Susquehanna Boosts Lumentum (NASDAQ:LITE) Price Target to $80.00

Lumentum (NASDAQ:LITE) had its price target increased by Susquehanna from $70.00 to $80.00 in a research report released on Monday morning, Benzinga reports. The firm currently has a positive rating on the technology company’s stock.

A number of other research firms have also recently weighed in on LITE. Needham & Company LLC increased their price target on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. B. Riley increased their price target on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Morgan Stanley increased their price target on Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. Jefferies Financial Group increased their price target on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Finally, Raymond James increased their price target on Lumentum from $55.00 to $70.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $60.77.

Lumentum Trading Down 1.3 %

Shares of Lumentum stock opened at $65.66 on Monday. Lumentum has a 12-month low of $35.35 and a 12-month high of $71.07. The stock has a market cap of $4.44 billion, a P/E ratio of -12.51, a P/E/G ratio of 5.78 and a beta of 0.89. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. The business’s 50 day moving average is $60.35 and its 200-day moving average is $51.94.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. 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 prior year, the business posted $0.12 EPS. The business’s revenue was down 16.9% compared to the same quarter last year. Equities research analysts predict that Lumentum will post 0.2 earnings per share for the current fiscal year.

Institutional Trading of Lumentum

Large investors have recently modified their holdings of the stock. Point72 DIFC Ltd acquired a new stake in shares of Lumentum during the 2nd quarter worth $36,000. GAMMA Investing LLC grew its holdings in shares of Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after purchasing an additional 524 shares in the last quarter. Signaturefd LLC grew its holdings in shares of Lumentum by 93.9% during the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after purchasing an additional 554 shares in the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Lumentum during the 1st quarter worth $112,000. Finally, nVerses Capital LLC grew its holdings in shares of Lumentum by 416.7% during the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock worth $158,000 after purchasing an additional 2,500 shares in the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

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.