Lumentum Holdings Inc. (NASDAQ:LITE – Get Free Report)’s stock price shot up 1.4% during mid-day trading on Friday. The stock traded as high as $962.88 and last traded at $941.65. Approximately 3,840,887 shares were traded during mid-day trading, a decline of 31% from the average session volume of 5,531,624 shares. The stock had previously closed at $929.04.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on the company. Mizuho upped their price target on Lumentum from $1,100.00 to $1,140.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 12th. UBS Group set a $820.00 target price on shares of Lumentum in a report on Wednesday, August 12th. TD Cowen increased their price target on shares of Lumentum from $800.00 to $820.00 and gave the stock a “hold” rating in a research note on Wednesday, August 12th. Deutsche Bank Aktiengesellschaft started coverage on shares of Lumentum in a research report on Monday, August 31st. They set a “buy” rating and a $1,200.00 price target for the company. Finally, Zacks Research upgraded shares of Lumentum from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $1,053.83.
Read Our Latest Stock Report on Lumentum
Lumentum Stock Up 1.4%
Lumentum (NASDAQ:LITE – Get Free Report) last issued its earnings results on Tuesday, August 11th. The technology company reported $3.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.97 by $0.26. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $987.70 million. Lumentum had a negative net margin of 230.15% and a positive return on equity of 26.34%. The business’s revenue for the quarter was up 109.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.88 earnings per share. Lumentum has set its Q1 2027 guidance at 4.050-4.350 EPS. As a group, analysts anticipate that Lumentum Holdings Inc. will post 19.78 EPS for the current year.
Insider Buying and Selling
In other Lumentum news, insider Yuen Wupen sold 500 shares of the business’s stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $946.56, for a total value of $473,280.00. Following the completion of the transaction, the insider owned 110,127 shares of the company’s stock, valued at approximately $104,241,813.12. The trade was a 0.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 68,647 shares of company stock valued at $59,013,971. 0.43% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Lumentum
Several hedge funds and other institutional investors have recently modified their holdings of LITE. Jupiter Topco LLC bought a new position in shares of Lumentum in the 2nd quarter worth approximately $1,621,396,000. Arrowstreet Capital Limited Partnership increased its holdings in Lumentum by 18.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,854,801 shares of the technology company’s stock worth $683,661,000 after acquiring an additional 291,591 shares in the last quarter. Amundi increased its holdings in Lumentum by 188.7% in the 2nd quarter. Amundi now owns 658,427 shares of the technology company’s stock worth $564,970,000 after acquiring an additional 430,355 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Lumentum by 9.6% during the fourth quarter. Geode Capital Management LLC now owns 1,412,213 shares of the technology company’s stock valued at $521,563,000 after purchasing an additional 123,265 shares in the last quarter. Finally, WT Asset Management Ltd bought a new position in shares of Lumentum in the second quarter worth approximately $494,688,000. 94.05% of the stock is owned by institutional investors.
Lumentum Company Profile
Lumentum Holdings Inc (NASDAQ: LITE) designs and manufactures optical and photonic products used to transmit, process and control light. Its portfolio includes optical components, modules, subsystems, lasers and photonic integrated circuits that support communications networks, data centers, cloud infrastructure and industrial applications.
The company also supplies technologies for consumer electronics and 3D sensing, including laser-based products used in applications such as depth sensing and facial recognition.
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