B. Riley Forecasts Strong Price Appreciation for Lumentum (NASDAQ:LITE) Stock

Lumentum (NASDAQ:LITE) had its target price lifted by stock analysts at B. Riley from $73.00 to $83.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. B. Riley’s price target would indicate a potential downside of 27.59% from the company’s current price.

A number of other analysts also recently commented on the stock. Susquehanna boosted their target price on shares of Lumentum from $125.00 to $140.00 and gave the stock a “positive” rating in a report on Tuesday. Rosenblatt Securities restated a “buy” rating and set a $105.00 price target on shares of Lumentum in a report on Thursday, June 12th. Raymond James Financial boosted their price target on shares of Lumentum from $80.00 to $90.00 and gave the company a “strong-buy” rating in a report on Wednesday, June 4th. Needham & Company LLC restated a “buy” rating and set a $145.00 price target (up previously from $135.00) on shares of Lumentum in a report on Wednesday. Finally, Northland Securities set a $80.00 price target on shares of Lumentum in a report on Wednesday, May 7th. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $116.47.

Lumentum Stock Down 4.7%

NASDAQ LITE opened at $114.62 on Wednesday. The company has a debt-to-equity ratio of 2.26, a current ratio of 4.37 and a quick ratio of 3.53. The company’s 50 day simple moving average is $97.91 and its 200 day simple moving average is $78.58. Lumentum has a 12 month low of $45.65 and a 12 month high of $129.98. The company has a market capitalization of $7.95 billion, a P/E ratio of 498.35 and a beta of 1.33.

Lumentum (NASDAQ:LITE) last released its earnings results on Tuesday, August 12th. The technology company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.09. Lumentum had a net margin of 1.57% and a negative return on equity of 3.02%. The business had revenue of $480.70 million for the quarter, compared to the consensus estimate of $465.27 million. During the same period in the previous year, the firm earned $0.06 EPS. The business’s revenue for the quarter was up 55.9% on a year-over-year basis. Equities research analysts expect that Lumentum will post 0.03 earnings per share for the current fiscal year.

Insider Activity at Lumentum

In other Lumentum news, Director Alan S. Lowe sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $93.47, for a total value of $1,869,400.00. Following the transaction, the director owned 230,471 shares in the company, valued at approximately $21,542,124.37. This represents a 7.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Yuen Wupen sold 265 shares of the company’s stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $99.92, for a total transaction of $26,478.80. Following the completion of the transaction, the insider owned 79,773 shares in the company, valued at approximately $7,970,918.16. This represents a 0.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,000 shares of company stock worth $7,260,909 in the last 90 days. 0.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in LITE. Skandinaviska Enskilda Banken AB publ bought a new stake in Lumentum in the first quarter worth approximately $25,000. Rakuten Securities Inc. grew its position in Lumentum by 164.4% in the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company’s stock worth $30,000 after acquiring an additional 296 shares in the last quarter. Golden State Wealth Management LLC grew its position in Lumentum by 103.2% in the first quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company’s stock worth $32,000 after acquiring an additional 260 shares in the last quarter. CoreCap Advisors LLC grew its position in Lumentum by 2,235.3% in the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock worth $33,000 after acquiring an additional 380 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in Lumentum in the second quarter worth approximately $38,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Company Profile

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.