Lumentum (NASDAQ:LITE) Stock Price Expected to Rise, Sanford C. Bernstein Analyst Says

Lumentum (NASDAQ:LITE) had its target price upped by research analysts at Sanford C. Bernstein from $635.00 to $700.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Sanford C. Bernstein‘s target price points to a potential upside of 17.14% from the stock’s previous close.

A number of other research analysts have also recently issued reports on LITE. Needham & Company LLC decreased their target price on Lumentum from $1,040.00 to $800.00 and set a “buy” rating for the company in a research note on Tuesday, November 3rd. Morgan Stanley raised their target price on Lumentum from $900.00 to $1,000.00 and gave the company an “equal weight” rating in a report on Wednesday, August 12th. Susquehanna reduced their price target on Lumentum from $1,100.00 to $950.00 and set a “positive” rating on the stock in a research report on Tuesday, November 3rd. JPMorgan Chase & Co. increased their price target on Lumentum from $1,165.00 to $1,280.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. Finally, Citigroup upped their target price on Lumentum from $1,200.00 to $1,400.00 and gave the company a “buy” rating in a report on Monday, September 28th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,059.00.

Lumentum Stock Performance

NASDAQ:LITE opened at $597.56 on Tuesday. The firm has a market capitalization of $54.20 billion, a PE ratio of -7.49 and a beta of 1.64. The company has a quick ratio of 1.40, a current ratio of 1.61 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average price of $888.15 and a 200 day moving average price of $802.77. Lumentum has a 12-month low of $215.35 and a 12-month high of $1,143.00.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Monday, November 2nd. The technology company reported $4.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.22 by $0.35. Lumentum had a positive return on equity of 28.85% and a negative net margin of 175.82%. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the previous year, the company posted $1.10 EPS. The business’s revenue for the quarter was up 136.5% compared to the same quarter last year. Research analysts anticipate that Lumentum will post 19.93 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Michael Hurlston sold 548 shares of the stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $958.66, for a total transaction of $525,345.68. Following the sale, the chief executive officer directly owned 186,951 shares of the company’s stock, valued at approximately $179,222,445.66. This represents a 0.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jae Kim sold 12,000 shares of Lumentum stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $852.58, for a total transaction of $10,230,960.00. Following the completion of the sale, the senior vice president directly owned 37,804 shares of the company’s stock, valued at approximately $32,230,934.32. This trade represents a 24.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 94,496 shares of company stock valued at $85,978,498. 0.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in LITE. Burkett Financial Services LLC bought a new position in Lumentum in the third quarter worth approximately $28,000. Putney Financial Group LLC purchased a new position in shares of Lumentum during the third quarter worth $28,000. Signature Equity Partners LLC lifted its stake in shares of Lumentum by 220.0% in the 3rd quarter. Signature Equity Partners LLC now owns 32 shares of the technology company’s stock valued at $31,000 after purchasing an additional 22 shares during the period. Meeder Asset Management Inc. purchased a new position in Lumentum during the second quarter worth approximately $40,000. Finally, Latitude Advisors LLC acquired a new stake in shares of Lumentum in the third quarter valued at about $40,000. 94.05% of the stock is currently owned by institutional investors.

About Lumentum

Lumentum Holdings Inc develops and manufactures optical and photonic products used in communications networks and industrial applications. Its offerings include optical components, modules and lasers that help transmit and process data across telecommunications and data center networks.

The company also supplies lasers and related technologies for industrial uses, including precision manufacturing and semiconductor production. Its products serve customers in markets around the world.

Lumentum became an independent public company in 2015 through a spin-off from JDSU, now Viavi Solutions.