Raymond James Issues Positive Forecast for Lumentum (NASDAQ:LITE) Stock Price

Lumentum (NASDAQ:LITE) had its price target upped by Raymond James from $70.00 to $100.00 in a research report report published on Friday,Benzinga reports. They currently have an outperform rating on the technology company’s stock.

LITE has been the topic of a number of other reports. Craig Hallum lifted their price target on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Barclays lifted their price target on shares of Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a report on Thursday, August 15th. B. Riley lifted their price target on shares of Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Northland Securities lifted their price target on shares of Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a report on Friday, August 16th. Finally, Morgan Stanley lifted their price target on shares of Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Lumentum presently has a consensus rating of “Hold” and a consensus target price of $70.08.

Lumentum Price Performance

Shares of LITE traded up $10.21 during trading hours on Friday, reaching $83.85. 7,369,004 shares of the stock traded hands, compared to its average volume of 1,490,137. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61. Lumentum has a 52-week low of $38.28 and a 52-week high of $88.00. The company’s 50-day moving average price is $63.25 and its two-hundred day moving average price is $53.90. The company has a market cap of $5.75 billion, a P/E ratio of -10.36, a price-to-earnings-growth ratio of 7.34 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last released its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The company had revenue of $308.30 million for the quarter, compared to analysts’ expectations of $301.36 million. During the same quarter in the previous year, the company earned $0.12 EPS. Lumentum’s revenue for the quarter was down 16.9% on a year-over-year basis. On average, analysts anticipate that Lumentum will post 0.17 earnings per share for the current year.

Hedge Funds Weigh In On Lumentum

Hedge funds have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new position in Lumentum during the 3rd quarter valued at about $33,000. Point72 DIFC Ltd bought a new position in Lumentum during the 2nd quarter valued at about $36,000. GAMMA Investing LLC grew its holdings in Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after purchasing an additional 524 shares during the last quarter. Signaturefd LLC grew its holdings in Lumentum by 93.9% during the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after purchasing an additional 554 shares during the last quarter. Finally, EntryPoint Capital LLC bought a new position in Lumentum during the 1st quarter valued at about $112,000. 94.05% of the stock is currently owned by institutional investors.

Lumentum Company Profile

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.