Lumentum (NASDAQ:LITE) Shares Gap Up to $44.11

Lumentum Holdings Inc. (NASDAQ:LITE) shares gapped up before the market opened on Tuesday . The stock had previously closed at $44.11, but opened at $47.41. Lumentum shares last traded at $46.01, with a volume of 532,487 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Rosenblatt Securities upped their target price on shares of Lumentum from $60.00 to $65.00 and gave the company a “buy” rating in a report on Friday, February 9th. Needham & Company LLC restated a “buy” rating and set a $50.00 price objective on shares of Lumentum in a report on Friday, February 9th. StockNews.com upgraded Lumentum to a “sell” rating in a research note on Monday. Barclays reduced their target price on Lumentum from $40.00 to $38.00 and set an “underweight” rating on the stock in a research report on Tuesday. Finally, Raymond James increased their price objective on shares of Lumentum from $51.50 to $58.00 and gave the stock an “outperform” rating in a report on Monday, April 1st. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Lumentum currently has an average rating of “Hold” and a consensus target price of $52.08.

Lumentum Stock Up 2.4 %

The stock has a 50 day moving average of $45.98 and a 200 day moving average of $47.20. The firm has a market capitalization of $2.94 billion, a price-to-earnings ratio of -8.01 and a beta of 1.09. The company has a quick ratio of 2.42, a current ratio of 3.13 and a debt-to-equity ratio of 1.96.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). The firm had revenue of $366.80 million during the quarter, compared to the consensus estimate of $363.44 million. Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. As a group, analysts expect that Lumentum Holdings Inc. will post -0.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $49.23, for a total transaction of $487,524.69. Following the sale, the chief accounting officer now directly owns 33,188 shares in the company, valued at approximately $1,633,845.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.60% of the stock is owned by company insiders.

Institutional Trading of Lumentum

Hedge funds have recently bought and sold shares of the company. State Board of Administration of Florida Retirement System boosted its position in shares of Lumentum by 2.2% during the first quarter. State Board of Administration of Florida Retirement System now owns 79,009 shares of the technology company’s stock worth $3,741,000 after buying an additional 1,706 shares during the period. Entropy Technologies LP lifted its holdings in shares of Lumentum by 83.3% during the first quarter. Entropy Technologies LP now owns 7,161 shares of the technology company’s stock valued at $339,000 after purchasing an additional 3,254 shares during the last quarter. Qsemble Capital Management LP purchased a new position in Lumentum in the 1st quarter worth about $485,000. Arnhold LLC lifted its stake in Lumentum by 25.7% during the first quarter. Arnhold LLC now owns 187,828 shares of the technology company’s stock valued at $8,894,000 after buying an additional 38,399 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Lumentum in the first quarter worth approximately $687,000. 94.05% of the stock is currently owned by institutional investors.

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.