Lumentum Holdings’ (LITE) “Buy” Rating Reiterated at Piper Jaffray Companies
Piper Jaffray Companies reaffirmed their buy rating on shares of Lumentum Holdings Inc. (NASDAQ:LITE) in a report issued on Monday morning. Piper Jaffray Companies currently has a $68.00 price objective on the technology company’s stock.
LITE has been the subject of several other research reports. Needham & Company LLC reissued a strong-buy rating and issued a $80.00 price target on shares of Lumentum Holdings in a research report on Wednesday, September 6th. B. Riley reissued a buy rating and issued a $77.00 price target on shares of Lumentum Holdings in a research report on Thursday, August 3rd. UBS AG increased their price target on shares of Lumentum Holdings from $66.00 to $70.00 in a research report on Wednesday, August 9th. Rosenblatt Securities set a $70.00 price target on shares of Lumentum Holdings and gave the stock a buy rating in a research report on Wednesday, August 9th. Finally, Jefferies Group LLC reissued a buy rating and issued a $72.00 price target (up previously from $63.00) on shares of Lumentum Holdings in a research report on Thursday, August 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus target price of $66.31.
Lumentum Holdings (LITE) traded up 0.905% during trading on Monday, reaching $58.525. The company had a trading volume of 205,155 shares. The firm has a 50-day moving average price of $56.35 and a 200 day moving average price of $56.35. Lumentum Holdings has a 12-month low of $32.90 and a 12-month high of $68.63. The stock’s market cap is $3.60 billion.
Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.18. The business had revenue of $222.70 million during the quarter, compared to analyst estimates of $229.45 million. Lumentum Holdings had a negative net margin of 10.25% and a positive return on equity of 18.12%. The firm’s revenue for the quarter was down 7.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.41 earnings per share. Equities research analysts predict that Lumentum Holdings will post $3.08 EPS for the current fiscal year.
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In other Lumentum Holdings news, Director Penny Herscher sold 1,313 shares of the company’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total transaction of $69,641.52. Following the sale, the director now directly owns 26,464 shares of the company’s stock, valued at $1,403,650.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Alan S. Lowe sold 7,916 shares of the company’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $52.62, for a total transaction of $416,539.92. Following the sale, the chief executive officer now directly owns 141,162 shares in the company, valued at $7,427,944.44. The disclosure for this sale can be found here. Insiders have sold 87,269 shares of company stock worth $4,602,526 over the last ninety days. Insiders own 0.76% of the company’s stock.
Institutional investors have recently modified their holdings of the business. Riverhead Capital Management LLC grew its stake in Lumentum Holdings by 71.8% during the second quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock worth $118,000 after buying an additional 862 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Lumentum Holdings by 111.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock worth $152,000 after buying an additional 1,406 shares during the last quarter. Creative Planning grew its stake in Lumentum Holdings by 54.2% during the second quarter. Creative Planning now owns 3,039 shares of the technology company’s stock worth $173,000 after buying an additional 1,068 shares during the last quarter. LS Investment Advisors LLC grew its stake in Lumentum Holdings by 2.1% during the second quarter. LS Investment Advisors LLC now owns 3,569 shares of the technology company’s stock worth $204,000 after buying an additional 75 shares during the last quarter. Finally, World Asset Management Inc bought a new stake in Lumentum Holdings during the second quarter worth about $211,000. 95.74% of the stock is currently owned by hedge funds and other institutional investors.
About Lumentum Holdings
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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