Susquehanna Raises Lumentum (NASDAQ:LITE) Price Target to $80.00

Lumentum (NASDAQ:LITE) had its price objective hoisted by Susquehanna from $70.00 to $80.00 in a research report released on Monday morning, Benzinga reports. Susquehanna currently has a positive rating on the technology company’s stock.

Other equities research analysts have also recently issued research reports about the stock. B. Riley lifted their target price on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Craig Hallum upped their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Needham & Company LLC increased their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Raymond James boosted their target price on Lumentum from $55.00 to $70.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. Finally, JPMorgan Chase & Co. increased their price target on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $60.77.

Lumentum Stock Down 1.0 %

LITE opened at $65.56 on Monday. The company has a market cap of $4.43 billion, a PE ratio of -12.49, a price-to-earnings-growth ratio of 5.78 and a beta of 0.89. Lumentum has a twelve month low of $35.35 and a twelve month high of $71.07. The company has a 50-day moving average price of $59.13 and a 200 day moving average price of $51.56. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61.

Lumentum (NASDAQ:LITE) last announced its earnings results on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The business had revenue of $308.30 million during the quarter, compared to analysts’ expectations of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. The business’s revenue was down 16.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 earnings per share. Sell-side analysts expect that Lumentum will post 0.2 earnings per share for the current fiscal year.

Institutional Trading of Lumentum

Several institutional investors and hedge funds have recently bought and sold shares of LITE. Signaturefd LLC increased its position in shares of Lumentum by 13.8% during the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock valued at $83,000 after acquiring an additional 158 shares during the last quarter. Janney Montgomery Scott LLC raised its position in Lumentum by 1.8% in the first quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock valued at $691,000 after purchasing an additional 260 shares during the period. Mcdonald Partners LLC lifted its stake in Lumentum by 1.6% during the second quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock worth $1,010,000 after purchasing an additional 318 shares in the last quarter. Arizona State Retirement System boosted its position in shares of Lumentum by 2.5% during the second quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock worth $961,000 after buying an additional 455 shares during the period. Finally, Texas Permanent School Fund Corp grew its stake in shares of Lumentum by 0.9% in the first quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock valued at $2,759,000 after buying an additional 496 shares in the last quarter. 94.05% of the stock is currently owned by hedge funds and other 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.