Lumentum (NASDAQ:LITE) Upgraded by Barclays to "Overweight" Rating

Barclays upgraded shares of Lumentum (NASDAQ:LITE - Free Report) from an underweight rating to an overweight rating in a report released on Friday, Marketbeat.com reports. Barclays currently has $125.00 price target on the technology company's stock, up from their prior price target of $80.00.

Other equities analysts have also issued reports about the company. Raymond James upped their target price on Lumentum from $70.00 to $100.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. Morgan Stanley raised their target price on shares of Lumentum from $76.00 to $83.00 and gave the company an "equal weight" rating in a research note on Tuesday, December 17th. Rosenblatt Securities boosted their price target on shares of Lumentum from $69.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Needham & Company LLC restated a "buy" rating and set a $110.00 price objective on shares of Lumentum in a research report on Thursday, January 9th. Finally, Susquehanna upped their target price on shares of Lumentum from $80.00 to $115.00 and gave the stock a "positive" rating in a research report on Friday, November 8th. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Lumentum currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.92.

Lumentum Price Performance

LITE traded up $5.05 during trading on Friday, reaching $94.41. 1,873,365 shares of the company were exchanged, compared to its average volume of 1,513,206. Lumentum has a 12-month low of $38.28 and a 12-month high of $96.25. The company's 50-day moving average is $86.51 and its two-hundred day moving average is $67.84. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The company has a market cap of $6.49 billion, a price-to-earnings ratio of -11.40 and a beta of 0.94.

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 29,887 shares of the business's stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the transaction, the chief financial officer now owns 56,492 shares in the company, valued at $4,805,209.52. The trade was a 34.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Vincent Retort sold 41,710 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the sale, the insider now owns 147,515 shares of the company's stock, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 101,797 shares of company stock worth $8,881,428 in the last three months. 0.19% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Quarry LP lifted its position in shares of Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company's stock worth $28,000 after purchasing an additional 201 shares during the period. UMB Bank n.a. lifted its holdings in Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock worth $28,000 after buying an additional 253 shares during the period. Capital Performance Advisors LLP bought a new stake in Lumentum during the 3rd quarter valued at approximately $33,000. Point72 DIFC Ltd purchased a new position in shares of Lumentum during the 2nd quarter worth approximately $36,000. Finally, Nomura Asset Management Co. Ltd. raised its position in shares of Lumentum by 67.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company's stock worth $42,000 after acquiring an additional 270 shares in the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.