Barclays Lowers Lumentum (NASDAQ:LITE) Price Target to $100.00

Lumentum (NASDAQ:LITEGet Rating) had its price objective cut by analysts at Barclays from $105.00 to $100.00 in a research note issued to investors on Monday, The Fly reports. Barclays‘s price target would indicate a potential upside of 18.40% from the stock’s previous close.

LITE has been the subject of several other reports. Northland Securities lifted their price target on Lumentum from $110.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, March 9th. StockNews.com cut Lumentum from a “buy” rating to a “hold” rating in a research report on Thursday, April 7th. Rosenblatt Securities lifted their price target on Lumentum from $115.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, March 23rd. Morgan Stanley lifted their price target on Lumentum from $91.00 to $97.00 and gave the company an “equal weight” rating in a research report on Friday, February 4th. Finally, Craig Hallum reduced their price target on Lumentum from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday, April 14th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Lumentum currently has an average rating of “Buy” and an average target price of $106.88.

Lumentum stock opened at $84.46 on Monday. Lumentum has a one year low of $65.67 and a one year high of $108.90. The stock has a market capitalization of $6.10 billion, a PE ratio of 17.03 and a beta of 0.83. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.55 and a current ratio of 3.87. The company has a 50-day simple moving average of $93.59.

Lumentum (NASDAQ:LITEGet Rating) last announced its quarterly earnings data on Thursday, February 3rd. The technology company reported $1.28 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.28. Lumentum had a return on equity of 17.82% and a net margin of 22.57%. The firm had revenue of $446.70 million during the quarter, compared to analysts’ expectations of $444.72 million. During the same period last year, the business posted $1.68 earnings per share. The company’s revenue for the quarter was down 6.7% compared to the same quarter last year. Equities research analysts predict that Lumentum will post 4.41 EPS for the current fiscal year.

In related news, CAO Matthew Joseph Sepe sold 2,302 shares of the business’s stock in a transaction on Thursday, February 17th. The stock was sold at an average price of $101.27, for a total value of $233,123.54. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Wajid Ali sold 7,854 shares of the business’s stock in a transaction on Thursday, February 17th. The shares were sold at an average price of $100.82, for a total value of $791,840.28. The disclosure for this sale can be found here. Insiders sold 18,965 shares of company stock worth $1,912,911 in the last 90 days. Company insiders own 0.32% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LITE. Norges Bank acquired a new position in shares of Lumentum during the 4th quarter worth about $70,857,000. Point72 Asset Management L.P. acquired a new stake in shares of Lumentum in the 3rd quarter valued at about $54,000,000. Alliancebernstein L.P. boosted its position in shares of Lumentum by 15.3% in the 3rd quarter. Alliancebernstein L.P. now owns 4,823,805 shares of the technology company’s stock valued at $402,981,000 after purchasing an additional 641,731 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Lumentum in the 4th quarter valued at about $57,430,000. Finally, Shellback Capital LP acquired a new stake in shares of Lumentum in the 4th quarter valued at about $26,871,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

About Lumentum (Get Rating)

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 in 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.

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