Lumentum (NASDAQ:LITE) Price Target Raised to $75.00 at B. Riley

Lumentum (NASDAQ:LITE) had its price target upped by B. Riley from $62.00 to $75.00 in a research report report published on Friday morning,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

Several other analysts also recently commented on the stock. Morgan Stanley decreased their target price on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a research report on Friday, January 31st. Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and increased their target price for the stock from $80.00 to $125.00 in a research report on Friday, January 17th. Northland Securities upped their price target on Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research note on Friday. Stifel Nicolaus raised their price objective on Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Friday. Finally, Raymond James boosted their target price on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $88.07.

Lumentum Price Performance

LITE stock opened at $85.90 on Friday. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The firm has a 50 day simple moving average of $87.68 and a 200 day simple moving average of $71.49. Lumentum has a 52 week low of $38.28 and a 52 week high of $104.00.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%. On average, equities analysts forecast that Lumentum will post -0.04 earnings per share for the current fiscal year.

Insider Activity at Lumentum

In related news, Director Penny Herscher sold 1,625 shares of Lumentum stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $81.09, for a total transaction of $131,771.25. Following the completion of the transaction, the director now directly owns 6,852 shares of the company’s stock, valued at $555,628.68. This trade represents a 19.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Harold L. Covert sold 15,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total value of $1,307,550.00. Following the sale, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,797 shares of company stock valued at $8,881,428 in the last 90 days. 0.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. King Luther Capital Management Corp grew its position in shares of Lumentum by 21.3% during the 4th quarter. King Luther Capital Management Corp now owns 99,882 shares of the technology company’s stock worth $8,385,000 after buying an additional 17,551 shares during the period. Net Worth Advisory Group bought a new stake in shares of Lumentum during the 4th quarter valued at $207,000. Marvin & Palmer Associates Inc. bought a new stake in shares of Lumentum during the 4th quarter valued at $1,930,000. Daiwa Securities Group Inc. acquired a new position in shares of Lumentum in the 4th quarter valued at $67,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in shares of Lumentum in the 4th quarter worth $317,000. Institutional investors 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.