Rosenblatt Securities Forecasts Strong Price Appreciation for Lumentum (NASDAQ:LITE) Stock

by · The Cerbat Gem

Lumentum (NASDAQ:LITE – Get Free Report) had its price objective lifted by investment analysts at Rosenblatt Securities from $69.00 to $110.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Rosenblatt Securities’ price objective would indicate a potential upside of 31.19% from the company’s previous close.

A number of other research firms also recently weighed in on LITE. JPMorgan Chase & Co. upped their price target on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Susquehanna raised their price target on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday. Northland Securities upped their price objective on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday. Barclays boosted their price target on shares of Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a report on Thursday, August 15th. Finally, Jefferies Financial Group upped their price target on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $70.08.

View Our Latest Stock Report on LITE

Lumentum Stock Up 13.9 %

Shares of LITE traded up $10.21 during trading hours on Friday, reaching $83.85. The company’s stock had a trading volume of 7,369,004 shares, compared to its average volume of 1,490,137. The firm has a market cap of $5.75 billion, a price-to-earnings ratio of -10.13, a P/E/G ratio of 7.34 and a beta of 0.88. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. Lumentum has a 1-year low of $38.28 and a 1-year high of $88.00. The company has a 50 day moving average of $63.25 and a two-hundred day moving average of $53.98.

Lumentum (NASDAQ:LITE – Get Free Report) last announced its earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The business had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. During the same quarter in the previous year, the firm posted $0.12 earnings per share. Lumentum’s revenue was down 16.9% compared to the same quarter last year. As a group, research analysts predict that Lumentum will post 0.17 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Capital Performance Advisors LLP acquired a new stake in Lumentum in the third quarter valued at $33,000. Point72 DIFC Ltd purchased a new position in Lumentum in the second quarter valued at about $36,000. GAMMA Investing LLC lifted its position in shares of Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after acquiring an additional 524 shares during the period. Signaturefd LLC boosted its stake in shares of Lumentum by 93.9% during the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after acquiring an additional 554 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new stake in shares of Lumentum in the 1st quarter worth approximately $112,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

About Lumentum

(Get Free Report)

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.

See Also