Lumentum Holdings Inc. (NASDAQ:LITE)‘s stock had its “strong-buy” rating reaffirmed by stock analysts at Needham & Company LLC in a report released on Thursday. They presently have a $80.00 price target on the technology company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 53.99% from the company’s previous close.
Several other analysts have also issued reports on LITE. Zacks Investment Research lowered Lumentum Holdings from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 12th. Raymond James Financial, Inc. reiterated a “buy” rating on shares of Lumentum Holdings in a report on Tuesday, April 25th. Northland Securities lowered Lumentum Holdings from an “outperform” rating to a “market perform” rating in a report on Thursday, May 4th. Jefferies Group LLC reiterated a “buy” rating and set a $62.00 price objective on shares of Lumentum Holdings in a report on Friday, May 5th. Finally, B. Riley reiterated a “buy” rating and set a $58.00 price objective on shares of Lumentum Holdings in a report on Friday, May 5th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $64.75.
Lumentum Holdings (NASDAQ LITE) opened at 51.95 on Thursday. Lumentum Holdings has a 1-year low of $31.82 and a 1-year high of $68.63. The company has a 50-day moving average price of $60.82 and a 200 day moving average price of $52.69. The firm’s market capitalization is $3.19 billion.
Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.18. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The business had revenue of $222.70 million during the quarter, compared to analyst estimates of $229.45 million. During the same period last year, the company earned $0.41 earnings per share. Lumentum Holdings’s quarterly revenue was down 7.9% compared to the same quarter last year. Equities analysts anticipate that Lumentum Holdings will post $3.02 earnings per share for the current year.
In other news, CEO Alan S. Lowe sold 5,954 shares of the firm’s 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 sale, the chief executive officer now directly owns 153,439 shares of the company’s stock, valued at $8,330,203.31. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Aaron Tachibana sold 1,521 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $54.40, for a total value of $82,742.40. Following the completion of the sale, the chief financial officer now directly owns 45,495 shares in the company, valued at $2,474,928. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,813 shares of company stock worth $648,776. 0.76% of the stock is currently owned by company insiders.
Large investors have recently modified their holdings of the stock. B. Riley Financial Inc. increased its stake in shares of Lumentum Holdings by 89.3% in the second quarter. B. Riley Financial Inc. now owns 17,775 shares of the technology company’s stock valued at $1,014,000 after buying an additional 8,386 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Lumentum Holdings by 35.6% in the second quarter. Dimensional Fund Advisors LP now owns 851,937 shares of the technology company’s stock valued at $48,604,000 after buying an additional 223,643 shares in the last quarter. Hood River Capital Management LLC acquired a new stake in shares of Lumentum Holdings during the second quarter valued at about $16,203,000. Virtu KCG Holdings LLC acquired a new stake in shares of Lumentum Holdings during the second quarter valued at about $226,000. Finally, Suntrust Banks Inc. increased its stake in shares of Lumentum Holdings by 0.4% in the second quarter. Suntrust Banks Inc. now owns 9,468 shares of the technology company’s stock valued at $539,000 after buying an additional 37 shares in the last quarter. 95.06% of the stock is currently owned by institutional investors.
Lumentum Holdings Company Profile
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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