analysts’ expectations of $257.22 million. During the same quarter in the previous year, the business earned $0.32 EPS. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, analysts anticipate that Lumentum Holdings will post $1.90 EPS for the current fiscal year.

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In related news, CEO Alan S. Lowe sold 5,954 shares of the stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $54.29, for a total value of $323,242.66. Following the completion of the sale, the chief executive officer now directly owns 153,439 shares of the company’s stock, valued at approximately $8,330,203.31. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Vincent Retort sold 2,029 shares of the company’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $54.26, for a total value of $110,093.54. Following the completion of the transaction, the chief operating officer now directly owns 68,448 shares in the company, valued at $3,713,988.48. The disclosure for this sale can be found here. Insiders have sold 11,813 shares of company stock valued at $648,776 in the last ninety days. Company insiders own 0.76% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Osterweis Capital Management Inc. bought a new position in shares of Lumentum Holdings during the fourth quarter worth approximately $2,270,000. J. Goldman & Co LP bought a new position in shares of Lumentum Holdings during the fourth quarter worth approximately $1,585,000. Axiom International Investors LLC DE raised its position in shares of Lumentum Holdings by 98.8% in the fourth quarter. Axiom International Investors LLC DE now owns 53,734 shares of the technology company’s stock worth $2,077,000 after buying an additional 26,707 shares in the last quarter. Brown Advisory Inc. raised its position in shares of Lumentum Holdings by 36.1% in the fourth quarter. Brown Advisory Inc. now owns 7,111 shares of the technology company’s stock worth $274,000 after buying an additional 1,888 shares in the last quarter. Finally, FMR LLC raised its position in shares of Lumentum Holdings by 118.8% in the fourth quarter. FMR LLC now owns 697,786 shares of the technology company’s stock worth $26,970,000 after buying an additional 378,919 shares in the last quarter. 95.61% of the stock is currently owned by institutional investors and hedge funds.

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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