Lumentum (NASDAQ:LITE) Price Target Lowered to $40.00 at B. Riley

Lumentum (NASDAQ:LITE) had its target price lowered by B. Riley from $41.00 to $40.00 in a report issued on Tuesday morning, Benzinga reports. B. Riley currently has a neutral rating on the technology company’s stock.

Several other analysts have also commented on LITE. Needham & Company LLC reaffirmed a buy rating and set a $50.00 price target on shares of Lumentum in a research report on Friday, February 9th. JPMorgan Chase & Co. decreased their price target on Lumentum from $62.00 to $57.00 and set an overweight rating on the stock in a research note on Thursday, April 11th. Raymond James raised their price objective on Lumentum from $51.50 to $58.00 and gave the stock an outperform rating in a research report on Monday, April 1st. Susquehanna decreased their target price on shares of Lumentum from $65.00 to $60.00 and set a positive rating on the stock in a research report on Friday, February 9th. Finally, Stifel Nicolaus reaffirmed a buy rating and set a $62.00 target price on shares of Lumentum in a research note on Monday, April 1st. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Lumentum has a consensus rating of Hold and an average target price of $52.08.

Lumentum Stock Down 6.1 %

Shares of NASDAQ:LITE opened at $41.40 on Tuesday. Lumentum has a 52-week low of $35.35 and a 52-week high of $65.16. The company has a quick ratio of 2.42, a current ratio of 3.13 and a debt-to-equity ratio of 1.96. The business has a fifty day moving average of $46.08 and a two-hundred day moving average of $47.23. The stock has a market cap of $2.79 billion, a P/E ratio of -10.51 and a beta of 1.09.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. The firm had revenue of $366.80 million during the quarter, compared to analysts’ expectations of $363.44 million. On average, research analysts expect that Lumentum will post -0.64 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of Lumentum stock in a transaction dated 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 owns 33,188 shares in the company, valued at approximately $1,633,845.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. increased its holdings in Lumentum by 12.1% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 40,302 shares of the technology company’s stock valued at $1,821,000 after buying an additional 4,342 shares during the last quarter. Park Avenue Securities LLC purchased a new position in shares of Lumentum in the 3rd quarter valued at about $382,000. Inspire Investing LLC raised its position in shares of Lumentum by 22.6% during the 3rd quarter. Inspire Investing LLC now owns 6,755 shares of the technology company’s stock worth $305,000 after acquiring an additional 1,243 shares in the last quarter. Mcdonald Partners LLC lifted its stake in Lumentum by 1.8% during the third quarter. Mcdonald Partners LLC now owns 20,022 shares of the technology company’s stock worth $905,000 after purchasing an additional 350 shares during the last quarter. Finally, Capital Advantage Inc. purchased a new stake in Lumentum during the third quarter worth approximately $930,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

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.