BidaskClub downgraded shares of Lumentum (NASDAQ:LITE) from a buy rating to a hold rating in a research report report published on Tuesday morning, BidAskClub reports.

A number of other equities analysts have also commented on LITE. Piper Jaffray Companies lifted their price objective on Array Biopharma from $28.00 to $35.00 and gave the stock an overweight rating in a research note on Tuesday, May 21st. Needham & Company LLC lowered Acquity Group from a buy rating to a hold rating in a research note on Monday, May 6th. Craig Hallum reissued a buy rating and set a $75.00 target price on shares of Qorvo in a research report on Tuesday, May 21st. Barclays reissued a hold rating and set a $23.00 target price on shares of Cypress Semiconductor in a research report on Thursday, June 6th. Finally, Rosenblatt Securities reissued a buy rating and set a $80.00 target price on shares of Lumentum in a research report on Tuesday, May 7th. Three equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $66.57.

Lumentum stock opened at $53.02 on Tuesday. The company has a quick ratio of 3.20, a current ratio of 3.96 and a debt-to-equity ratio of 0.55. The business has a 50-day simple moving average of $47.90. The company has a market capitalization of $3.98 billion, a price-to-earnings ratio of 16.36, a PEG ratio of 1.04 and a beta of 1.36. Lumentum has a 52 week low of $37.00 and a 52 week high of $69.95.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.22. The business had revenue of $433.00 million for the quarter, compared to analyst estimates of $428.33 million. Lumentum had a return on equity of 19.94% and a net margin of 1.57%. The firm’s revenue for the quarter was up 44.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.78 earnings per share. On average, analysts predict that Lumentum will post 3.13 earnings per share for the current year.

In other Lumentum news, SVP Judy G. Hamel sold 1,429 shares of Lumentum stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $58.64, for a total transaction of $83,796.56. Following the sale, the senior vice president now directly owns 44,793 shares of the company’s stock, valued at $2,626,661.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.55% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SevenBridge Financial Group LLC bought a new position in Lumentum in the 4th quarter worth approximately $39,000. Intellectus Partners LLC raised its position in Lumentum by 4,000.0% in the 4th quarter. Intellectus Partners LLC now owns 1,025 shares of the technology company’s stock worth $43,000 after purchasing an additional 1,000 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Lumentum by 25.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,864 shares of the technology company’s stock valued at $119,000 after acquiring an additional 581 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in shares of Lumentum during the 4th quarter valued at $130,000. Finally, World Asset Management Inc bought a new stake in shares of Lumentum during the 1st quarter valued at $202,000. 95.29% of the stock is currently owned by institutional investors.

Lumentum Company Profile

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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