Evercore upgraded shares of Lumentum (NASDAQ:LITE – Free Report) to a strong-buy rating in a report published on Monday,Zacks reports.
A number of other analysts have also recently weighed in on LITE. Barclays raised their price objective on shares of Lumentum from $750.00 to $1,000.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Raymond James Financial restated an “outperform” rating and issued a $1,036.00 target price on shares of Lumentum in a report on Wednesday, August 12th. Deutsche Bank Aktiengesellschaft started coverage on shares of Lumentum in a research report on Monday. They issued a “buy” rating and a $1,200.00 target price on the stock. Northland Securities lifted their price target on shares of Lumentum from $1,000.00 to $1,200.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 3rd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Lumentum from $1,165.00 to $1,280.00 and gave the company an “overweight” rating in a research report on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $1,053.83.
Lumentum Stock Up 2.2%
Lumentum (NASDAQ:LITE – Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The technology company reported $3.23 earnings per share for the quarter, beating analysts’ consensus estimates of $2.97 by $0.26. Lumentum had a negative net margin of 230.15% and a positive return on equity of 26.34%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $987.70 million. During the same period last year, the business earned $0.88 EPS. The company’s revenue was up 109.3% on a year-over-year basis. Lumentum has set its Q1 2027 guidance at 4.050-4.350 EPS. As a group, equities analysts predict that Lumentum will post 19.76 EPS for the current fiscal year.
Insider Activity
In other news, CEO Michael E. Hurlston sold 548 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $958.66, for a total transaction of $525,345.68. Following the completion of the transaction, the chief executive officer directly owned 186,951 shares of the company’s stock, valued at approximately $179,222,445.66. This represents a 0.29% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Yuen Wupen sold 500 shares of the stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $882.15, for a total value of $441,075.00. Following the transaction, the insider directly owned 119,127 shares of the company’s stock, valued at approximately $105,087,883.05. This trade represents a 0.42% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 63,147 shares of company stock worth $54,032,636 in the last three months. 0.43% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Lumentum
A number of institutional investors and hedge funds have recently made changes to their positions in LITE. Hilton Head Capital Partners LLC purchased a new position in shares of Lumentum in the 1st quarter valued at about $25,000. Sachetta LLC boosted its holdings in Lumentum by 118.8% during the first quarter. Sachetta LLC now owns 35 shares of the technology company’s stock worth $25,000 after buying an additional 19 shares in the last quarter. Truvestments Capital LLC grew its position in Lumentum by 300.0% during the fourth quarter. Truvestments Capital LLC now owns 76 shares of the technology company’s stock worth $28,000 after buying an additional 57 shares during the period. Triumph Capital Management acquired a new position in Lumentum during the fourth quarter worth about $30,000. Finally, Danske Bank A S purchased a new position in Lumentum in the third quarter valued at about $33,000. 94.05% of the stock is owned by institutional investors and hedge funds.
About Lumentum
Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.
Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.
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