Morgan Stanley Issues Positive Forecast for Lumentum (NASDAQ:LITE) Stock Price

Lumentum (NASDAQ:LITE - Get Free Report) had its price objective lifted by analysts at Morgan Stanley from $76.00 to $83.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "equal weight" rating on the technology company's stock. Morgan Stanley's price target would suggest a potential downside of 6.66% from the company's previous close.

Other equities analysts also recently issued research reports about the company. Susquehanna increased their price target on Lumentum from $80.00 to $115.00 and gave the stock a "positive" rating in a research report on Friday, November 8th. Barclays increased their target price on shares of Lumentum from $40.00 to $80.00 and gave the stock an "underweight" rating in a report on Monday, November 11th. Northland Securities boosted their price target on shares of Lumentum from $45.00 to $60.00 and gave the company a "market perform" rating in a report on Friday, November 8th. Raymond James upped their price target on shares of Lumentum from $70.00 to $100.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Finally, Rosenblatt Securities lifted their target price on Lumentum from $69.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, November 8th. Three research 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's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $75.38.

Lumentum Trading Down 4.6 %

Shares of NASDAQ LITE traded down $4.26 during trading hours on Tuesday, reaching $88.92. The stock had a trading volume of 1,391,581 shares, compared to its average volume of 1,497,447. Lumentum has a 52-week low of $38.28 and a 52-week high of $96.25. The firm has a market cap of $6.11 billion, a price-to-earnings ratio of -10.74 and a beta of 0.95. The business's fifty day moving average price is $77.94 and its two-hundred day moving average price is $61.94. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.

Insider Activity at Lumentum

In related news, insider Vincent Retort sold 41,710 shares of Lumentum stock in a transaction dated 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 transaction, the insider now owns 147,515 shares in the company, valued at $13,205,542.80. The trade was a 22.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Wajid Ali sold 29,887 shares of Lumentum stock in a transaction on Friday, November 29th. The shares were sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the sale, the chief financial officer now directly owns 56,492 shares in the company, valued at $4,805,209.52. This represents a 34.60 % 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 over the last three months. Company insiders own 0.19% of the company's stock.

Institutional Trading of Lumentum

Institutional investors have recently made changes to their positions in the company. Atreides Management LP lifted its position in Lumentum by 28.5% during the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company's stock worth $107,177,000 after buying an additional 375,389 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Lumentum during the 3rd quarter worth approximately $17,981,000. Van Lanschot Kempen Investment Management N.V. raised its position in shares of Lumentum by 17.8% during the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company's stock valued at $58,803,000 after buying an additional 174,828 shares during the period. Pinnacle Associates Ltd. lifted its holdings in Lumentum by 50.4% in the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company's stock valued at $25,846,000 after acquiring an additional 136,659 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Lumentum by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company's stock worth $86,760,000 after acquiring an additional 130,838 shares during the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

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.