Lumentum (NASDAQ:LITE) Price Target Raised to $76.00 at Morgan Stanley

Lumentum (NASDAQ:LITE) had its target price upped by Morgan Stanley from $70.00 to $76.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has an equal weight rating on the technology company’s stock.

Other equities research analysts have also issued research reports about the company. Northland Securities set a $80.00 target price on Lumentum in a research note on Wednesday, May 7th. Jefferies Financial Group assumed coverage on Lumentum in a research note on Friday, February 21st. They issued a “buy” rating for the company. B. Riley increased their target price on Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Stifel Nicolaus increased their target price on Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, UBS Group lowered their target price on Lumentum from $96.00 to $78.00 and set a “neutral” rating for the company in a research note on Wednesday, May 7th. One analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Lumentum has an average rating of “Moderate Buy” and an average target price of $83.13.

Lumentum Stock Performance

Lumentum stock opened at $80.28 on Wednesday. The firm has a market capitalization of $5.57 billion, a P/E ratio of -10.44 and a beta of 1.18. The stock has a fifty day moving average price of $64.30 and a 200 day moving average price of $75.08. Lumentum has a 52 week low of $38.29 and a 52 week 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.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.50 by $0.07. The company had revenue of $425.20 million during the quarter, compared to analyst estimates of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The firm’s revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.09 earnings per share. Equities research analysts anticipate that Lumentum will post 0.03 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Jae Kim sold 4,577 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $77.98, for a total value of $356,914.46. Following the sale, the senior vice president now owns 31,534 shares of the company’s stock, valued at approximately $2,459,021.32. This trade represents a 12.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Yuen Wupen sold 4,716 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $76.87, for a total value of $362,518.92. Following the completion of the sale, the insider now owns 82,957 shares in the company, valued at approximately $6,376,904.59. This represents a 5.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 14,298 shares of company stock valued at $1,081,764 in the last quarter. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Several hedge funds have recently modified their holdings of LITE. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Lumentum during the 1st quarter valued at $25,000. Rakuten Securities Inc. increased its position in shares of Lumentum by 164.4% during the 1st quarter. Rakuten Securities Inc. now owns 476 shares of the technology company’s stock valued at $30,000 after purchasing an additional 296 shares during the period. Jones Financial Companies Lllp increased its position in shares of Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after purchasing an additional 130 shares during the period. Golden State Wealth Management LLC increased its position in shares of Lumentum by 103.2% during the 1st quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company’s stock valued at $32,000 after purchasing an additional 260 shares during the period. Finally, CoreCap Advisors LLC increased its position in shares of Lumentum by 2,235.3% during the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock valued at $33,000 after purchasing an additional 380 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.