Barclays PLC Boosts Lumentum Holdings Inc. (LITE) Price Target to $59.00
Lumentum Holdings Inc. (NASDAQ:LITE) had its price target upped by stock analysts at Barclays PLC from $50.00 to $59.00 in a research note issued on Thursday. The brokerage currently has an “equal weight” rating on the technology company’s stock. Barclays PLC’s target price points to a potential upside of 2.79% from the company’s current price.
Other equities research analysts also recently issued reports about the company. UBS AG upped their target price on Lumentum Holdings from $66.00 to $70.00 in a research report on Wednesday. Rosenblatt Securities initiated coverage on Lumentum Holdings in a research report on Tuesday, May 23rd. They issued a “buy” rating and a $66.00 target price for the company. Stifel Nicolaus upped their target price on Lumentum Holdings from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Monday, May 15th. Jefferies Group LLC restated a “buy” rating and issued a $62.00 target price on shares of Lumentum Holdings in a research report on Monday, May 15th. Finally, B. Riley restated a “buy” rating and issued a $58.00 target price on shares of Lumentum Holdings in a research report on Wednesday, May 10th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $63.50.
Lumentum Holdings (NASDAQ LITE) traded down 6.141% during trading on Thursday, reaching $53.875. The company had a trading volume of 2,248,397 shares. The company has a 50-day moving average of $61.39 and a 200-day moving average of $52.56. Lumentum Holdings has a 52-week low of $30.24 and a 52-week high of $68.63. The firm’s market capitalization is $3.29 billion.
Lumentum Holdings (NASDAQ:LITE) last released its earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.18. The firm had revenue of $222.70 million during the quarter, compared to the consensus estimate of $229.45 million. Lumentum Holdings had a positive return on equity of 19.55% and a negative net margin of 3.28%. The firm’s revenue for the quarter was down 7.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 earnings per share. Analysts expect that Lumentum Holdings will post $2.93 EPS for the current fiscal year.
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In other Lumentum Holdings news, CEO Alan S. Lowe sold 1,085 shares of the business’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $58.15, for a total transaction of $63,092.75. Following the sale, the chief executive officer now directly owns 143,447 shares of the company’s stock, valued at approximately $8,341,443.05. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Vincent Retort sold 805 shares of the business’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $58.15, for a total transaction of $46,810.75. Following the sale, the chief operating officer now directly owns 66,755 shares in the company, valued at $3,881,803.25. The disclosure for this sale can be found here. Insiders have sold a total of 11,813 shares of company stock valued at $648,776 in the last quarter. Insiders own 0.76% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Creative Planning increased its stake in shares of Lumentum Holdings by 15.1% in the first quarter. Creative Planning now owns 1,971 shares of the technology company’s stock valued at $105,000 after buying an additional 258 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Lumentum Holdings by 111.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock valued at $152,000 after buying an additional 1,406 shares during the period. LS Investment Advisors LLC increased its stake in shares of Lumentum Holdings by 69.1% in the first quarter. LS Investment Advisors LLC now owns 3,494 shares of the technology company’s stock valued at $186,000 after buying an additional 1,428 shares during the period. World Asset Management Inc purchased a new stake in shares of Lumentum Holdings during the second quarter valued at about $211,000. Finally, Teacher Retirement System of Texas purchased a new stake in shares of Lumentum Holdings during the first quarter valued at about $206,000. 95.06% of the stock is currently owned by institutional investors.
Lumentum Holdings 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).
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