Lumentum (NASDAQ:LITE) Raised to Buy at BidaskClub

BidaskClub upgraded shares of Lumentum (NASDAQ:LITE) from a hold rating to a buy rating in a report published on Thursday, BidAskClub reports.

Several other equities research analysts also recently weighed in on LITE. Jefferies Financial Group upped their target price on Lumentum from $80.00 to $95.00 and gave the stock a buy rating in a research report on Wednesday, May 6th. Zacks Investment Research upgraded Lumentum from a sell rating to a hold rating in a research note on Thursday. Needham & Company LLC started coverage on Lumentum in a research note on Tuesday, May 26th. They issued a buy rating and a $105.00 price target on the stock. Raymond James boosted their price target on Lumentum from $90.00 to $97.00 and gave the stock an outperform rating in a research note on Tuesday, May 5th. Finally, Piper Sandler boosted their price target on Lumentum from $95.00 to $100.00 and gave the stock an overweight rating in a research note on Wednesday, May 6th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and seventeen have issued a buy rating to the company. The company has a consensus rating of Buy and an average target price of $93.15.

Shares of NASDAQ LITE traded up $1.74 on Thursday, hitting $92.83. The company had a trading volume of 1,248,019 shares, compared to its average volume of 1,008,325. Lumentum has a 12-month low of $48.44 and a 12-month high of $93.23. The business has a 50 day moving average of $80.54 and a two-hundred day moving average of $78.06. The company has a quick ratio of 6.24, a current ratio of 6.85 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $6.95 billion, a P/E ratio of 63.58 and a beta of 1.00.

Lumentum (NASDAQ:LITE) last issued its earnings results on Tuesday, May 5th. The technology company reported $1.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.05 by $0.21. Lumentum had a return on equity of 20.47% and a net margin of 6.66%. The company had revenue of $402.80 million during the quarter, compared to the consensus estimate of $408.54 million. During the same quarter in the prior year, the business earned $0.91 earnings per share. The company’s revenue was down 7.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Lumentum will post 4.14 earnings per share for the current year.

In other news, Director Brian Lillie sold 3,500 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $78.99, for a total transaction of $276,465.00. Following the sale, the director now directly owns 15,689 shares in the company, valued at approximately $1,239,274.11. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Matthew Joseph Sepe sold 2,896 shares of the stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $81.25, for a total value of $235,300.00. Following the sale, the chief accounting officer now owns 22,275 shares in the company, valued at $1,809,843.75. The disclosure for this sale can be found here. Insiders have sold 26,900 shares of company stock worth $2,158,373 in the last 90 days. 0.48% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the company. Swiss National Bank raised its position in shares of Lumentum by 1.7% during the 1st quarter. Swiss National Bank now owns 149,715 shares of the technology company’s stock worth $11,034,000 after purchasing an additional 2,500 shares during the period. Csenge Advisory Group bought a new position in Lumentum in the 1st quarter worth approximately $318,000. Guggenheim Capital LLC grew its holdings in Lumentum by 8.1% in the 4th quarter. Guggenheim Capital LLC now owns 87,436 shares of the technology company’s stock worth $6,934,000 after buying an additional 6,584 shares in the last quarter. Geode Capital Management LLC grew its holdings in Lumentum by 5.6% in the 1st quarter. Geode Capital Management LLC now owns 1,137,161 shares of the technology company’s stock worth $83,807,000 after buying an additional 60,573 shares in the last quarter. Finally, Robecosam AG grew its holdings in Lumentum by 1.7% in the 2nd quarter. Robecosam AG now owns 610,000 shares of the technology company’s stock worth $49,672,000 after buying an additional 10,000 shares in the last quarter. Institutional investors and hedge funds own 93.58% 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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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