Lumentum (NASDAQ:LITE) Price Target Raised to $115.00 at Susquehanna

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

A number of other brokerages have also issued reports on LITE. Craig Hallum raised their price target on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Needham & Company LLC raised their price target on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Rosenblatt Securities raised their price target on Lumentum from $65.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Bank of America raised their price target on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Thursday, August 15th. Finally, Jefferies Financial Group raised their price objective on Lumentum from $53.00 to $65.00 and gave the stock a “buy” 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 issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $73.15.

Lumentum Stock Up 3.4 %

LITE opened at $86.72 on Friday. 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 has a market cap of $5.95 billion, a P/E ratio of -10.47, a PEG ratio of 8.55 and a beta of 0.88. Lumentum has a 52 week low of $38.28 and a 52 week high of $89.70. The business’s fifty day simple moving average is $63.84 and its 200 day simple moving average is $54.38.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.03. The business had revenue of $308.30 million for the quarter, compared to analyst estimates of $301.36 million. Lumentum had a negative return on equity of 6.43% and a negative net margin of 40.70%. The business’s revenue for the quarter was down 16.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.12 earnings per share. As a group, equities research analysts anticipate that Lumentum will post 0.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Lumentum

Several hedge funds have recently modified their holdings of the stock. Janney Montgomery Scott LLC increased its holdings in Lumentum by 1.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock worth $691,000 after purchasing an additional 260 shares during the last quarter. Texas Permanent School Fund Corp increased its holdings 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 purchasing an additional 496 shares during the last quarter. Duality Advisers LP purchased a new stake in Lumentum during the 1st quarter worth approximately $1,307,000. Envestnet Portfolio Solutions Inc. increased its holdings in Lumentum by 11.0% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 9,062 shares of the technology company’s stock worth $429,000 after purchasing an additional 901 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Lumentum during the 1st quarter worth approximately $687,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

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.