Raymond James Financial Forecasts Strong Price Appreciation for Lumentum (NASDAQ:LITE) Stock

Lumentum (NASDAQ:LITE) had its price objective hoisted by analysts at Raymond James Financial from $125.00 to $145.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “strong-buy” rating on the technology company’s stock. Raymond James Financial’s target price suggests a potential upside of 26.50% from the stock’s current price.

Other analysts also recently issued research reports about the stock. Wolfe Research assumed coverage on shares of Lumentum in a report on Tuesday. They set an “outperform” rating on the stock. Rosenblatt Securities reissued a “buy” rating and set a $105.00 price objective on shares of Lumentum in a report on Thursday, June 12th. Needham & Company LLC reissued a “buy” rating and set a $145.00 price objective (up previously from $135.00) on shares of Lumentum in a report on Wednesday. Barclays set a $135.00 price objective on shares of Lumentum and gave the stock an “overweight” rating in a report on Wednesday. Finally, Susquehanna boosted their price objective on shares of Lumentum from $125.00 to $140.00 and gave the stock a “positive” rating in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $116.47.

Lumentum Stock Down 4.7%

LITE stock opened at $114.62 on Wednesday. Lumentum has a one year low of $45.65 and a one year high of $129.98. The stock has a market capitalization of $7.95 billion, a PE ratio of 498.35 and a beta of 1.33. The company has a debt-to-equity ratio of 2.26, a quick ratio of 3.53 and a current ratio of 4.37. The company has a fifty day moving average of $97.91 and a 200-day moving average of $78.58.

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

Insider Buying and Selling at Lumentum

In other Lumentum news, Director Alan S. Lowe sold 20,000 shares of Lumentum stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $93.47, for a total transaction of $1,869,400.00. Following the completion of the transaction, the director owned 230,471 shares in the company, valued at approximately $21,542,124.37. The trade was a 7.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Yuen Wupen sold 265 shares of the business’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 directly owned 79,773 shares of the company’s stock, 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. In the last three months, insiders have sold 76,000 shares of company stock worth $7,260,909. 0.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lumentum

A number of institutional investors have recently modified their holdings of LITE. Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Lumentum in the first quarter valued at approximately $25,000. Rakuten Securities Inc. raised its position in shares of Lumentum by 164.4% in the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company’s stock valued at $30,000 after buying an additional 296 shares during the last quarter. Golden State Wealth Management LLC raised its position in shares of Lumentum by 103.2% in the first quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company’s stock valued at $32,000 after buying an additional 260 shares during the last quarter. CoreCap Advisors LLC raised its position in shares of Lumentum by 2,235.3% in the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock valued at $33,000 after buying an additional 380 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new position in shares of Lumentum in the second quarter valued at approximately $38,000. Institutional investors and hedge funds 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.