Lumentum (NASDAQ:LITE) Price Target Raised to $700.00

Lumentum (NASDAQ:LITE) had its price target lifted by Sanford C. Bernstein from $635.00 to $700.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an outperform rating on the technology company’s stock.

LITE has been the topic of several other research reports. Needham & Company LLC reduced their price target on Lumentum from $1,040.00 to $800.00 and set a “buy” rating on the stock in a report on Tuesday, November 3rd. B. Riley Financial lowered shares of Lumentum from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $1,142.00 to $770.00 in a report on Tuesday, November 3rd. TD Cowen cut their price objective on shares of Lumentum from $820.00 to $685.00 and set a “hold” rating for the company in a research report on Tuesday, November 3rd. Stonex Financial raised shares of Lumentum to a “strong-buy” rating in a research note on Monday, October 26th. Finally, Susquehanna reduced their target price on shares of Lumentum from $1,100.00 to $950.00 and set a “positive” rating on the stock in a research note on Tuesday, November 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $1,053.17.

Lumentum Trading Down 3.6%

Shares of LITE stock opened at $624.65 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.61 and a quick ratio of 1.27. The company has a market cap of $56.66 billion, a price-to-earnings ratio of -7.94 and a beta of 1.64. The stock has a 50 day simple moving average of $872.23 and a 200-day simple moving average of $806.93. Lumentum has a 1-year low of $215.35 and a 1-year high of $1,143.00.

Lumentum (NASDAQ:LITE) last announced its earnings results on Monday, November 2nd. The technology company reported $4.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.22 by $0.35. The business had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.26 billion. Lumentum had a negative net margin of 175.82% and a positive return on equity of 28.85%. The company’s revenue for the quarter was up 136.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.10 earnings per share. On average, equities research analysts expect that Lumentum will post 19.93 EPS for the current fiscal year.

Insider Buying and Selling at Lumentum

In related news, CFO Wajid Ali sold 24,542 shares of the business’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $1,048.50, for a total value of $25,732,287.00. Following the sale, the chief financial officer directly owned 75,074 shares in the company, valued at approximately $78,715,089. The trade was a 24.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael E. Hurlston sold 548 shares of the company’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $958.66, for a total transaction of $525,345.68. Following the completion of the transaction, the chief executive officer directly owned 186,951 shares in the company, valued at $179,222,445.66. The trade was a 0.29% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 94,496 shares of company stock worth $85,978,498. Insiders own 0.28% of the company’s stock.

Institutional Investors Weigh In On Lumentum

A number of institutional investors have recently made changes to their positions in LITE. Jupiter Topco LLC acquired a new stake in shares of Lumentum in the second quarter valued at $1,621,396,000. Winslow Capital Management LLC grew its position in Lumentum by 9.3% in the 3rd quarter. Winslow Capital Management LLC now owns 650,929 shares of the technology company’s stock valued at $632,221,000 after acquiring an additional 55,368 shares in the last quarter. Amundi increased its stake in Lumentum by 188.7% during the second quarter. Amundi now owns 658,427 shares of the technology company’s stock worth $564,970,000 after purchasing an additional 430,355 shares during the period. WT Asset Management Ltd purchased a new stake in Lumentum during the second quarter worth about $494,688,000. Finally, Janus Henderson Group PLC increased its stake in Lumentum by 163.2% during the first quarter. Janus Henderson Group PLC now owns 567,182 shares of the technology company’s stock worth $398,590,000 after purchasing an additional 351,676 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Key Stories Impacting Lumentum

Investors following LITE have been watching these stories:

• Positive Sentiment: Sanford C. Bernstein raised its price target on Lumentum, a favorable analyst revision, though the article does not specify the new target. Lumentum Stock Gets Price Target Increase from Sanford C. Bernstein
• Positive Sentiment: Lumentum shares rose 15% amid a broad technology rally. The move may reflect improved sector sentiment rather than company-specific news. Lumentum rises 15% amid broad technology rally
• Negative Sentiment: Initial investor reaction to Marvell’s proposed acquisition was described as lukewarm, and Lumentum shares slipped in premarket trading. Skepticism about the large deal may be limiting enthusiasm for the transaction. Lumentum Slips on Deal Reaction

About Lumentum

Lumentum Holdings Inc. develops and manufactures optical and photonic products used in communications networks and industrial applications. Its offerings include optical components, modules and lasers that help transmit and process data across telecommunications and data center networks. The company also supplies lasers and related technologies for industrial uses, including precision manufacturing and semiconductor production. Its products serve customers in markets around the world. Lumentum became an independent public company in 2015 through a spin-off from JDSU, now Viavi Solutions.