Barclays Lowers Lumentum (NASDAQ:LITE) Price Target to $38.00

Lumentum (NASDAQ:LITE) had its target price decreased by Barclays from $40.00 to $38.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the technology company’s stock. Barclays‘s target price points to a potential downside of 10.78% from the company’s previous close.

A number of other equities analysts have also recently weighed in on LITE. Raymond James upped their price objective on shares of Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a research report on Monday, April 1st. B. Riley dropped their price objective on Lumentum from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Friday, February 9th. StockNews.com raised Lumentum to a “sell” rating in a research report on Monday. Susquehanna dropped their price target on shares of Lumentum from $65.00 to $60.00 and set a “positive” rating for the company in a research note on Friday, February 9th. Finally, JPMorgan Chase & Co. cut their price target on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, April 11th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $52.08.

Lumentum Stock Performance

Lumentum stock opened at $42.59 on Tuesday. The firm has a market capitalization of $2.87 billion, a PE ratio of -10.81 and a beta of 1.09. Lumentum has a one year low of $35.35 and a one year high of $65.16. The stock’s 50 day moving average price is $45.98 and its 200 day moving average price is $47.20. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.42 and a current ratio of 3.13.

Lumentum (NASDAQ:LITE) last posted its earnings results on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). The firm had revenue of $366.80 million for the quarter, compared to analyst estimates of $363.44 million. Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. As a group, sell-side analysts expect that Lumentum will post -0.64 EPS for the current fiscal year.

Insider Buying and Selling

In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of Lumentum stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $49.23, for a total value of $487,524.69. Following the completion of the transaction, the chief accounting officer now directly owns 33,188 shares in the company, valued at $1,633,845.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lumentum

A number of hedge funds have recently added to or reduced their stakes in LITE. Entropy Technologies LP increased its holdings in shares of Lumentum by 83.3% in the 1st quarter. Entropy Technologies LP now owns 7,161 shares of the technology company’s stock worth $339,000 after acquiring an additional 3,254 shares during the period. Qsemble Capital Management LP acquired a new stake in shares of Lumentum in the first quarter valued at approximately $485,000. Arnhold LLC raised its holdings in shares of Lumentum by 25.7% during the first quarter. Arnhold LLC now owns 187,828 shares of the technology company’s stock valued at $8,894,000 after buying an additional 38,399 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Lumentum during the first quarter worth approximately $687,000. Finally, Mesirow Institutional Investment Management Inc. bought a new position in Lumentum in the 1st quarter worth approximately $2,352,000. 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.