Raymond James Forecasts Strong Price Appreciation for Lumentum (NASDAQ:LITE) Stock

Lumentum (NASDAQ:LITE) had its target price lifted by equities research analysts at Raymond James from $70.00 to $100.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the technology company’s stock. Raymond James’ price target points to a potential upside of 18.89% from the stock’s current price.

Several other research firms have also issued reports on LITE. JPMorgan Chase & Co. raised their price target on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Craig Hallum increased their price objective on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Needham & Company LLC upped their price objective on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Jefferies Financial Group lifted their price target on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Finally, B. Riley upped their price objective on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Lumentum has an average rating of “Hold” and a consensus target price of $65.77.

Lumentum Price Performance

LITE stock traded up $10.47 during mid-day trading on Friday, hitting $84.11. 5,526,013 shares of the stock were exchanged, compared to its average volume of 1,450,447. The business has a fifty day moving average price of $62.73 and a 200 day moving average price of $53.61. Lumentum has a 12 month low of $38.28 and a 12 month high of $88.00. The company has a debt-to-equity ratio of 2.61, a current ratio of 5.90 and a quick ratio of 4.43. The stock has a market capitalization of $5.77 billion, a price-to-earnings ratio of -10.40, a PEG ratio of 5.48 and a beta of 0.88.

Lumentum (NASDAQ:LITE) last issued its 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. The business had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative return on equity of 4.79% and a negative net margin of 40.21%. Lumentum’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.12 earnings per share. On average, sell-side analysts anticipate that Lumentum will post 0.2 EPS for the current year.

Hedge Funds Weigh In On Lumentum

Institutional investors have recently made changes to their positions in the business. Signaturefd LLC increased its stake in shares of Lumentum by 13.8% in the 3rd quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock worth $83,000 after purchasing an additional 158 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Lumentum by 1.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock valued at $691,000 after buying an additional 260 shares in the last quarter. Mcdonald Partners LLC grew its stake in shares of Lumentum by 1.6% during the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock valued at $1,010,000 after acquiring an additional 318 shares during the period. Arizona State Retirement System increased its holdings in Lumentum by 2.5% in the 2nd quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock worth $961,000 after acquiring an additional 455 shares in the last quarter. Finally, Texas Permanent School Fund Corp raised its stake in Lumentum by 0.9% during the 1st quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock worth $2,759,000 after acquiring an additional 496 shares during the period. 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.