Lumentum’s (LITE) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Lumentum (NASDAQ:LITE) in a research note published on Thursday,Benzinga reports. The brokerage currently has a $150.00 price objective on the technology company’s stock.

Several other equities research analysts have also recently weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $145.00 price objective (up from $135.00) on shares of Lumentum in a research report on Wednesday. Bank of America raised Lumentum from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $78.00 to $135.00 in a research report on Wednesday. UBS Group reissued a “neutral” rating and issued a $130.00 price objective (up from $78.00) on shares of Lumentum in a research report on Wednesday. Stifel Nicolaus increased their price objective on Lumentum from $100.00 to $132.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, B. Riley increased their price objective on Lumentum from $73.00 to $83.00 and gave the company a “neutral” rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Lumentum presently has an average rating of “Moderate Buy” and a consensus target price of $124.00.

Lumentum Price Performance

NASDAQ LITE opened at $115.86 on Thursday. Lumentum has a 1 year low of $45.65 and a 1 year high of $129.98. The company has a current ratio of 4.37, a quick ratio of 3.53 and a debt-to-equity ratio of 2.26. The company has a market cap of $8.04 billion, a P/E ratio of 503.74 and a beta of 1.33. The company has a fifty day simple moving average of $98.59 and a 200 day simple moving average of $78.85.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, August 12th. The technology company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.09. Lumentum had a negative return on equity of 3.02% and a net margin of 1.57%. The company had revenue of $480.70 million during the quarter, compared to analysts’ expectations of $465.27 million. During the same period in the prior year, the business earned $0.06 earnings per share. Lumentum’s revenue for the quarter was up 55.9% compared to the same quarter last year. On average, sell-side analysts predict that Lumentum will post 0.03 EPS for the current year.

Insider Transactions at Lumentum

In other Lumentum news, insider Vincent Retort sold 22,719 shares of Lumentum stock in a transaction on Tuesday, July 29th. The stock was sold at an average price of $110.00, for a total transaction of $2,499,090.00. Following the completion of the transaction, the insider directly owned 121,747 shares of the company’s stock, valued at approximately $13,392,170. This trade represents a 15.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Wajid Ali sold 2,222 shares of Lumentum stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total value of $185,714.76. Following the transaction, the chief financial officer directly owned 47,460 shares of the company’s stock, valued at approximately $3,966,706.80. The trade was a 4.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 76,000 shares of company stock valued at $7,260,909 in the last ninety days. 0.19% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of Lumentum by 0.6% during the first quarter. Vanguard Group Inc. now owns 7,430,185 shares of the technology company’s stock valued at $463,198,000 after acquiring an additional 47,811 shares during the period. Capital World Investors lifted its holdings in shares of Lumentum by 108.3% during the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock valued at $302,231,000 after acquiring an additional 1,871,572 shares during the period. PointState Capital LP bought a new position in shares of Lumentum during the first quarter valued at $213,503,000. Hood River Capital Management LLC lifted its holdings in shares of Lumentum by 82.1% during the second quarter. Hood River Capital Management LLC now owns 2,206,453 shares of the technology company’s stock valued at $209,745,000 after acquiring an additional 994,551 shares during the period. Finally, Atreides Management LP lifted its holdings in shares of Lumentum by 6.8% during the first quarter. Atreides Management LP now owns 1,875,257 shares of the technology company’s stock valued at $116,904,000 after acquiring an additional 119,938 shares during the period. 94.05% of the stock is owned by 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.