Lumentum (NASDAQ:LITE – Get Free Report) updated its fourth quarter 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of -0.050-0.100 for the period, compared to the consensus estimate of 0.140. The company issued revenue guidance of $290.0 million-$315.0 million, compared to the consensus revenue estimate of $331.4 million. Lumentum also updated its Q4 guidance to ($0.05)-$0.10 EPS.
Wall Street Analyst Weigh In
A number of equities analysts have issued reports on LITE shares. Needham & Company LLC restated a buy rating and set a $50.00 target price on shares of Lumentum in a report on Friday, February 9th. Barclays reduced their price objective on shares of Lumentum from $40.00 to $38.00 and set an underweight rating on the stock in a research note on Tuesday. B. Riley decreased their price objective on shares of Lumentum from $41.00 to $40.00 and set a neutral rating for the company in a report on Tuesday. Raymond James increased their target price on shares of Lumentum from $51.50 to $58.00 and gave the stock an outperform rating in a report on Monday, April 1st. Finally, JPMorgan Chase & Co. decreased their price target on shares of Lumentum from $62.00 to $57.00 and set an overweight rating for the company in a report on Thursday, April 11th. Three 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. According to MarketBeat.com, Lumentum presently has an average rating of Hold and an average price target of $52.08.
Get Our Latest Stock Analysis on LITE
Lumentum Stock Up 2.9 %
Lumentum (NASDAQ:LITE – Get Free Report) last announced its quarterly earnings data on Thursday, February 8th. The technology company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. The firm had revenue of $366.80 million during the quarter, compared to the consensus estimate of $363.44 million. Sell-side analysts forecast that Lumentum will post -0.64 earnings per share for the current fiscal year.
Insider Transactions at Lumentum
In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $49.23, for a total transaction of $487,524.69. Following the sale, 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 legal filing with the SEC, which is accessible through this link. Company insiders own 0.60% of the company’s stock.
Lumentum Company Profile
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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