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

Lumentum (NASDAQ:LITE) had its price target reduced by Barclays from $40.00 to $38.00 in a report issued on Tuesday, Benzinga reports. They currently have an underweight rating on the technology company’s stock.

A number of other analysts have also recently commented on the stock. Raymond James upped their price target on shares of Lumentum from $51.50 to $58.00 and gave the company an outperform rating in a research note on Monday, April 1st. Needham & Company LLC restated a buy rating and set a $50.00 target price on shares of Lumentum in a research report on Friday, February 9th. Susquehanna reduced their price target on Lumentum from $65.00 to $60.00 and set a positive rating for the company in a research report on Friday, February 9th. JPMorgan Chase & Co. dropped their price objective on Lumentum from $62.00 to $57.00 and set an overweight rating on the stock in a report on Thursday, April 11th. Finally, B. Riley reduced their target price on Lumentum from $42.00 to $41.00 and set a neutral rating for the company in a report on Friday, February 9th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and an average target price of $52.08.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $41.40 on Tuesday. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of -10.51 and a beta of 1.09. The stock has a fifty day simple moving average of $46.08 and a two-hundred day simple moving average of $47.23. The company has a current ratio of 3.13, a quick ratio of 2.42 and a debt-to-equity ratio of 1.96. Lumentum has a 1-year low of $35.35 and a 1-year high of $65.16.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The firm had revenue of $366.80 million during the quarter, compared to analysts’ expectations of $363.44 million. Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. Analysts anticipate that Lumentum will post -0.64 earnings per share for the current 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 shares were sold at an average price of $49.23, for a total transaction of $487,524.69. Following the completion of the sale, 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 document filed with the SEC, which is available at the SEC website. 0.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lumentum

A number of large investors have recently added to or reduced their stakes in LITE. FengHe Fund Management Pte. Ltd. purchased a new position in shares of Lumentum during the 4th quarter valued at about $19,547,000. International Assets Investment Management LLC purchased a new position in shares of Lumentum during the fourth quarter worth approximately $1,379,000. Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Lumentum in the 4th quarter worth approximately $1,389,000. Pathstone Family Office LLC boosted its stake in shares of Lumentum by 46.3% in the 3rd quarter. Pathstone Family Office LLC now owns 13,296 shares of the technology company’s stock valued at $606,000 after purchasing an additional 4,207 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Lumentum by 52.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 211,684 shares of the technology company’s stock valued at $9,564,000 after purchasing an additional 73,047 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

About Lumentum

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.