Lumentum (NASDAQ:LITE) Stock Gets Price Target Cut from Rosenblatt Securities

Lumentum (NASDAQ:LITE) had its target price reduced by Rosenblatt Securities from $1,300.00 to $900.00 in a report issued on Tuesday,Benzinga reports. Rosenblatt Securities currently has a buy rating on the technology company’s stock.

A number of other research analysts have also weighed in on LITE. Citigroup raised their price objective on Lumentum from $1,200.00 to $1,400.00 and gave the company a “buy” rating in a report on Monday, September 28th. Jefferies Financial Group increased their target price on shares of Lumentum from $1,200.00 to $1,250.00 and gave the company a “buy” rating in a research report on Tuesday, October 20th. Weiss Ratings cut shares of Lumentum from a “hold (c-)” rating to a “sell (d-)” rating in a research report on Wednesday, August 19th. Mizuho set a $1,132.00 price target on shares of Lumentum in a research note on Monday. Finally, Stonex Financial upgraded shares of Lumentum to a “strong-buy” rating in a research report on Monday, October 26th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Lumentum has a consensus rating of “Moderate Buy” and a consensus price target of $1,081.61.

Lumentum Stock Performance

LITE opened at $509.70 on Tuesday. The company has a quick ratio of 1.40, a current ratio of 1.61 and a debt-to-equity ratio of 0.01. The company has a market cap of $46.23 billion, a price-to-earnings ratio of -6.47 and a beta of 1.64. Lumentum has a 52-week low of $215.35 and a 52-week high of $1,143.00. The firm’s fifty day simple moving average is $902.48 and its two-hundred day simple moving average is $800.69.

Lumentum (NASDAQ:LITE) last released its earnings results on Monday, November 2nd. The technology company reported $4.57 EPS for the quarter, topping analysts’ consensus estimates of $4.22 by $0.35. Lumentum had a negative net margin of 175.82% and a positive return on equity of 28.85%. The business had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter in the previous year, the company earned $1.10 earnings per share. The company’s quarterly revenue was up 136.5% on a year-over-year basis. Equities analysts anticipate that Lumentum will post 19.80 earnings per share for the current fiscal year.

Insider Transactions at Lumentum

In related news, SVP Jae Kim sold 12,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $852.58, for a total transaction of $10,230,960.00. Following the completion of the transaction, the senior vice president owned 37,804 shares of the company’s stock, valued at approximately $32,230,934.32. This trade represents a 24.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Wajid Ali sold 24,542 shares of Lumentum stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $1,048.50, for a total transaction of $25,732,287.00. Following the completion of the sale, the chief financial officer owned 75,074 shares of the company’s stock, valued at $78,715,089. This trade represents a 24.64% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 94,496 shares of company stock worth $85,978,498. 0.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lumentum

Several institutional investors have recently modified their holdings of LITE. Artemis Wealth Advisors LLC lifted its position in Lumentum by 28.6% during the 3rd quarter. Artemis Wealth Advisors LLC now owns 4,500 shares of the technology company’s stock worth $4,371,000 after acquiring an additional 1,000 shares in the last quarter. FDx Advisors Inc. purchased a new stake in shares of Lumentum during the third quarter valued at approximately $246,000. Maryland State Retirement & Pension System lifted its position in shares of Lumentum by 25.7% during the third quarter. Maryland State Retirement & Pension System now owns 4,761 shares of the technology company’s stock worth $4,624,000 after purchasing an additional 974 shares in the last quarter. Joel Isaacson & Co. LLC acquired a new position in shares of Lumentum during the third quarter worth $246,000. Finally, Jacobi Capital Management LLC acquired a new position in shares of Lumentum during the third quarter worth $140,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

More Lumentum News

Here are the key news stories impacting Lumentum this week:

• Positive Sentiment: The proposed Marvell acquisition could combine complementary technologies and support revenue growth and better gross margins over time. Marvell’s Deal to Acquire Lumentum Could Be a Game Changer for the Stock
• Neutral Sentiment: The deal is an all-stock transaction, with Lumentum holders set to receive 4.5 Marvell shares per Lumentum share. That structure means the value of the consideration can fluctuate with Marvell’s stock. Lumentum declines, continues retreat after all-stock Marvell deal
• Negative Sentiment: The immediate pressure appears largely sector-driven: AI optical stocks fell for a second session, with selling persisting even as companies in the group reported strong results. One report said Lumentum’s decline had no clear company-specific catalyst. AI optical stocks slide Lumentum Drops in a Single Session With No Clear Catalyst
• Negative Sentiment: Several firms issued more cautious views: Rosenblatt lowered expectations, TD Cowen published a pessimistic forecast, and B. Riley downgraded its rating. Rosenblatt Securities Lowers Expectations TD Cowen Issues Pessimistic Forecast B. Riley Lowers Lumentum Rating
• Negative Sentiment: A law firm is investigating the proposed Marvell deal’s price and process, adding another source of transaction uncertainty. Investor alert on proposed sale investigation

Lumentum Company Profile

Lumentum Holdings Inc is a technology company that designs and manufactures optical and photonic products for communications networks, industrial applications, and consumer electronics. Its portfolio includes optical components, modules, and subsystems used in fiber-optic networks, data centers, cloud computing infrastructure, telecommunications equipment, and high-speed connectivity systems.

The company also develops laser products for applications such as industrial processing, sensing, three-dimensional imaging, and other specialized commercial and consumer uses.