DA Davidson Increases Lumentum Holdings Inc. (LITE) Price Target to $90.00
Lumentum Holdings Inc. (NASDAQ:LITE) had its target price lifted by analysts at DA Davidson from $82.00 to $90.00 in a note issued to investors on Thursday. The brokerage currently has a “buy” rating on the technology company’s stock. DA Davidson’s price target indicates a potential upside of 51.77% from the company’s current price.
Several other equities analysts have also recently commented on the stock. Craig Hallum reissued a “buy” rating and set a $85.00 target price (up previously from $75.00) on shares of Lumentum Holdings in a research report on Wednesday. Jefferies Group LLC reaffirmed a “buy” rating and issued a $75.00 price target on shares of Lumentum Holdings in a report on Wednesday. Rosenblatt Securities set a $75.00 price target on shares of Lumentum Holdings and gave the stock a “buy” rating in a report on Tuesday, October 24th. Zacks Investment Research cut shares of Lumentum Holdings from a “buy” rating to a “hold” rating in a report on Wednesday, October 25th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price target on shares of Lumentum Holdings in a report on Thursday, October 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Lumentum Holdings presently has an average rating of “Buy” and a consensus target price of $68.06.
Lumentum Holdings (LITE) traded up $0.45 during trading on Thursday, hitting $59.30. 2,828,376 shares of the company’s stock traded hands, compared to its average volume of 2,060,093. Lumentum Holdings has a 1 year low of $34.15 and a 1 year high of $68.63. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.26 and a current ratio of 5.21. The company has a market cap of $3,676.60, a PE ratio of 41.47, a P/E/G ratio of 1.17 and a beta of 1.03.
Lumentum Holdings (NASDAQ:LITE) last posted its earnings results on Wednesday, August 9th. The technology company reported $0.39 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.18. Lumentum Holdings had a negative net margin of 9.32% and a positive return on equity of 15.99%. The firm had revenue of $222.70 million for the quarter, compared to analysts’ expectations of $229.45 million. During the same quarter last year, the firm earned $0.41 EPS. The company’s quarterly revenue was down 7.9% compared to the same quarter last year. sell-side analysts expect that Lumentum Holdings will post 2.62 EPS for the current fiscal year.
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In other Lumentum Holdings news, CEO Alan S. Lowe sold 4,364 shares of the business’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $54.59, for a total transaction of $238,230.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Penny Herscher sold 1,313 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total transaction of $69,641.52. Following the sale, the director now directly owns 26,464 shares in the company, valued at approximately $1,403,650.56. The disclosure for this sale can be found here. Insiders have sold a total of 87,269 shares of company stock worth $4,602,526 in the last three months. Insiders own 0.76% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. raised its holdings in Lumentum Holdings by 7.0% during the 2nd quarter. BlackRock Inc. now owns 6,889,157 shares of the technology company’s stock valued at $393,025,000 after acquiring an additional 448,077 shares during the period. Vanguard Group Inc. raised its holdings in Lumentum Holdings by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 5,330,153 shares of the technology company’s stock valued at $304,085,000 after acquiring an additional 122,150 shares during the period. Bank of New York Mellon Corp raised its holdings in Lumentum Holdings by 71.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,662,272 shares of the technology company’s stock valued at $151,883,000 after acquiring an additional 1,107,107 shares during the period. Alliancebernstein L.P. raised its holdings in Lumentum Holdings by 14.5% during the 2nd quarter. Alliancebernstein L.P. now owns 2,102,853 shares of the technology company’s stock valued at $119,968,000 after acquiring an additional 265,723 shares during the period. Finally, Gilder Gagnon Howe & Co. LLC raised its holdings in Lumentum Holdings by 23.4% during the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 2,099,760 shares of the technology company’s stock valued at $119,791,000 after acquiring an additional 397,622 shares during the period. 95.74% of the stock is currently owned by institutional investors and hedge funds.
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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