Barclays Forecasts Strong Price Appreciation for Lumentum (NASDAQ:LITE) Stock

Lumentum (NASDAQ:LITE) had its target price hoisted by equities researchers at Barclays from $40.00 to $80.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “underweight” rating on the technology company’s stock. Barclays‘s target price would suggest a potential downside of 7.67% from the company’s previous close.

Other analysts have also issued research reports about the company. B. Riley boosted their target price on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Susquehanna increased their target price on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Jefferies Financial Group raised their target price on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Bank of America boosted their price target on shares of Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Thursday, August 15th. Finally, Needham & Company LLC raised 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. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Lumentum currently has a consensus rating of “Hold” and a consensus target price of $73.15.

Lumentum Stock Down 0.1 %

Shares of NASDAQ:LITE opened at $86.65 on Monday. The company has a market capitalization of $5.95 billion, a price-to-earnings ratio of -10.46, a PEG ratio of 8.55 and a beta of 0.88. Lumentum has a 12-month low of $38.28 and a 12-month high of $89.70. The business has a 50-day moving average price of $64.51 and a 200 day moving average price of $54.69. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The business had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.43%. The business’s revenue was down 16.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.12 EPS. Sell-side analysts expect that Lumentum will post 0.17 EPS for the current year.

Institutional Trading of Lumentum

A number of institutional investors have recently bought and sold shares of the business. Capital Performance Advisors LLP acquired a new stake in shares of Lumentum during the 3rd quarter worth about $33,000. Point72 DIFC Ltd acquired a new stake in Lumentum during the second quarter worth approximately $36,000. GAMMA Investing LLC lifted its position in shares of Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after buying an additional 524 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Lumentum by 93.9% in the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after buying an additional 554 shares in the last quarter. Finally, EntryPoint Capital LLC purchased a new position in shares of Lumentum in the 1st quarter valued at $112,000. 94.05% of the stock is 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.