Barclays Cuts Lumentum (NASDAQ:LITE) Price Target to $70.00

Lumentum (NASDAQ:LITE) had its price target cut by analysts at Barclays from $125.00 to $70.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Barclays‘s price objective points to a potential upside of 37.36% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. Stifel Nicolaus upped their target price on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 7th. UBS Group boosted their price target on Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Jefferies Financial Group started coverage on Lumentum in a research report on Friday, February 21st. They set a “buy” rating on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $110.00 price target on shares of Lumentum in a report on Friday, February 7th. Finally, Northland Securities upgraded Lumentum from a “market perform” rating to an “outperform” rating in a research note on Monday, April 7th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $84.27.

Lumentum Stock Up 1.8 %

LITE stock traded up $0.89 during trading on Tuesday, reaching $50.96. The stock had a trading volume of 359,564 shares, compared to its average volume of 1,873,571. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The firm has a fifty day moving average price of $63.67 and a 200 day moving average price of $75.35. The company has a market capitalization of $3.53 billion, a P/E ratio of -6.62 and a beta of 1.14. Lumentum has a 1-year low of $38.29 and a 1-year high of $104.00.

Lumentum (NASDAQ:LITE) last announced its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. On average, equities analysts anticipate that Lumentum will post 0.03 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the sale, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lumentum

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. increased its position in shares of Lumentum by 1,372.0% in the first quarter. Blue Trust Inc. now owns 3,209 shares of the technology company’s stock worth $200,000 after acquiring an additional 2,991 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Lumentum by 3.4% in the first quarter. State of Alaska Department of Revenue now owns 8,103 shares of the technology company’s stock valued at $505,000 after purchasing an additional 270 shares in the last quarter. Rakuten Securities Inc. boosted its position in shares of Lumentum by 164.4% in the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company’s stock worth $30,000 after buying an additional 296 shares during the period. Assenagon Asset Management S.A. raised its position in Lumentum by 27.4% during the first quarter. Assenagon Asset Management S.A. now owns 41,334 shares of the technology company’s stock valued at $2,577,000 after buying an additional 8,901 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Lumentum by 72.1% in the 1st quarter. GAMMA Investing LLC now owns 2,051 shares of the technology company’s stock worth $128,000 after acquiring an additional 859 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

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.