Lumentum (NASDAQ:LITE) had its target price raised by equities researchers at Craig Hallum from $60.00 to $75.00 in a note issued to investors on Friday, The Fly reports. The firm presently has a “buy” rating on the technology company’s stock. Craig Hallum’s target price indicates a potential upside of 25.61% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. UBS Group set a $70.00 price target on shares of Lumentum and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Needham & Company LLC reaffirmed a “strong-buy” rating and set a $70.00 price target on shares of Lumentum in a research report on Monday, May 6th. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $72.00 price target (up previously from $68.00) on shares of Lumentum in a research report on Friday. BidaskClub cut shares of Lumentum from a “buy” rating to a “hold” rating in a research report on Saturday, August 3rd. Finally, B. Riley increased their price target on shares of Lumentum from $70.00 to $74.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $69.13.

NASDAQ:LITE opened at $59.71 on Friday. The company has a current ratio of 3.96, a quick ratio of 3.20 and a debt-to-equity ratio of 0.55. The firm has a 50-day moving average price of $54.24. The stock has a market cap of $4.20 billion, a PE ratio of 18.09, a P/E/G ratio of 1.06 and a beta of 1.36. Lumentum has a 1-year low of $37.00 and a 1-year high of $69.95.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, August 8th. The technology company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.21. Lumentum had a net margin of 1.57% and a return on equity of 19.94%. The company had revenue of $404.60 million during the quarter, compared to analysts’ expectations of $383.54 million. During the same period in the prior year, the company posted $0.95 EPS. The firm’s revenue for the quarter was up 34.4% on a year-over-year basis. On average, analysts predict that Lumentum will post 3.58 earnings per share for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LITE. Ellis Investment Partners LLC raised its stake in Lumentum by 5,816.5% during the first quarter. Ellis Investment Partners LLC now owns 1,488,472 shares of the technology company’s stock worth $1,488,000 after acquiring an additional 1,463,314 shares during the period. Norges Bank acquired a new stake in Lumentum during the fourth quarter worth about $34,669,000. AO Asset Management LP acquired a new stake in Lumentum during the first quarter worth about $20,513,000. Peregrine Capital Management LLC raised its stake in Lumentum by 35.1% during the first quarter. Peregrine Capital Management LLC now owns 747,951 shares of the technology company’s stock worth $42,289,000 after acquiring an additional 194,181 shares during the period. Finally, State of Wisconsin Investment Board raised its stake in Lumentum by 151.2% during the first quarter. State of Wisconsin Investment Board now owns 295,131 shares of the technology company’s stock worth $16,687,000 after acquiring an additional 177,633 shares during the period. Hedge funds and other institutional investors own 94.32% of the company’s stock.

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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