Susquehanna Raises Lumentum (NASDAQ:LITE) Price Target to $80.00

Lumentum (NASDAQ:LITE) had its price objective hoisted by Susquehanna from $70.00 to $80.00 in a research note published on Monday morning, Benzinga reports. The brokerage currently has a positive rating on the technology company’s stock.

Several other equities analysts have also recently issued reports on the stock. Barclays boosted their target price on shares of Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a research note on Thursday, August 15th. Rosenblatt Securities increased their target price on shares of Lumentum from $65.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. 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 report on Thursday, August 15th. Raymond James upped their price target on Lumentum from $55.00 to $70.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. Finally, JPMorgan Chase & Co. raised their price objective on Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a report on Monday, August 12th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $60.77.

Lumentum Price Performance

NASDAQ:LITE opened at $64.64 on Monday. The firm’s fifty day moving average is $60.60 and its two-hundred day moving average is $52.03. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of -12.31, a PEG ratio of 5.78 and a beta of 0.89. The company has a debt-to-equity ratio of 2.61, a quick ratio of 4.43 and a current ratio of 5.90. Lumentum has a one year low of $35.35 and a one year high of $71.07.

Lumentum (NASDAQ:LITE) last issued its earnings results on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The firm had revenue of $308.30 million for 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 company’s revenue was down 16.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.12 earnings per share. Research analysts expect that Lumentum will post 0.2 EPS for the current year.

Institutional Trading of Lumentum

Several large investors have recently bought and sold shares of LITE. Swedbank AB acquired a new position in shares of Lumentum during the 1st quarter worth approximately $71,025,000. Vanguard Group Inc. boosted its stake in Lumentum by 6.5% during the fourth 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 last quarter. Van Lanschot Kempen Investment Management N.V. grew its holdings in Lumentum by 17.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock valued at $58,803,000 after buying an additional 174,828 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Lumentum by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after acquiring an additional 130,838 shares during the last quarter. Finally, Hodges Capital Management Inc. purchased a new position in shares of Lumentum during the 2nd quarter worth $5,642,000. Hedge funds and other institutional investors 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.