Lumentum (LITE) Given New $101.00 Price Target at DA Davidson

Lumentum (NASDAQ:LITE) had its price target hoisted by DA Davidson to $101.00 in a research report released on Wednesday, February 7th. They currently have a buy rating on the technology company’s stock.

Several other analysts have also recently commented on LITE. Zacks Investment Research upgraded shares of Lumentum from a hold rating to a buy rating and set a $66.00 target price for the company in a research report on Wednesday, October 11th. Needham & Company LLC reaffirmed a buy rating and issued a $80.00 target price on shares of Lumentum in a research note on Thursday, October 12th. Rosenblatt Securities set a $75.00 target price on shares of Lumentum and gave the stock a buy rating in a research note on Tuesday, October 24th. Jefferies Group restated a buy rating and set a $75.00 price objective on shares of Lumentum in a research note on Wednesday, November 1st. Finally, Craig Hallum restated a buy rating and set a $85.00 price objective (up from $75.00) on shares of Lumentum in a research note on Wednesday, November 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $72.31.

Lumentum (NASDAQ:LITE) traded down $0.39 during midday trading on Wednesday, reaching $56.71. The company’s stock had a trading volume of 583,892 shares, compared to its average volume of 2,890,000. The firm has a market capitalization of $3,510.00 and a P/E ratio of 39.11. The company has a quick ratio of 4.16, a current ratio of 4.84 and a debt-to-equity ratio of 0.38. Lumentum has a 12 month low of $40.35 and a 12 month high of $68.63.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, February 6th. The technology company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.67. The firm had revenue of $404.60 million during the quarter, compared to analysts’ expectations of $357.03 million. Lumentum had a net margin of 8.97% and a return on equity of 24.06%. Lumentum’s revenue was up 52.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.57 EPS. equities analysts expect that Lumentum will post 2.85 EPS for the current year.

In other news, EVP Jason Reinhardt sold 9,308 shares of Lumentum stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $56.82, for a total transaction of $528,880.56. Following the completion of the transaction, the executive vice president now directly owns 59,635 shares in the company, valued at $3,388,460.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Penny Herscher sold 822 shares of the business’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $50.61, for a total transaction of $41,601.42. Following the transaction, the director now owns 34,793 shares in the company, valued at $1,760,873.73. The disclosure for this sale can be found here. Insiders have sold 33,515 shares of company stock valued at $1,907,356 in the last three months. 0.76% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund boosted its stake in Lumentum by 5.6% in the second quarter. New York State Common Retirement Fund now owns 94,820 shares of the technology company’s stock valued at $5,409,000 after acquiring an additional 5,031 shares during the last quarter. Vanguard Group Inc. boosted its stake in Lumentum by 2.3% in the second quarter. Vanguard Group Inc. now owns 5,330,153 shares of the technology company’s stock valued at $304,085,000 after acquiring an additional 122,150 shares during the last quarter. FMR LLC boosted its stake in Lumentum by 38.8% in the second quarter. FMR LLC now owns 1,249,049 shares of the technology company’s stock valued at $71,259,000 after acquiring an additional 348,980 shares during the last quarter. California Public Employees Retirement System boosted its stake in Lumentum by 2.9% in the second quarter. California Public Employees Retirement System now owns 122,800 shares of the technology company’s stock valued at $7,006,000 after acquiring an additional 3,500 shares during the last quarter. Finally, Virtu KCG Holdings LLC purchased a new position in Lumentum in the second quarter valued at about $226,000.

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Lumentum Company Profile

Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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