Lumentum (NASDAQ:LITE) Price Target Raised to $1,400.00 at Loop Capital

Lumentum (NASDAQ:LITE) had its price objective raised by investment analysts at Loop Capital from $900.00 to $1,400.00 in a research report issued on Tuesday,MarketScreener reports. The brokerage presently has a “buy” rating on the technology company’s stock. Loop Capital’s target price indicates a potential upside of 43.42% from the company’s current price.

A number of other equities analysts have also recently issued reports on the stock. Rosenblatt Securities restated a “buy” rating and issued a $900.00 price objective on shares of Lumentum in a research note on Wednesday, March 18th. Needham & Company LLC upped their target price on shares of Lumentum from $880.00 to $1,040.00 and gave the company a “buy” rating in a research note on Tuesday, April 21st. B. Riley Financial reissued a “buy” rating on shares of Lumentum in a research report on Friday. Citigroup raised their price target on shares of Lumentum from $800.00 to $1,100.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Finally, Zacks Research downgraded Lumentum from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Twelve analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Lumentum currently has a consensus rating of “Moderate Buy” and an average target price of $812.71.

Lumentum Stock Performance

LITE opened at $976.18 on Tuesday. The stock’s 50 day simple moving average is $760.12 and its 200-day simple moving average is $486.41. The company has a current ratio of 0.61, a quick ratio of 0.45 and a debt-to-equity ratio of 0.06. The stock has a market cap of $69.70 billion, a PE ratio of 299.44 and a beta of 1.53. Lumentum has a 1 year low of $60.38 and a 1 year high of $1,004.94.

Lumentum (NASDAQ:LITE) last issued its earnings results on Tuesday, February 3rd. The technology company reported $1.67 EPS for the quarter, topping the consensus estimate of $1.41 by $0.26. Lumentum had a return on equity of 17.27% and a net margin of 11.95%.The firm had revenue of $665.50 million during the quarter, compared to analysts’ expectations of $646.74 million. During the same period last year, the business earned $0.42 earnings per share. Lumentum’s quarterly revenue was up 65.5% compared to the same quarter last year. Sell-side analysts forecast that Lumentum will post 5.87 EPS for the current year.

Insider Activity at Lumentum

In other news, insider Yuen Wupen sold 3,157 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $538.00, for a total transaction of $1,698,466.00. Following the transaction, the insider directly owned 88,439 shares in the company, valued at approximately $47,580,182. This represents a 3.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Penny Herscher sold 4,849 shares of the stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $535.48, for a total transaction of $2,596,542.52. Following the sale, the director directly owned 6,057 shares in the company, valued at $3,243,402.36. This trade represents a 44.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 65,775 shares of company stock worth $38,851,343 in the last 90 days. Corporate insiders own 0.43% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Hilton Head Capital Partners LLC bought a new position in Lumentum in the 1st quarter valued at $25,000. Sachetta LLC raised its position in shares of Lumentum by 118.8% during the first quarter. Sachetta LLC now owns 35 shares of the technology company’s stock worth $25,000 after acquiring an additional 19 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Lumentum by 363.9% during the third quarter. EverSource Wealth Advisors LLC now owns 167 shares of the technology company’s stock valued at $27,000 after acquiring an additional 131 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of Lumentum during the fourth quarter valued at $28,000. Finally, Truvestments Capital LLC boosted its holdings in Lumentum by 300.0% in the fourth quarter. Truvestments Capital LLC now owns 76 shares of the technology company’s stock valued at $28,000 after acquiring an additional 57 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Company Profile

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.