Lumentum (NASDAQ:LITE) Stock Rating Upgraded by Barclays

Lumentum (NASDAQ:LITE) was upgraded by research analysts at Barclays from an “underweight” rating to an “overweight” rating in a research note issued on Friday, Marketbeat reports. The firm presently has a $125.00 price objective on the technology company’s stock, up from their prior price objective of $80.00. Barclays‘s target price would indicate a potential upside of 32.40% from the stock’s previous close.

A number of other research analysts have also commented on LITE. Northland Securities upped their price target on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Susquehanna upped 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. Needham & Company LLC restated a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research report on Thursday, January 9th. 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 report on Friday, November 8th. Finally, Morgan Stanley increased 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. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $81.92.

Lumentum Trading Up 5.7 %

Lumentum stock opened at $94.41 on Friday. Lumentum has a 52 week low of $38.28 and a 52 week high of $96.25. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The firm has a market capitalization of $6.49 billion, a PE ratio of -11.40 and a beta of 0.94. The business’s 50-day simple moving average is $86.72 and its 200-day simple moving average is $68.24.

Insider Transactions at Lumentum

In other news, CFO Wajid Ali sold 29,887 shares of the firm’s stock in a transaction that occurred 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 owns 56,492 shares of the company’s stock, valued at approximately $4,805,209.52. This trade represents a 34.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Penny Herscher sold 1,625 shares of Lumentum stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $81.09, for a total transaction of $131,771.25. Following the completion of the transaction, the director now owns 6,852 shares of the company’s stock, valued at $555,628.68. This trade represents a 19.17 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 101,797 shares of company stock valued at $8,881,428. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Institutional investors have recently bought and sold shares of the business. Crossmark Global Holdings Inc. grew its holdings in shares of Lumentum by 4.0% during the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company’s stock worth $365,000 after purchasing an additional 168 shares during the last quarter. UMB Bank n.a. lifted its position in Lumentum by 301.2% during the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after buying an additional 253 shares in the last quarter. Hanseatic Management Services Inc. bought a new stake in Lumentum during the 4th quarter worth about $1,165,000. Assenagon Asset Management S.A. acquired a new stake in Lumentum in the 4th quarter valued at about $2,723,000. Finally, Friedenthal Financial bought a new position in shares of Lumentum in the fourth quarter worth about $773,000. Institutional investors own 94.05% 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.