Lumentum (NASDAQ:LITE – Get Free Report) updated its fourth quarter earnings guidance on Monday. The company provided earnings per share (EPS) guidance of ($0.05)-$0.10 for the period, compared to the consensus estimate of $0.14. The company issued revenue guidance of $290-$315 million, compared to the consensus revenue estimate of $330.86 million. Lumentum also updated its Q4 2024 guidance to -0.050-0.100 EPS.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on LITE shares. Rosenblatt Securities lifted their target price on Lumentum from $60.00 to $65.00 and gave the company a buy rating in a research report on Friday, February 9th. Needham & Company LLC reiterated a buy rating and set a $50.00 price target on shares of Lumentum in a research report on Friday, February 9th. Raymond James boosted their target price on Lumentum from $51.50 to $58.00 and gave the company an outperform rating in a research report on Monday, April 1st. JPMorgan Chase & Co. dropped their price objective on Lumentum from $62.00 to $57.00 and set an overweight rating for the company in a research note on Thursday, April 11th. Finally, B. Riley decreased their target price on Lumentum from $41.00 to $40.00 and set a neutral rating on the stock in a research note on Tuesday. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $52.08.
View Our Latest Research Report on LITE
Lumentum Stock Up 2.9 %
Lumentum (NASDAQ:LITE – Get Free Report) last posted its earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.07). Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. The business had revenue of $366.80 million for the quarter, compared to analysts’ expectations of $363.44 million. Equities research analysts expect that Lumentum will post -0.64 earnings per share for the current year.
Insider Activity at Lumentum
In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $49.23, for a total value of $487,524.69. Following the transaction, the chief accounting officer now owns 33,188 shares of the company’s stock, valued at $1,633,845.24. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.60% of the stock is owned by insiders.
About Lumentum
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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