Needham & Company LLC reissued their buy rating on shares of Lumentum (NASDAQ:LITE - Free Report) in a research report released on Thursday morning,Benzinga reports. They currently have a $110.00 price objective on the technology company's stock.
Several other equities analysts have also commented on the company. Morgan Stanley raised their price objective on Lumentum from $76.00 to $83.00 and gave the company an "equal weight" rating in a research report on Tuesday, December 17th. Rosenblatt Securities lifted their price target on shares of Lumentum from $69.00 to $110.00 and gave the company a "buy" rating in a research report on Friday, November 8th. Raymond James boosted their price objective on shares of Lumentum from $70.00 to $100.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. Susquehanna raised their target price on shares of Lumentum from $80.00 to $115.00 and gave the company a "positive" rating in a research note on Friday, November 8th. Finally, Barclays boosted their price target on Lumentum from $40.00 to $80.00 and gave the stock an "underweight" rating in a research report on Monday, November 11th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $78.46.
View Our Latest Analysis on Lumentum
Lumentum Stock Down 1.6 %
Shares of LITE traded down $1.40 on Thursday, reaching $85.19. The stock had a trading volume of 1,114,538 shares, compared to its average volume of 1,517,768. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. Lumentum has a 12-month low of $38.28 and a 12-month high of $96.25. The firm has a market capitalization of $5.85 billion, a price-to-earnings ratio of -10.29 and a beta of 0.94. The company has a 50-day simple moving average of $84.72 and a 200-day simple moving average of $66.56.
Insiders Place Their Bets
In related news, insider Vincent Retort sold 41,710 shares of the company's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the completion of the sale, the insider now owns 147,515 shares in the company, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Penny Herscher sold 1,625 shares of the firm's stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $81.09, for a total value of $131,771.25. Following the completion of the transaction, the director now directly owns 6,852 shares in the company, valued at $555,628.68. The trade was a 19.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,797 shares of company stock valued at $8,881,428. 0.19% of the stock is owned by insiders.
Institutional Investors Weigh In On Lumentum
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Atom Investors LP bought a new stake in Lumentum during the third quarter valued at approximately $4,127,000. Two Sigma Advisers LP grew its position in shares of Lumentum by 24.7% during the 3rd quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company's stock valued at $11,827,000 after acquiring an additional 37,000 shares during the period. West Tower Group LLC bought a new stake in shares of Lumentum during the 3rd quarter valued at $444,000. Quest Partners LLC increased its stake in shares of Lumentum by 776,400.0% in the 3rd quarter. Quest Partners LLC now owns 7,765 shares of the technology company's stock worth $492,000 after purchasing an additional 7,764 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Lumentum by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company's stock worth $46,784,000 after purchasing an additional 37,109 shares during the period. Hedge funds and other institutional investors own 94.05% of the company's stock.
Lumentum Company Profile
(
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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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