Needham & Company LLC Reaffirms Buy Rating for Lumentum (NASDAQ:LITE)

Lumentum (NASDAQ:LITEGet Rating)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research note issued to investors on Monday, TipRanks reports. They presently have a $125.00 price target on the technology company’s stock. Needham & Company LLC’s target price points to a potential upside of 46.22% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. StockNews.com upgraded shares of Lumentum from a “hold” rating to a “buy” rating in a report on Friday, May 6th. TheStreet cut shares of Lumentum from a “b” rating to a “c+” rating in a report on Monday, May 16th. Raymond James increased their target price on shares of Lumentum from $114.00 to $118.00 in a report on Wednesday, May 4th. Barclays reduced their target price on shares of Lumentum from $105.00 to $100.00 and set an “overweight” rating for the company in a report on Monday, April 25th. Finally, B. Riley cut their price target on shares of Lumentum from $120.00 to $119.00 in a research note on Thursday, May 5th. One research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $110.14.

Shares of Lumentum stock traded up $1.49 on Monday, hitting $85.49. The company had a trading volume of 9,737 shares, compared to its average volume of 1,018,546. The firm has a market capitalization of $5.90 billion, a P/E ratio of 34.82 and a beta of 0.90. Lumentum has a twelve month low of $77.32 and a twelve month high of $108.90. The company has a debt-to-equity ratio of 0.76, a current ratio of 4.69 and a quick ratio of 4.35. The stock has a 50-day moving average of $88.06 and a 200-day moving average of $94.21.

Lumentum (NASDAQ:LITEGet Rating) last announced its earnings results on Wednesday, May 4th. The technology company reported $1.19 EPS for the quarter, topping the consensus estimate of $1.12 by $0.07. Lumentum had a net margin of 11.04% and a return on equity of 17.57%. The business had revenue of $395.40 million during the quarter, compared to analysts’ expectations of $390.16 million. During the same quarter in the prior year, the company posted $1.08 earnings per share. The firm’s revenue was down 5.7% on a year-over-year basis. Equities analysts predict that Lumentum will post 4.72 EPS for the current year.

In other news, CFO Wajid Ali sold 3,287 shares of the stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $89.12, for a total value of $292,937.44. Following the transaction, the chief financial officer now directly owns 37,717 shares of the company’s stock, valued at $3,361,339.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.30% of the stock is owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in LITE. Richelieu Gestion PLC bought a new position in Lumentum during the first quarter worth about $32,000. Twin Tree Management LP bought a new position in Lumentum during the first quarter worth about $36,000. Private Capital Group LLC increased its position in Lumentum by 4,000.0% during the first quarter. Private Capital Group LLC now owns 451 shares of the technology company’s stock worth $44,000 after acquiring an additional 440 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its position in Lumentum by 43.9% during the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 462 shares of the technology company’s stock worth $49,000 after acquiring an additional 141 shares during the period. Finally, David J Yvars Group bought a new position in Lumentum during the fourth quarter worth about $50,000. 92.49% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Company Profile (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.

Further Reading

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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