Lumentum (NASDAQ:LITE) had its target price boosted by Needham & Company LLC from $80.00 to $90.00 in a report released on Wednesday, Marketbeat.com reports. Needham & Company LLC currently has a strong-buy rating on the technology company’s stock. The analysts noted that the move was a valuation call.

A number of other research firms have also recently weighed in on LITE. Zacks Investment Research cut shares of Lumentum from a buy rating to a hold rating in a research report on Tuesday, May 8th. DA Davidson raised their price target on shares of Lumentum from $92.00 to $98.00 and gave the company a buy rating in a research report on Thursday, August 9th. ValuEngine cut shares of Lumentum from a buy rating to a hold rating in a research report on Tuesday, September 4th. BidaskClub raised shares of Lumentum from a hold rating to a buy rating in a research report on Friday, August 17th. Finally, Goldman Sachs Group raised shares of Lumentum from a neutral rating to a buy rating and set a $79.00 price target for the company in a research report on Wednesday, June 20th. Four analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $80.20.

NASDAQ:LITE opened at $65.80 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 5.27 and a quick ratio of 4.55. The company has a market cap of $4.11 billion, a P/E ratio of 20.31, a P/E/G ratio of 0.98 and a beta of 0.13. Lumentum has a fifty-two week low of $41.95 and a fifty-two week high of $74.40.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Wednesday, August 8th. The technology company reported $0.95 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.30. The firm had revenue of $301.10 million during the quarter, compared to analysts’ expectations of $288.56 million. Lumentum had a net margin of 19.86% and a return on equity of 25.10%. The firm’s quarterly revenue was up 35.2% on a year-over-year basis. During the same quarter last year, the company posted $0.39 EPS. equities analysts forecast that Lumentum will post 3.66 EPS for the current year.

In other news, insider Matthew Joseph Sepe sold 1,466 shares of the firm’s stock in a transaction on Monday, July 16th. The shares were sold at an average price of $58.38, for a total value of $85,585.08. Following the sale, the insider now directly owns 17,898 shares in the company, valued at approximately $1,044,885.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Penny Herscher sold 1,313 shares of the firm’s stock in a transaction on Wednesday, August 15th. The shares were sold at an average price of $58.85, for a total transaction of $77,270.05. Following the completion of the sale, the director now owns 18,910 shares in the company, valued at $1,112,853.50. The disclosure for this sale can be found here. Insiders sold a total of 10,690 shares of company stock valued at $670,238 in the last three months. 0.76% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Chicago Equity Partners LLC raised its holdings in shares of Lumentum by 5.0% in the 1st quarter. Chicago Equity Partners LLC now owns 17,460 shares of the technology company’s stock valued at $1,114,000 after purchasing an additional 830 shares in the last quarter. King Luther Capital Management Corp raised its holdings in shares of Lumentum by 6.2% in the 1st quarter. King Luther Capital Management Corp now owns 17,100 shares of the technology company’s stock valued at $1,091,000 after purchasing an additional 1,000 shares in the last quarter. Xact Kapitalforvaltning AB raised its holdings in shares of Lumentum by 11.9% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 9,402 shares of the technology company’s stock valued at $544,000 after purchasing an additional 1,000 shares in the last quarter. Lido Advisors LLC raised its holdings in shares of Lumentum by 27.3% in the 2nd quarter. Lido Advisors LLC now owns 4,811 shares of the technology company’s stock valued at $278,000 after purchasing an additional 1,033 shares in the last quarter. Finally, Mason Street Advisors LLC raised its holdings in shares of Lumentum by 7.4% in the 1st quarter. Mason Street Advisors LLC now owns 17,311 shares of the technology company’s stock valued at $1,104,000 after purchasing an additional 1,199 shares in the last quarter.

About Lumentum

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. It 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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