Needham & Company LLC Boosts Lumentum Holdings Inc. (LITE) Price Target to $50.00
Lumentum Holdings Inc. (NASDAQ:LITE) had its price objective upped by Needham & Company LLC from $40.00 to $50.00 in a report published on Monday. They currently have a strong-buy rating on the stock.
A number of other research firms have also weighed in on LITE. Zacks Investment Research upgraded Lumentum Holdings from a hold rating to a strong-buy rating and set a $38.00 target price on the stock in a report on Tuesday, August 16th. Piper Jaffray Cos. restated an overweight rating and issued a $38.00 target price (up previously from $32.00) on shares of Lumentum Holdings in a report on Saturday, August 13th. MKM Partners raised their target price on Lumentum Holdings from $28.00 to $32.00 and gave the company a buy rating in a report on Wednesday, July 20th. Morgan Stanley lowered Lumentum Holdings from an equal weight rating to an underweight rating and raised their target price for the company from $20.00 to $27.00 in a report on Thursday, August 11th. Finally, Barclays PLC raised their target price on Lumentum Holdings from $23.00 to $30.00 and gave the company an underweight rating in a report on Wednesday, August 10th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of Buy and an average target price of $35.29.
Shares of Lumentum Holdings (NASDAQ:LITE) opened at 40.32 on Monday. Lumentum Holdings has a 1-year low of $13.97 and a 1-year high of $41.18. The company has a 50-day moving average price of $34.92 and a 200 day moving average price of $27.81. The company’s market capitalization is $2.42 billion.
Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.05. The business had revenue of $241.70 million for the quarter, compared to analyst estimates of $238.52 million. Lumentum Holdings had a return on equity of 11.91% and a net margin of 1.01%. The company’s quarterly revenue was up 15.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.15 earnings per share. Equities research analysts anticipate that Lumentum Holdings will post $1.85 EPS for the current year.
In other news, COO Vincent Retort sold 1,523 shares of the firm’s stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $33.96, for a total value of $51,721.08. Following the completion of the transaction, the chief operating officer now directly owns 587 shares of the company’s stock, valued at $19,934.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Alan S. Lowe sold 23,610 shares of the firm’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $35.45, for a total value of $836,974.50. Following the completion of the transaction, the chief executive officer now directly owns 140,302 shares of the company’s stock, valued at $4,973,705.90. The disclosure for this sale can be found here.
Several institutional investors have recently bought and sold shares of the company. Mason Street Advisors LLC bought a new position in Lumentum Holdings during the second quarter worth approximately $224,000. Wolverine Asset Management LLC bought a new position in Lumentum Holdings during the second quarter worth approximately $605,000. Schwab Charles Investment Management Inc. raised its position in Lumentum Holdings by 96.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 189,881 shares of the company’s stock worth $4,596,000 after buying an additional 92,984 shares during the last quarter. Stifel Financial Corp bought a new position in Lumentum Holdings during the second quarter worth approximately $312,000. Finally, American Century Companies Inc. bought a new position in Lumentum Holdings during the second quarter worth approximately $354,000. 74.98% of the stock is owned by hedge funds and other institutional investors.
Lumentum Holdings Company Profile
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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