Shares of Lumentum Holdings Inc. (NASDAQ:LITE – Get Free Report) have been given an average rating of “Moderate Buy” by the twenty-four ratings firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and two have issued a strong buy rating on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $1,081.61.
Several research analysts recently commented on LITE shares. Needham & Company LLC cut their price target on shares of Lumentum from $1,040.00 to $800.00 and set a “buy” rating on the stock in a report on Tuesday. B. Riley Financial downgraded shares of Lumentum from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $1,142.00 to $770.00 in a research note on Tuesday. Stifel Nicolaus set a $806.00 price objective on shares of Lumentum in a research report on Monday. Weiss Ratings downgraded shares of Lumentum from a “hold (c-)” rating to a “sell (d-)” rating in a research note on Wednesday, August 19th. Finally, Zacks Research lowered shares of Lumentum from a “strong-buy” rating to a “hold” rating in a report on Monday, October 12th.
Read Our Latest Stock Report on Lumentum
More Lumentum News
Here are the key news stories impacting Lumentum this week:
- Positive Sentiment: The proposed Marvell acquisition could combine complementary technologies and support revenue growth and better gross margins over time. Marvell’s Deal to Acquire Lumentum Could Be a Game Changer for the Stock
- Neutral Sentiment: The deal is an all-stock transaction, with Lumentum holders set to receive 4.5 Marvell shares per Lumentum share. That structure means the value of the consideration can fluctuate with Marvell’s stock. Lumentum declines, continues retreat after all-stock Marvell deal
- Negative Sentiment: The immediate pressure appears largely sector-driven: AI optical stocks fell for a second session, with selling persisting even as companies in the group reported strong results. One report said Lumentum’s decline had no clear company-specific catalyst. AI optical stocks slide Lumentum Drops in a Single Session With No Clear Catalyst
- Negative Sentiment: Several firms issued more cautious views: Rosenblatt lowered expectations, TD Cowen published a pessimistic forecast, and B. Riley downgraded its rating. Rosenblatt Securities Lowers Expectations TD Cowen Issues Pessimistic Forecast B. Riley Lowers Lumentum Rating
- Negative Sentiment: A law firm is investigating the proposed Marvell deal’s price and process, adding another source of transaction uncertainty. Investor alert on proposed sale investigation
Lumentum Price Performance
LITE stock opened at $509.70 on Friday. The company has a market cap of $46.23 billion, a PE ratio of -6.47 and a beta of 1.64. The company has a current ratio of 1.61, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average price of $902.48 and a two-hundred day moving average price of $800.69. Lumentum has a 12-month low of $215.35 and a 12-month high of $1,143.00.
Lumentum (NASDAQ:LITE – Get Free Report) last released its quarterly earnings data on Monday, November 2nd. The technology company reported $4.57 EPS for the quarter, topping analysts’ consensus estimates of $4.22 by $0.35. Lumentum had a positive return on equity of 28.85% and a negative net margin of 175.82%. The company had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.26 billion. During the same period last year, the business posted $1.10 EPS. The company’s quarterly revenue was up 136.5% compared to the same quarter last year. As a group, research analysts predict that Lumentum will post 19.80 EPS for the current year.
Insider Buying and Selling at Lumentum
In related news, CFO Wajid Ali sold 24,542 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $1,048.50, for a total value of $25,732,287.00. Following the completion of the sale, the chief financial officer directly owned 75,074 shares in the company, valued at approximately $78,715,089. This represents a 24.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Yuen Wupen sold 307 shares of the firm’s stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $945.00, for a total value of $290,115.00. Following the completion of the transaction, the insider directly owned 108,320 shares in the company, valued at $102,362,400. This trade represents a 0.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 94,496 shares of company stock valued at $85,978,498. 0.28% of the stock is owned by insiders.
Hedge Funds Weigh In On Lumentum
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jupiter Topco LLC acquired a new position in Lumentum during the 2nd quarter valued at about $1,621,396,000. Amundi increased its stake in shares of Lumentum by 188.7% in the second quarter. Amundi now owns 658,427 shares of the technology company’s stock valued at $564,970,000 after purchasing an additional 430,355 shares during the period. WT Asset Management Ltd acquired a new stake in shares of Lumentum in the second quarter valued at approximately $494,688,000. Janus Henderson Group PLC increased its stake in shares of Lumentum by 163.2% in the first quarter. Janus Henderson Group PLC now owns 567,182 shares of the technology company’s stock valued at $398,590,000 after purchasing an additional 351,676 shares during the period. Finally, Legal & General Group Plc bought a new stake in shares of Lumentum during the second quarter valued at approximately $376,539,000. 94.05% of the stock is owned by institutional investors and hedge funds.
About Lumentum
Lumentum Holdings Inc is a technology company that designs and manufactures optical and photonic products for communications networks, industrial applications, and consumer electronics. Its portfolio includes optical components, modules, and subsystems used in fiber-optic networks, data centers, cloud computing infrastructure, telecommunications equipment, and high-speed connectivity systems.
The company also develops laser products for applications such as industrial processing, sensing, three-dimensional imaging, and other specialized commercial and consumer uses.
Read More
- Five stocks we like better than Lumentum
- Google’s Credit Backstop May Be TeraWulf’s Biggest Advantage
- Could the Midterms Revive Medicare for All? 3 Healthcare Stocks to Watch
- Qualcomm Beat Earnings, But Its Fastest-Growing Businesses Have a Catch
- Oil, Uranium, or Renewables? 3 Energy Plays for a Changing Market
Receive News & Ratings for Lumentum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum and related companies with MarketBeat.com's FREE daily email newsletter.
