Lumentum Holdings Inc. (NASDAQ:LITE – Get Free Report)’s stock price gapped up before the market opened on Wednesday after Sanford C. Bernstein raised their price target on the stock from $635.00 to $700.00. The stock had previously closed at $585.57, but opened at $641.50. Sanford C. Bernstein currently has an outperform rating on the stock. Lumentum shares last traded at $649.3090, with a volume of 1,432,231 shares traded.
A number of other research analysts have also recently weighed in on the stock. TD Cowen dropped their price objective on shares of Lumentum from $820.00 to $685.00 and set a “hold” rating for the company in a report on Tuesday, November 3rd. Stonex Financial upgraded shares of Lumentum to a “strong-buy” rating in a report on Monday, October 26th. B. Riley Financial lowered shares of Lumentum from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $1,142.00 to $770.00 in a report on Tuesday, November 3rd. Stifel Nicolaus set a $806.00 price target on shares of Lumentum in a research report on Monday, November 2nd. Finally, Susquehanna dropped their price target on shares of Lumentum from $1,100.00 to $950.00 and set a “positive” rating for the company in a research note on Tuesday, November 3rd. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Lumentum currently has an average rating of “Moderate Buy” and a consensus target price of $1,053.17.
Get Our Latest Research Report on Lumentum
Insider Buying and Selling
In other Lumentum 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 sale, the chief executive officer directly owned 186,951 shares of the company’s stock, valued at approximately $179,222,445.66. This trade represents a 0.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Wajid Ali sold 24,542 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $1,048.50, for a total value of $25,732,287.00. Following the completion of the transaction, the chief financial officer directly owned 75,074 shares in the company, valued at approximately $78,715,089. The trade was a 24.64% decrease in their position. 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 sold a total of 94,496 shares of company stock valued at $85,978,498 in the last quarter. Corporate insiders own 0.28% of the company’s stock.
Hedge Funds Weigh In On Lumentum
A number of large investors have recently modified their holdings of LITE. Financiere des Professionnels Fonds d investissement inc. acquired a new position in Lumentum during the first quarter worth about $2,046,000. Styrax Capital LP grew its position in shares of Lumentum by 3.6% in the first quarter. Styrax Capital LP now owns 140,000 shares of the technology company’s stock valued at $98,386,000 after purchasing an additional 4,837 shares during the last quarter. Swiss National Bank grew its position in shares of Lumentum by 47.2% in the first quarter. Swiss National Bank now owns 208,015 shares of the technology company’s stock valued at $146,185,000 after purchasing an additional 66,700 shares during the last quarter. Franchise GP Ltd grew its position in shares of Lumentum by 201.7% in the third quarter. Franchise GP Ltd now owns 13,880 shares of the technology company’s stock valued at $13,481,000 after purchasing an additional 9,280 shares during the last quarter. Finally, E. Ohman J or Asset Management AB increased its stake in shares of Lumentum by 944.2% during the 2nd quarter. E. Ohman J or Asset Management AB now owns 25,061 shares of the technology company’s stock worth $21,504,000 after purchasing an additional 22,661 shares in the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.
Lumentum Stock Performance
The company has a current ratio of 1.61, a quick ratio of 1.27 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $58.59 billion, a PE ratio of -8.23 and a beta of 1.64. The stock’s 50 day moving average price is $881.57 and its two-hundred day moving average price is $803.93.
Lumentum (NASDAQ:LITE – Get Free Report) last announced its earnings results on Monday, November 2nd. The technology company reported $4.57 earnings per share for the quarter, beating the consensus estimate of $4.22 by $0.35. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.26 billion. Lumentum had a negative net margin of 175.82% and a positive return on equity of 28.85%. The firm’s revenue for the quarter was up 136.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.10 EPS. On average, equities analysts expect that Lumentum Holdings Inc. will post 19.93 earnings per share for the current year.
About Lumentum
Lumentum Holdings Inc. develops and manufactures optical and photonic products used in communications networks and industrial applications. Its offerings include optical components, modules and lasers that help transmit and process data across telecommunications and data center networks. The company also supplies lasers and related technologies for industrial uses, including precision manufacturing and semiconductor production. Its products serve customers in markets around the world. Lumentum became an independent public company in 2015 through a spin-off from JDSU, now Viavi Solutions.
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