Lumentum Holdings Inc. (NASDAQ:LITE) Receives $75.38 Average Target Price from Brokerages

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have received an average rating of “Hold” from the thirteen brokerages that are currently covering the stock, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $75.38.

LITE has been the topic of a number of recent research reports. Rosenblatt Securities raised their target price on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 8th. Northland Securities lifted their price objective on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Barclays increased their target price on shares of Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a report on Monday, November 11th. Susquehanna boosted their price target on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Finally, Morgan Stanley increased their price objective 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.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $83.95 on Thursday. The stock has a market cap of $5.77 billion, a price-to-earnings ratio of -10.14 and a beta of 0.94. 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 fifty-two week low of $38.28 and a fifty-two week high of $96.25. The firm’s 50-day simple moving average is $82.05 and its 200 day simple moving average is $65.09.

Insider Buying and Selling at Lumentum

In related news, Director Harold L. Covert sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the completion of the transaction, the director now directly owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total transaction of $715,867.20. Following the sale, the chief accounting officer now directly owns 21,138 shares in the company, valued at $1,851,688.80. The trade was a 27.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 101,797 shares of company stock worth $8,881,428 over the last ninety days. 0.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lumentum

A number of large investors have recently made changes to their positions in the stock. Signaturefd LLC raised its stake in shares of Lumentum by 13.8% during the 3rd quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock valued at $83,000 after purchasing an additional 158 shares during the period. Synovus Financial Corp grew its holdings in Lumentum by 1.5% during the 3rd quarter. Synovus Financial Corp now owns 13,225 shares of the technology company’s stock valued at $838,000 after buying an additional 200 shares in the last quarter. Quarry LP increased its position in shares of Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after buying an additional 201 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after buying an additional 270 shares in the last quarter. Finally, Arizona State Retirement System boosted its position in shares of Lumentum by 2.5% in the second quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock valued at $961,000 after acquiring an additional 455 shares during the period. 94.05% of the stock is owned by 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.