Lumentum (NASDAQ:LITE) Given New $85.00 Price Target at Rosenblatt Securities

Lumentum (NASDAQ:LITE) had its target price cut by Rosenblatt Securities from $110.00 to $85.00 in a report published on Tuesday morning,Benzinga reports. They currently have a buy rating on the technology company’s stock.

LITE has been the topic of several other research reports. Stifel Nicolaus lifted their price objective on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Jefferies Financial Group initiated coverage on Lumentum in a report on Friday, February 21st. They set a “buy” rating on the stock. B. Riley increased their price target on Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. JPMorgan Chase & Co. dropped their target price on shares of Lumentum from $105.00 to $73.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Finally, UBS Group raised their target price on shares of Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $82.60.

Lumentum Trading Up 3.1 %

NASDAQ:LITE opened at $51.64 on Tuesday. The company has a 50 day simple moving average of $63.14 and a two-hundred day simple moving average of $75.19. Lumentum has a 12 month low of $38.29 and a 12 month high of $104.00. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The company has a market cap of $3.57 billion, a PE ratio of -6.72 and a beta of 1.14.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. Research analysts forecast that Lumentum will post 0.03 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares in the company, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.19% of the stock is owned by insiders.

Institutional Trading of Lumentum

Several large investors have recently made changes to their positions in the business. Robeco Institutional Asset Management B.V. acquired a new stake in Lumentum during the fourth quarter valued at $646,000. SBI Securities Co. Ltd. purchased a new position in Lumentum during the fourth quarter worth approximately $739,000. M&T Bank Corp grew its holdings in shares of Lumentum by 54.2% in the fourth quarter. M&T Bank Corp now owns 18,104 shares of the technology company’s stock valued at $1,520,000 after purchasing an additional 6,361 shares during the period. Aigen Investment Management LP grew its position in Lumentum by 72.9% in the fourth quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company’s stock worth $1,464,000 after acquiring an additional 7,354 shares during the period. Finally, Zweig DiMenna Associates LLC purchased a new stake in Lumentum in the 4th quarter valued at about $7,052,000. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.