Lumentum (NASDAQ:LITE) Given New $40.00 Price Target at Barclays

Lumentum (NASDAQ:LITE) had its price objective boosted by Barclays from $38.00 to $40.00 in a report published on Thursday, Benzinga reports. The firm currently has an underweight rating on the technology company’s stock.

Other analysts have also recently issued reports about the stock. Morgan Stanley increased their price target on shares of Lumentum from $50.00 to $54.00 and gave the company an equal weight rating in a research note on Thursday. StockNews.com raised Lumentum to a sell rating in a research note on Monday, May 6th. Susquehanna raised their price target on Lumentum from $60.00 to $70.00 and gave the company a positive rating in a report on Wednesday, July 17th. Rosenblatt Securities lifted their price objective on Lumentum from $65.00 to $69.00 and gave the stock a buy rating in a research report on Thursday. Finally, B. Riley upped their target price on shares of Lumentum from $40.00 to $50.00 and gave the company a neutral rating in a research report on Thursday. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $59.08.

Lumentum Trading Down 0.5 %

Shares of LITE opened at $51.98 on Thursday. The stock has a fifty day moving average price of $50.52 and a two-hundred day moving average price of $48.14. The company has a debt-to-equity ratio of 2.13, a quick ratio of 3.87 and a current ratio of 5.20. The company has a market cap of $3.51 billion, a price-to-earnings ratio of -9.90, a PEG ratio of 39.11 and a beta of 0.88. Lumentum has a 52-week low of $35.35 and a 52-week high of $60.99.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.03. Lumentum had a negative net margin of 24.91% and a negative return on equity of 1.72%. The business had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. During the same quarter in the prior year, the company earned $0.12 EPS. The firm’s quarterly revenue was down 16.9% on a year-over-year basis. Analysts predict that Lumentum will post -0.64 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of LITE. Swedbank AB acquired a new stake in Lumentum in the first quarter worth $71,025,000. Norges Bank bought a new stake in shares of Lumentum in the 4th quarter valued at $53,785,000. Westfield Capital Management Co. LP acquired a new stake in Lumentum during the 4th quarter worth $29,675,000. Vanguard Group Inc. raised its stake in Lumentum by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock worth $377,225,000 after buying an additional 442,177 shares during the period. Finally, Robeco Schweiz AG lifted its holdings in Lumentum by 28.1% during the first quarter. Robeco Schweiz AG now owns 843,000 shares of the technology company’s stock worth $39,916,000 after acquiring an additional 185,000 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.