Lumentum (NASDAQ:LITE) Downgraded to Hold Rating by Zacks Research

by · The Markets Daily

Zacks Research downgraded shares of Lumentum (NASDAQ:LITE – Free Report) from a strong-buy rating to a hold rating in a research report report published on Monday,Zacks.com reports.

A number of other research firms also recently issued reports on LITE. Rosenblatt Securities increased their target price on shares of Lumentum from $900.00 to $1,300.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. upped their price target on shares of Lumentum from $950.00 to $1,130.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Mizuho set a $1,100.00 price objective on Lumentum in a research report on Wednesday, May 6th. UBS Group boosted their target price on Lumentum from $455.00 to $960.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Finally, Craig Hallum upped their target price on Lumentum from $900.00 to $1,150.00 in a research report on Wednesday, May 6th. Fourteen investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $1,021.95.

Read Our Latest Analysis on LITE

Lumentum Stock Down 4.4%

Shares of Lumentum stock opened at $698.91 on Monday. Lumentum has a 1 year low of $88.93 and a 1 year high of $1,085.68. The company has a market cap of $54.38 billion, a P/E ratio of 129.43 and a beta of 1.48. The company has a current ratio of 1.14, a quick ratio of 0.97 and a debt-to-equity ratio of 0.01. The stock has a 50-day moving average price of $886.59 and a 200 day moving average price of $691.84.

Lumentum (NASDAQ:LITE – Get Free Report) last issued its earnings results on Tuesday, May 5th. The technology company reported $2.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.27 by $0.10. The company had revenue of $808.40 million for the quarter, compared to the consensus estimate of $810.21 million. Lumentum had a return on equity of 24.81% and a net margin of 17.61%.The firm’s quarterly revenue was up 90.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. As a group, analysts expect that Lumentum will post 6.4 EPS for the current fiscal year.

Insider Activity

In other Lumentum news, insider Vincent Retort sold 3,183 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $953.95, for a total transaction of $3,036,422.85. Following the completion of the sale, the insider directly owned 89,563 shares in the company, valued at $85,438,623.85. This represents a 3.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ian Small sold 4,954 shares of Lumentum stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $868.07, for a total value of $4,300,418.78. Following the completion of the transaction, the director owned 21,008 shares in the company, valued at $18,236,414.56. The trade was a 19.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 41,260 shares of company stock worth $38,859,220. Insiders own 0.43% of the company’s stock.

Institutional Investors Weigh In On Lumentum

Several hedge funds have recently modified their holdings of the business. Advisors Asset Management Inc. increased its position in Lumentum by 36.8% during the first quarter. Advisors Asset Management Inc. now owns 945 shares of the technology company’s stock worth $59,000 after acquiring an additional 254 shares during the period. NewEdge Advisors LLC boosted its holdings in Lumentum by 109.9% in the 1st quarter. NewEdge Advisors LLC now owns 11,986 shares of the technology company’s stock valued at $747,000 after purchasing an additional 6,275 shares during the period. Empowered Funds LLC grew its position in Lumentum by 9.1% in the 1st quarter. Empowered Funds LLC now owns 8,139 shares of the technology company’s stock worth $507,000 after purchasing an additional 680 shares during the last quarter. Hsbc Holdings PLC bought a new position in shares of Lumentum during the 2nd quarter worth about $298,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Lumentum during the 2nd quarter worth about $1,712,000. 94.05% of the stock is owned by institutional investors.

Lumentum Company Profile

(Get Free Report)

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.

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