Needham & Company LLC Forecasts Strong Price Appreciation for Lumentum (NASDAQ:LITE) Stock

Lumentum (NASDAQ:LITE) had its price objective hoisted by equities research analysts at Needham & Company LLC from $100.00 to $105.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 28.11% from the company’s previous close.

Several other research analysts also recently commented on LITE. BNP Paribas raised Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 target price on the stock in a report on Tuesday, March 11th. UBS Group cut their target price on Lumentum from $96.00 to $78.00 and set a “neutral” rating on the stock in a report on Wednesday, May 7th. B. Riley lifted their target price on Lumentum from $65.00 to $73.00 and gave the stock a “neutral” rating in a report on Wednesday, June 4th. Northland Capmk raised Lumentum from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Finally, Rosenblatt Securities lifted their target price on Lumentum from $94.00 to $105.00 and gave the stock a “buy” rating in a report on Wednesday, June 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $83.13.

Lumentum Trading Down 0.2%

Shares of LITE stock opened at $81.96 on Wednesday. The firm has a market capitalization of $5.69 billion, a P/E ratio of -10.66 and a beta of 1.28. Lumentum has a twelve month low of $38.29 and a twelve month high of $104.00. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The stock’s fifty day simple moving average is $65.91 and its 200 day simple moving average is $74.96.

Lumentum (NASDAQ:LITE) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.50 by $0.07. The firm had revenue of $425.20 million for the quarter, compared to the consensus estimate of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The business’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.09 EPS. As a group, sell-side analysts predict that Lumentum will post 0.03 EPS for the current fiscal year.

Insider Activity

In other Lumentum news, CFO Wajid Ali sold 2,222 shares of the firm’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total value of $185,714.76. Following the completion of the sale, the chief financial officer now owns 47,460 shares of the company’s stock, valued at approximately $3,966,706.80. This trade represents a 4.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Yuen Wupen sold 4,716 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $76.87, for a total value of $362,518.92. Following the completion of the sale, the insider now directly owns 82,957 shares of the company’s stock, valued at $6,376,904.59. This trade represents a 5.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,520 shares of company stock valued at $2,103,278 in the last ninety days. 0.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lumentum

A number of hedge funds have recently added to or reduced their stakes in the company. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Lumentum during the first quarter valued at approximately $25,000. Rakuten Securities Inc. boosted its position in shares of Lumentum by 164.4% during the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company’s stock valued at $30,000 after buying an additional 296 shares during the last quarter. Jones Financial Companies Lllp boosted its position in shares of Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after buying an additional 130 shares during the last quarter. Golden State Wealth Management LLC boosted its position in shares of Lumentum by 103.2% during the first quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company’s stock valued at $32,000 after buying an additional 260 shares during the last quarter. Finally, CoreCap Advisors LLC boosted its position in shares of Lumentum by 2,235.3% during the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock valued at $33,000 after buying an additional 380 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Company Profile

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 (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.