Lumentum (NASDAQ:LITE) Stock Price Expected to Rise, Susquehanna Analyst Says
by Scott Moore · The Cerbat GemLumentum (NASDAQ:LITE – Get Free Report) had its price target upped by investment analysts at Susquehanna from $80.00 to $115.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “positive” rating on the technology company’s stock. Susquehanna’s target price indicates a potential upside of 37.15% from the stock’s previous close.
Several other research analysts have also commented on the company. Northland Securities raised their price target on Lumentum from $40.00 to $45.00 and gave the stock a “market perform” rating in a research report on Friday, August 16th. JPMorgan Chase & Co. lifted their target price on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Needham & Company LLC increased their price target on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Barclays boosted their price target on shares of Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a research note on Thursday, August 15th. Finally, Craig Hallum increased their price objective on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, Lumentum currently has an average rating of “Hold” and an average price target of $70.08.
Read Our Latest Stock Report on LITE
Lumentum Trading Up 13.9 %
Shares of Lumentum stock traded up $10.21 during trading hours on Friday, hitting $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 stock 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 debt-to-equity ratio of 2.61, a quick ratio of 4.43 and a current ratio of 5.90. Lumentum has a twelve month low of $38.28 and a twelve month high of $88.00. The firm has a fifty day moving average of $63.25 and a 200-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 for the quarter, topping the consensus estimate of $0.03 by $0.03. The company had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. Lumentum’s revenue was down 16.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.12 earnings per share. Research analysts forecast that Lumentum will post 0.17 EPS for the current year.
Institutional Investors Weigh In On Lumentum
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP purchased a new position in Lumentum during the 3rd quarter worth approximately $33,000. Point72 DIFC Ltd purchased a new position in shares of Lumentum during the 2nd quarter worth approximately $36,000. GAMMA Investing LLC lifted its holdings in Lumentum by 141.6% in the third 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 lifted its stake in shares of Lumentum by 93.9% in the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after purchasing an additional 554 shares during the period. Finally, EntryPoint Capital LLC acquired a new position in Lumentum during the first quarter worth about $112,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.
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.
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