Lumentum’s (LITE) Buy Rating Reiterated at B. Riley

B. Riley reissued their buy rating on shares of Lumentum (NASDAQ:LITE) in a report released on Wednesday. The firm currently has a $85.00 price objective on the technology company’s stock, up from their prior price objective of $81.00.

Other analysts also recently issued reports about the company. Barclays upgraded Lumentum from an equal weight rating to an overweight rating and increased their price objective for the company from $65.00 to $67.00 in a report on Wednesday, January 10th. Loop Capital assumed coverage on Lumentum in a report on Monday, January 29th. They issued a buy rating and a $65.00 price objective for the company. BidaskClub upgraded Lumentum from a sell rating to a hold rating in a report on Wednesday, January 31st. UBS Group started coverage on Lumentum in a report on Wednesday, January 31st. They issued a buy rating and a $57.00 price objective for the company. Finally, Craig Hallum reaffirmed a buy rating and set a $90.00 price target (up previously from $85.00) on shares of Lumentum in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $70.41.

Shares of Lumentum (NASDAQ:LITE) opened at $57.20 on Wednesday. The firm has a market capitalization of $3,660.00 and a price-to-earnings ratio of 39.45. Lumentum has a 1-year low of $40.35 and a 1-year high of $68.63. The company has a quick ratio of 4.38, a current ratio of 4.84 and a debt-to-equity ratio of 0.38.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, February 6th. The technology company reported $1.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.67. The business had revenue of $404.60 million during the quarter, compared to the consensus estimate of $357.03 million. Lumentum had a return on equity of 24.06% and a net margin of 8.97%. Lumentum’s quarterly revenue was up 52.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.57 earnings per share. equities analysts anticipate that Lumentum will post 2.69 EPS for the current fiscal year.

In other news, CEO Alan S. Lowe sold 5,548 shares of the stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $58.53, for a total transaction of $324,724.44. Following the transaction, the chief executive officer now owns 231,763 shares of the company’s stock, valued at approximately $13,565,088.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Aaron Tachibana sold 1,248 shares of the stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $60.00, for a total transaction of $74,880.00. Following the transaction, the chief financial officer now directly owns 69,830 shares in the company, valued at approximately $4,189,800. The disclosure for this sale can be found here. Insiders have sold 31,643 shares of company stock worth $1,806,554 in the last ninety days. Insiders own 0.76% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of Lumentum by 3.6% during the 4th quarter. BlackRock Inc. now owns 7,756,216 shares of the technology company’s stock worth $379,279,000 after purchasing an additional 268,849 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Lumentum by 2.3% during the 2nd quarter. Vanguard Group Inc. now owns 5,330,153 shares of the technology company’s stock worth $304,085,000 after purchasing an additional 122,150 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Lumentum by 58.0% during the 4th quarter. Bank of New York Mellon Corp now owns 4,005,797 shares of the technology company’s stock worth $195,883,000 after purchasing an additional 1,470,587 shares in the last quarter. Whale Rock Capital Management LLC boosted its position in shares of Lumentum by 86.0% during the 3rd quarter. Whale Rock Capital Management LLC now owns 1,590,359 shares of the technology company’s stock worth $86,436,000 after purchasing an additional 735,239 shares in the last quarter. Finally, State Street Corp boosted its position in shares of Lumentum by 16.3% during the 2nd quarter. State Street Corp now owns 1,491,562 shares of the technology company’s stock worth $85,095,000 after purchasing an additional 208,872 shares in the last quarter.

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Lumentum Company Profile

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).

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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