Lumentum (NASDAQ:LITE) Upgraded to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Lumentum (NASDAQ:LITEGet Rating) from a hold rating to a buy rating in a report released on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $100.00 target price on the technology company’s stock.

According to Zacks, “Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company’s operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California. “

Other equities analysts have also recently issued reports about the stock. Susquehanna Bancshares dropped their price objective on shares of Lumentum from $120.00 to $110.00 in a research note on Thursday, May 5th. Barclays dropped their price objective on shares of Lumentum from $105.00 to $100.00 and set an overweight rating for the company in a research note on Monday, April 25th. Morgan Stanley lifted their price target on shares of Lumentum from $91.00 to $97.00 and gave the stock an equal weight rating in a research note on Friday, February 4th. StockNews.com raised shares of Lumentum from a hold rating to a buy rating in a research note on Friday, May 6th. Finally, Susquehanna dropped their price target on shares of Lumentum from $120.00 to $110.00 in a research note on Thursday, May 5th. Two research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Buy and an average target price of $106.87.

Shares of NASDAQ:LITE opened at $90.08 on Tuesday. Lumentum has a 52 week low of $66.31 and a 52 week high of $108.90. The stock has a market capitalization of $6.22 billion, a P/E ratio of 36.62 and a beta of 0.91. The firm has a fifty day simple moving average of $89.91 and a two-hundred day simple moving average of $94.49. The company has a quick ratio of 4.35, a current ratio of 4.69 and a debt-to-equity ratio of 0.76.

Lumentum (NASDAQ:LITEGet Rating) last issued its quarterly earnings data on Wednesday, May 4th. The technology company reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.07. Lumentum had a net margin of 11.04% and a return on equity of 17.57%. The business had revenue of $395.40 million during the quarter, compared to analysts’ expectations of $390.16 million. During the same period last year, the company posted $1.08 EPS. The business’s revenue was down 5.7% on a year-over-year basis. On average, analysts expect that Lumentum will post 4.72 earnings per share for the current year.

In other news, CAO Matthew Joseph Sepe sold 2,302 shares of the business’s stock in a transaction dated Thursday, February 17th. The shares were sold at an average price of $101.27, for a total value of $233,123.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Wajid Ali sold 7,854 shares of the business’s stock in a transaction dated Thursday, February 17th. The shares were sold at an average price of $100.82, for a total transaction of $791,840.28. The disclosure for this sale can be found here. Insiders have sold a total of 18,965 shares of company stock valued at $1,912,911 in the last quarter. 0.32% of the stock is currently owned by company insiders.

Several large investors have recently bought and sold shares of LITE. Richelieu Gestion PLC bought a new stake in shares of Lumentum in the 1st quarter valued at about $32,000. Twin Tree Management LP bought a new stake in shares of Lumentum in the 1st quarter valued at about $36,000. Private Capital Group LLC raised its holdings in shares of Lumentum by 4,000.0% in the 1st quarter. Private Capital Group LLC now owns 451 shares of the technology company’s stock valued at $44,000 after purchasing an additional 440 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its position in Lumentum by 43.9% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 462 shares of the technology company’s stock worth $49,000 after purchasing an additional 141 shares during the last quarter. Finally, David J Yvars Group purchased a new stake in Lumentum during the 4th quarter worth approximately $50,000. Institutional investors and hedge funds own 92.49% of the company’s stock.

Lumentum Company Profile (Get Rating)

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 in 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.

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