Lumentum (NASDAQ:LITE) Given New $70.00 Price Target at Craig Hallum

Lumentum (NASDAQ:LITE) had its price objective boosted by Craig Hallum from $65.00 to $70.00 in a research report report published on Thursday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other research analysts have also recently issued reports on the company. B. Riley raised their target price on Lumentum from $40.00 to $50.00 and gave the stock a neutral rating in a research report on Thursday. Needham & Company LLC raised their price objective on shares of Lumentum from $65.00 to $70.00 and gave the stock a buy rating in a report on Thursday. Susquehanna upped their target price on shares of Lumentum from $60.00 to $70.00 and gave the company a positive rating in a report on Wednesday, July 17th. StockNews.com upgraded shares of Lumentum to a sell rating in a research report on Monday, May 6th. Finally, Barclays cut their price objective on shares of Lumentum from $40.00 to $38.00 and set an underweight rating for the company in a research report on Tuesday, May 7th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $58.36.

Lumentum Stock Performance

Shares of LITE stock traded down $0.45 on Thursday, reaching $51.81. The stock had a trading volume of 1,682,812 shares, compared to its average volume of 1,380,226. The company has a debt-to-equity ratio of 2.13, a quick ratio of 3.87 and a current ratio of 5.20. Lumentum has a 1 year low of $35.35 and a 1 year high of $60.99. The stock has a market cap of $3.50 billion, a P/E ratio of -10.24, a price-to-earnings-growth ratio of 39.11 and a beta of 0.88. The company has a 50 day simple moving average of $50.40 and a 200 day simple moving average of $48.27.

Institutional Investors Weigh In On Lumentum

A number of institutional investors and hedge funds have recently bought and sold shares of LITE. Swedbank AB bought a new position in shares of Lumentum in the first quarter worth about $71,025,000. Norges Bank purchased a new position in Lumentum in the 4th quarter worth approximately $53,785,000. Westfield Capital Management Co. LP bought a new position in Lumentum in the 4th quarter worth approximately $29,675,000. Vanguard Group Inc. grew its holdings in Lumentum by 6.5% during the 4th quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after buying an additional 442,177 shares in the last quarter. Finally, Robeco Schweiz AG raised its position in shares of Lumentum by 28.1% during the first quarter. Robeco Schweiz AG now owns 843,000 shares of the technology company’s stock valued at $39,916,000 after buying an additional 185,000 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

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.