B.Riley FBR analyst Dave Kang maintained a Buy rating on Lumentum Holdings (LITE) today and set a price target of $96.00. The company’s shares closed last Monday at $86.52, close to its 52-week high of $86.88.
According to TipRanks.com, Kang is a top 100 analyst with an average return of 23.5% and a 67.1% success rate. Kang covers the Consumer Goods sector, focusing on stocks such as Applied Optoelectronics, DASAN Zhone Solutions, and Acacia Communications.
Currently, the analyst consensus on Lumentum Holdings is a Strong Buy with an average price target of $93.46, implying a 13.3% upside from current levels. In a report released yesterday, Needham also reiterated a Buy rating on the stock with a $105.00 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 $49.1 million. In comparison, last year the company had a net profit of $16.3 million.
Based on the recent corporate insider activity of 77 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of LITE in relation to earlier this year.
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Lumentum Holdings, Inc. engages in the provision of optical and photonic products. It operates through the Optical Communications (OpComms) and Commercial Lasers segments.
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