Rosenblatt Securities Reiterates Buy Rating for Lumentum Holdings Inc. (LITE)

Lumentum Holdings Inc. (NASDAQ:LITE)‘s stock had its “buy” rating reissued by investment analysts at Rosenblatt Securities in a report issued on Thursday. They presently have a $70.00 price target on the technology company’s stock. Rosenblatt Securities’ price target indicates a potential upside of 27.04% from the company’s previous close.

Several other brokerages have also recently issued reports on LITE. Barclays PLC reiterated a “hold” rating on shares of Lumentum Holdings in a research note on Friday, July 14th. Stifel Nicolaus reiterated a “buy” rating and issued a $73.00 price objective on shares of Lumentum Holdings in a research note on Saturday, July 22nd. B. Riley reiterated a “buy” rating and issued a $77.00 price objective (up from $58.00) on shares of Lumentum Holdings in a research note on Tuesday, June 27th. BidaskClub cut Lumentum Holdings from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Finally, DA Davidson assumed coverage on Lumentum Holdings in a research note on Thursday, June 22nd. They issued a “neutral” rating and a $77.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Lumentum Holdings presently has a consensus rating of “Buy” and a consensus price target of $64.75.

Lumentum Holdings (NASDAQ:LITE) opened at 55.10 on Thursday. Lumentum Holdings has a one year low of $32.90 and a one year high of $60.00. The stock’s market capitalization is $3.39 billion. The stock has a 50 day moving average price of $58.20 and a 200-day moving average price of $58.20.

Lumentum Holdings (NASDAQ:LITE) last announced its quarterly earnings data on Wednesday, August 9th. The technology company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.18. The business had revenue of $222.70 million for the quarter, compared to analysts’ expectations of $229.45 million. Lumentum Holdings had a positive return on equity of 18.12% and a negative net margin of 10.25%. The company’s revenue for the quarter was down 7.9% compared to the same quarter last year. During the same period last year, the firm earned $0.41 earnings per share. Analysts anticipate that Lumentum Holdings will post $3.02 earnings per share for the current year.

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In other Lumentum Holdings news, CEO Alan S. Lowe sold 7,916 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $52.62, for a total transaction of $416,539.92. Following the transaction, the chief executive officer now owns 141,162 shares of the company’s stock, valued at $7,427,944.44. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Alan S. Lowe sold 28,095 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $51.20, for a total value of $1,438,464.00. Following the transaction, the chief executive officer now directly owns 249,655 shares in the company, valued at approximately $12,782,336. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 52,199 shares of company stock worth $2,692,047. Corporate insiders own 0.76% of the company’s stock.

Several hedge funds have recently modified their holdings of LITE. State Board of Administration of Florida Retirement System grew its holdings in shares of Lumentum Holdings by 7.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 37,161 shares of the technology company’s stock worth $1,983,000 after purchasing an additional 2,570 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Lumentum Holdings by 5.0% during the first quarter. First Trust Advisors LP now owns 92,273 shares of the technology company’s stock worth $4,923,000 after purchasing an additional 4,370 shares during the last quarter. Comerica Bank grew its holdings in shares of Lumentum Holdings by 5.8% during the first quarter. Comerica Bank now owns 61,424 shares of the technology company’s stock worth $2,690,000 after purchasing an additional 3,368 shares during the last quarter. LS Investment Advisors LLC grew its holdings in shares of Lumentum Holdings by 69.1% during the first quarter. LS Investment Advisors LLC now owns 3,494 shares of the technology company’s stock worth $186,000 after purchasing an additional 1,428 shares during the last quarter. Finally, Swiss National Bank grew its holdings in shares of Lumentum Holdings by 1.1% during the first quarter. Swiss National Bank now owns 79,320 shares of the technology company’s stock worth $4,232,000 after purchasing an additional 900 shares during the last quarter. 95.74% of the stock is currently 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).

Analyst Recommendations for Lumentum Holdings (NASDAQ:LITE)

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