After Northland Securities and Rosenblatt Securities gave Lumentum Holdings (NASDAQ: LITE) a Buy rating last month, the company received another Buy, this time from Raymond James. Analyst Simon Leopold maintained a Buy rating on Lumentum Holdings today and set a price target of $78. The company’s shares opened today at $51.66.
According to TipRanks.com, Leopold is a 4-star analyst with an average return of 7.1% and a 58.8% success rate. Leopold covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Applied Optoelectronics, and Dell Technologies Inc.
Currently, the analyst consensus on Lumentum Holdings is a Strong Buy with an average price target of $64.18, a 24.2% upside from current levels. In a report issued on March 6, Northland Securities also assigned a Buy rating to the stock with a $64 price target.
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Based on Lumentum Holdings’ latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $16.3 million. In comparison, last year the company had a net profit of $205 million.
Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is negative on the stock.
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Lumentum Holdings, Inc. engages in the manufacture of optical and photonic products enabling optical networking and commercial laser. It operates through the Optical Communications (OpComms) and Commercial Lasers business segments. The OpComms segment includes modules and subsystems to support and maintain customers in the Telecom and Datacom markets.
