Lumentum (NASDAQ:LITE) Downgraded to Hold Rating by Zacks Research

Lumentum (NASDAQ:LITE) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the stock. B. Riley Financial reaffirmed a “buy” rating on shares of Lumentum in a research report on Friday, May 1st. BNP Paribas Exane boosted their target price on shares of Lumentum from $1,040.00 to $1,300.00 in a research report on Wednesday, May 6th. Barclays upped their price target on shares of Lumentum from $750.00 to $1,000.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Craig Hallum lifted their price objective on shares of Lumentum from $900.00 to $1,150.00 in a research note on Wednesday, May 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $1,040.00 price objective on shares of Lumentum in a research report on Tuesday, June 9th. Fourteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,021.95.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $698.91 on Monday. The stock has a market capitalization of $54.38 billion, a PE ratio of 129.43 and a beta of 1.48. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.14 and a quick ratio of 0.97. The business has a fifty day moving average price of $886.59 and a two-hundred day moving average price of $691.84. Lumentum has a fifty-two week low of $88.93 and a fifty-two week high of $1,085.68.

Lumentum (NASDAQ:LITE) last released its earnings results on Tuesday, May 5th. The technology company reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.27 by $0.10. Lumentum had a return on equity of 24.81% and a net margin of 17.61%.The company had revenue of $808.40 million for the quarter, compared to analyst estimates of $810.21 million. During the same period in the prior year, the firm posted $0.57 EPS. Lumentum’s quarterly revenue was up 90.1% on a year-over-year basis. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. As a group, equities analysts predict that Lumentum will post 6.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Lumentum

In related news, Director Isaac Hosojiro Harris sold 4,000 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $860.00, for a total value of $3,440,000.00. Following the completion of the transaction, the director owned 8,400 shares of the company’s stock, valued at $7,224,000. This represents a 32.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Yuen Wupen sold 3,210 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $953.95, for a total transaction of $3,062,179.50. Following the completion of the sale, the insider owned 81,488 shares in the company, valued at $77,735,477.60. This represents a 3.79% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 41,260 shares of company stock worth $38,859,220 over the last 90 days. 0.43% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lumentum

A number of hedge funds and other institutional investors have recently bought and sold shares of LITE. Nomura Asset Management Co. Ltd. boosted its position in Lumentum by 45.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 369,804 shares of the technology company’s stock worth $136,306,000 after buying an additional 114,714 shares during the period. Andar Capital Management HK Ltd acquired a new position in Lumentum in the 4th quarter valued at approximately $4,325,000. Whittier Trust Co. raised its stake in shares of Lumentum by 21,806.5% during the first quarter. Whittier Trust Co. now owns 74,044 shares of the technology company’s stock valued at $57,183,000 after acquiring an additional 73,706 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Lumentum during the fourth quarter valued at $6,755,000. Finally, Maxi Investments CY Ltd acquired a new position in shares of Lumentum during the fourth quarter worth $2,212,000. Institutional investors own 94.05% of the company’s stock.

About Lumentum

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.