Lumentum Holdings Inc. (LITE) Price Target Raised to $90.00 at DA Davidson

Lumentum Holdings Inc. (NASDAQ:LITE) had its price target upped by DA Davidson from $82.00 to $90.00 in a research report report published on Thursday. They currently have a buy rating on the technology company’s stock.

LITE has been the subject of several other research reports. Rosenblatt Securities set a $75.00 price objective on shares of Lumentum Holdings and gave the stock a buy rating in a research report on Tuesday, October 24th. Barclays PLC restated a hold rating on shares of Lumentum Holdings in a research report on Friday, July 14th. Piper Jaffray Companies restated an overweight rating and issued a $68.00 price objective on shares of Lumentum Holdings in a research report on Thursday, September 14th. BidaskClub cut shares of Lumentum Holdings from a hold rating to a sell rating in a research report on Saturday, August 19th. Finally, MKM Partners upgraded shares of Lumentum Holdings from a neutral rating to a buy rating and set a $66.00 price objective for the company in a research report on Wednesday, September 27th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $68.06.

Lumentum Holdings (LITE) opened at $59.30 on Thursday. Lumentum Holdings has a one year low of $34.15 and a one year high of $68.63. The company has a quick ratio of 4.38, a current ratio of 5.21 and a debt-to-equity ratio of 0.50. The stock has a market cap of $3,676.60, a P/E ratio of 41.47, a PEG ratio of 1.15 and a beta of 1.03.

Lumentum Holdings (NASDAQ:LITE) last posted its earnings results on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.18. Lumentum Holdings had a negative net margin of 9.32% and a positive return on equity of 15.99%. The company had revenue of $222.70 million during the quarter, compared to analysts’ expectations of $229.45 million. During the same quarter in the previous year, the company posted $0.41 earnings per share. Lumentum Holdings’s quarterly revenue was down 7.9% compared to the same quarter last year. sell-side analysts forecast that Lumentum Holdings will post 2.62 EPS for the current fiscal year.

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In other Lumentum Holdings news, Director Penny Herscher sold 1,313 shares of the company’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $53.04, for a total transaction of $69,641.52. Following the completion of the sale, the director now owns 26,464 shares in the company, valued at approximately $1,403,650.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Alan S. Lowe sold 7,916 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $52.62, for a total transaction of $416,539.92. Following the completion of the transaction, the chief executive officer now directly owns 141,162 shares of the company’s stock, valued at approximately $7,427,944.44. The disclosure for this sale can be found here. Insiders have sold a total of 87,269 shares of company stock valued at $4,602,526 in the last quarter. Corporate insiders own 0.76% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Suntrust Banks Inc. grew its holdings in shares of Lumentum Holdings by 0.4% in the 2nd quarter. Suntrust Banks Inc. now owns 9,468 shares of the technology company’s stock valued at $539,000 after buying an additional 37 shares during the period. LS Investment Advisors LLC grew its holdings in shares of Lumentum Holdings by 2.1% in the 2nd quarter. LS Investment Advisors LLC now owns 3,569 shares of the technology company’s stock valued at $204,000 after buying an additional 75 shares during the period. Arizona State Retirement System grew its holdings in shares of Lumentum Holdings by 0.7% in the 2nd quarter. Arizona State Retirement System now owns 29,060 shares of the technology company’s stock valued at $1,658,000 after buying an additional 200 shares during the period. Stifel Financial Corp grew its holdings in shares of Lumentum Holdings by 6.6% in the 2nd quarter. Stifel Financial Corp now owns 7,271 shares of the technology company’s stock valued at $415,000 after buying an additional 447 shares during the period. Finally, Texas Permanent School Fund grew its holdings in shares of Lumentum Holdings by 1.2% in the 2nd quarter. Texas Permanent School Fund now owns 40,628 shares of the technology company’s stock valued at $2,318,000 after buying an additional 468 shares during the period. 95.69% of the stock is owned by institutional investors.

About Lumentum Holdings

Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).

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