Lumentum (NASDAQ:LITE) Given New $115.00 Price Target at Susquehanna

Lumentum (NASDAQ:LITE) had its target price raised by Susquehanna from $80.00 to $115.00 in a report published on Friday morning,Benzinga reports. Susquehanna currently has a positive rating on the technology company’s stock.

LITE has been the subject of several other reports. Morgan Stanley raised their target price on Lumentum from $50.00 to $54.00 and gave the company an “equal weight” rating in a research note on Thursday, August 15th. Jefferies Financial Group raised their target price on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Raymond James raised their target price on Lumentum from $55.00 to $70.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. Needham & Company LLC raised their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Finally, Bank of America lifted their price target on Lumentum from $45.00 to $50.00 and gave the company an “underperform” 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 given a buy rating to the company’s stock. According to data from MarketBeat.com, Lumentum has a consensus rating of “Hold” and a consensus price target of $70.08.

Lumentum Trading Up 13.9 %

Lumentum stock traded up $10.21 during trading hours on Friday, reaching $83.85. 7,369,004 shares of the company’s stock were exchanged, compared to its average volume of 1,490,137. The company has a quick ratio of 4.43, a current ratio of 5.90 and a debt-to-equity ratio of 2.61. The firm’s 50 day simple moving average is $63.25 and its 200 day simple moving average is $53.90. Lumentum has a twelve month low of $38.28 and a twelve month high of $88.00. The firm has a market capitalization of $5.75 billion, a PE ratio of -10.36, a PEG ratio of 7.34 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The firm had revenue of $308.30 million during the quarter, compared to the consensus estimate 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 period last year, the business posted $0.12 EPS. Research analysts predict that Lumentum will post 0.17 earnings per share for the current year.

Hedge Funds Weigh In On Lumentum

Hedge funds have recently modified their holdings of the company. John G Ullman & Associates Inc. raised its holdings in shares of Lumentum by 1.7% in the 3rd quarter. John G Ullman & Associates Inc. now owns 87,670 shares of the technology company’s stock worth $5,557,000 after purchasing an additional 1,432 shares during the period. King Luther Capital Management Corp raised its holdings in shares of Lumentum by 6.2% in the 3rd quarter. King Luther Capital Management Corp now owns 82,331 shares of the technology company’s stock worth $5,218,000 after purchasing an additional 4,809 shares during the period. Whalen Wealth Management Inc. raised its holdings in shares of Lumentum by 15.4% in the 3rd quarter. Whalen Wealth Management Inc. now owns 10,962 shares of the technology company’s stock worth $695,000 after purchasing an additional 1,462 shares during the period. Quest Partners LLC raised its holdings in shares of Lumentum by 776,400.0% in the 3rd quarter. Quest Partners LLC now owns 7,765 shares of the technology company’s stock worth $492,000 after purchasing an additional 7,764 shares during the period. Finally, Chesapeake Capital Corp IL bought a new stake in shares of Lumentum in the 3rd quarter worth approximately $335,000. Institutional investors own 94.05% of the company’s stock.

Lumentum Company Profile

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.