Lumentum Holdings Inc (LITE) Rating Increased to Equal Weight at Barclays PLC

Lumentum Holdings Inc (NASDAQ:LITE) was upgraded by analysts at Barclays PLC from an “underweight” rating to an “equal weight” rating in a research note issued on Friday, May 5th. The brokerage currently has a $48.00 price objective on the technology company’s stock, up from their previous price objective of $35.00. Barclays PLC’s target price would suggest a potential downside of 9.52% from the stock’s previous close.

Several other research firms have also commented on LITE. Morgan Stanley boosted their price objective on shares of Lumentum Holdings from $34.00 to $44.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 22nd. Stifel Nicolaus reissued a “buy” rating and set a $57.50 target price (up previously from $45.00) on shares of Lumentum Holdings in a research report on Thursday, February 16th. Jefferies Group LLC reissued a “buy” rating and set a $56.00 target price on shares of Lumentum Holdings in a research report on Thursday, March 23rd. Zacks Investment Research raised shares of Lumentum Holdings from a “hold” rating to a “buy” rating and set a $53.00 target price on the stock in a research report on Tuesday, February 14th. Finally, MKM Partners reissued a “neutral” rating and set a $50.00 target price on shares of Lumentum Holdings in a research report on Monday, February 27th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $51.09.

Analyst Recommendations for Lumentum Holdings (NASDAQ:LITE)

Lumentum Holdings (NASDAQ:LITE) traded up 2.4081% during trading on Friday, reaching $54.3275. The company’s stock had a trading volume of 407,686 shares. The firm’s market cap is $3.32 billion. Lumentum Holdings has a one year low of $21.72 and a one year high of $56.70. The company has a 50-day moving average of $48.09 and a 200 day moving average of $43.43.

Lumentum Holdings (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, May 4th. The technology company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.37 by $0.12. The firm had revenue of $255.80 million during the quarter, compared to analyst estimates of $257.22 million. Lumentum Holdings had a net margin of 1.50% and a return on equity of 17.24%. Lumentum Holdings’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.32 EPS. Analysts expect that Lumentum Holdings will post $1.90 EPS for the current fiscal year.

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In related news, CFO Aaron Tachibana sold 1,521 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $54.40, for a total transaction of $82,742.40. Following the completion of the sale, the chief financial officer now directly owns 45,495 shares in the company, valued at $2,474,928. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Vincent Retort sold 809 shares of the firm’s stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $52.10, for a total transaction of $42,148.90. Following the sale, the chief operating officer now owns 66,444 shares of the company’s stock, valued at $3,461,732.40. The disclosure for this sale can be found here. Insiders have sold 12,034 shares of company stock valued at $648,658 over the last 90 days. 0.76% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Louisiana State Employees Retirement System raised its position in shares of Lumentum Holdings by 14.7% in the third quarter. Louisiana State Employees Retirement System now owns 24,120 shares of the technology company’s stock valued at $1,007,000 after buying an additional 3,100 shares during the period. Strs Ohio raised its position in shares of Lumentum Holdings by 72.6% in the third quarter. Strs Ohio now owns 29,000 shares of the technology company’s stock valued at $1,211,000 after buying an additional 12,200 shares during the period. Sawgrass Asset Management LLC raised its position in shares of Lumentum Holdings by 32.7% in the third quarter. Sawgrass Asset Management LLC now owns 24,675 shares of the technology company’s stock valued at $1,031,000 after buying an additional 6,080 shares during the period. Tocqueville Asset Management L.P. bought a new position in shares of Lumentum Holdings during the third quarter valued at $773,000. Finally, Gilder Gagnon Howe & Co. LLC raised its position in shares of Lumentum Holdings by 110,915.0% in the third quarter. Gilder Gagnon Howe & Co. LLC now owns 2,070,429 shares of the technology company’s stock valued at $86,482,000 after buying an additional 2,068,564 shares during the period. 84.16% of the stock is owned by institutional investors.

About Lumentum Holdings

Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).

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