Northland Securities Analysts Give Lumentum (LITE) a $68.00 Price Target

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Lumentum (NASDAQ:LITE) received a $68.00 price objective from equities research analysts at Northland Securities in a report issued on Monday, TipRanks reports. The firm currently has a “buy” rating on the technology company’s stock. Northland Securities’ target price would suggest a potential upside of 53.08% from the stock’s current price.

Several other analysts have also commented on LITE. Piper Jaffray Companies lowered their price objective on shares of Lumentum from $63.00 to $59.00 and set an “overweight” rating on the stock in a research report on Thursday, January 24th. They noted that the move was a valuation call. Rosenblatt Securities set a $80.00 price objective on shares of Lumentum and gave the stock a “buy” rating in a research report on Tuesday, January 29th. ValuEngine raised shares of Lumentum from a “sell” rating to a “hold” rating in a research report on Monday, February 4th. MKM Partners lifted their price objective on shares of Lumentum to $66.00 and gave the stock a “buy” rating in a research report on Wednesday, February 6th. Finally, BidaskClub lowered shares of Lumentum from a “strong-buy” rating to a “buy” rating in a research report on Friday, February 8th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. Lumentum has a consensus rating of “Buy” and an average target price of $69.47.

Shares of LITE traded down $1.90 during trading hours on Monday, reaching $44.42. 3,704,579 shares of the stock traded hands, compared to its average volume of 1,668,318. The company has a debt-to-equity ratio of 0.55, a current ratio of 3.96 and a quick ratio of 3.20. Lumentum has a 52 week low of $37.00 and a 52 week high of $69.95. The firm has a market capitalization of $3.54 billion, a P/E ratio of 13.71, a PEG ratio of 0.90 and a beta of 0.68.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.91 EPS for the quarter, topping the consensus estimate of $0.69 by $0.22. The business had revenue of $433.00 million for the quarter, compared to analyst estimates of $428.33 million. Lumentum had a net margin of 1.57% and a return on equity of 19.94%. The company’s revenue for the quarter was up 44.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.78 earnings per share. On average, equities research analysts expect that Lumentum will post 3.3 earnings per share for the current year.

In other news, SVP Judy G. Hamel sold 1,429 shares of Lumentum stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $58.64, for a total value of $83,796.56. Following the completion of the transaction, the senior vice president now owns 44,793 shares in the company, valued at $2,626,661.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Martin A. Kaplan sold 3,025 shares of Lumentum stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $48.72, for a total transaction of $147,378.00. Following the completion of the transaction, the director now owns 18,902 shares of the company’s stock, valued at approximately $920,905.44. The disclosure for this sale can be found here. Insiders sold 14,029 shares of company stock valued at $713,563 in the last quarter. Corporate insiders own 0.55% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. increased its stake in shares of Lumentum by 9.4% in the first quarter. PNC Financial Services Group Inc. now owns 3,133 shares of the technology company’s stock worth $177,000 after purchasing an additional 269 shares in the last quarter. Magnus Financial Group LLC increased its stake in shares of Lumentum by 4.5% in the first quarter. Magnus Financial Group LLC now owns 6,356 shares of the technology company’s stock worth $359,000 after purchasing an additional 274 shares in the last quarter. Rockefeller Capital Management L.P. increased its stake in shares of Lumentum by 159.1% in the first quarter. Rockefeller Capital Management L.P. now owns 482 shares of the technology company’s stock worth $28,000 after purchasing an additional 296 shares in the last quarter. New Mexico Educational Retirement Board increased its stake in shares of Lumentum by 2.0% in the fourth quarter. New Mexico Educational Retirement Board now owns 15,000 shares of the technology company’s stock worth $630,000 after purchasing an additional 300 shares in the last quarter. Finally, Riverhead Capital Management LLC increased its stake in shares of Lumentum by 6.9% in the first quarter. Riverhead Capital Management LLC now owns 4,653 shares of the technology company’s stock worth $263,000 after purchasing an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 88.02% of the company’s stock.

About Lumentum

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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