Lumentum (NASDAQ:LITE) Given New $100.00 Price Target at Stifel Nicolaus

Stifel Nicolaus raised Lumentum's price target from $85.00 to $100.00, maintaining a "buy" rating. This suggests a potential upside of 20.36% from the previous close. Other firms like Morgan Stanley and Barclays also adjusted their targets, with an average rating of "Moderate Buy" and a target price of $82.80. Lumentum's stock performance has been strong, trading at $83.09, with a market cap of $5.77 billion. The company reported earnings of $0.57 per share, exceeding estimates, and revenue of $425.20 million, up 16% year-over-year.

Lumentum (NASDAQ:LITE - Get Free Report) had its price objective increased by Stifel Nicolaus from $85.00 to $100.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the technology company's stock. Stifel Nicolaus' price target would suggest a potential upside of 20.36% from the company's previous close.

Coherent gains from the AI chip boom

Several other research firms also recently commented on LITE. Morgan Stanley increased their price objective on shares of Lumentum from $70.00 to $76.00 and gave the company an "equal weight" rating in a report on Wednesday. Barclays set a $75.00 target price on Lumentum and gave the stock an "overweight" rating in a research note on Wednesday, May 7th. Jefferies Financial Group began coverage on Lumentum in a report on Friday, February 21st. They issued a "buy" rating for the company. Northland Securities set a $80.00 price target on Lumentum in a research note on Wednesday, May 7th. Finally, BNP Paribas upgraded Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price objective for the company in a research note on Tuesday, March 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $82.80.

Read Our Latest Stock Analysis on LITE

Lumentum Price Performance

Lumentum Lights Up on the AI and ML Surge

NASDAQ LITE traded up $2.81 during trading hours on Thursday, reaching $83.09. 1,297,046 shares of the stock traded hands, compared to its average volume of 2,026,627. The stock has a 50 day simple moving average of $64.30 and a two-hundred day simple moving average of $75.08. Lumentum has a 1 year low of $38.29 and a 1 year high of $104.00. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The company has a market cap of $5.77 billion, a price-to-earnings ratio of -10.81 and a beta of 1.18.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.07. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The business had revenue of $425.20 million for the quarter, compared to analysts' expectations of $418.18 million. During the same period in the previous year, the firm posted $0.09 EPS. The business's revenue was up 16.0% on a year-over-year basis. On average, analysts predict that Lumentum will post 0.03 EPS for the current fiscal year.

Insider Activity

New Name, Coherent is a Compelling AI Data Infrastructure Play

In related news, insider Yuen Wupen sold 4,426 shares of the firm's stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $71.80, for a total value of $317,786.80. Following the completion of the sale, the insider now owns 92,099 shares in the company, valued at $6,612,708.20. This trade represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Jae Kim sold 4,577 shares of Lumentum stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $77.98, for a total transaction of $356,914.46. Following the sale, the senior vice president now owns 31,534 shares of the company's stock, valued at approximately $2,459,021.32. The trade was a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,298 shares of company stock worth $1,081,764. Corporate insiders own 0.19% of the company's stock.

Institutional Trading of Lumentum

A number of large investors have recently added to or reduced their stakes in LITE. Crestline Management LP bought a new position in shares of Lumentum during the 4th quarter valued at $4,435,000. SBI Securities Co. Ltd. acquired a new stake in shares of Lumentum during the 4th quarter valued at about $739,000. M&T Bank Corp boosted its position in Lumentum by 54.2% in the fourth quarter. M&T Bank Corp now owns 18,104 shares of the technology company's stock valued at $1,520,000 after buying an additional 6,361 shares in the last quarter. Aigen Investment Management LP lifted its position in shares of Lumentum by 72.9% during the fourth quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company's stock worth $1,464,000 after purchasing an additional 7,354 shares in the last quarter. Finally, Versor Investments LP bought a new stake in shares of Lumentum during the fourth quarter worth approximately $336,000. 94.05% of the stock is currently owned by institutional investors.

Lumentum Company Profile

(Get Free Report)

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.

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