Lumentum (NASDAQ:LITE) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.

Several other analysts also recently weighed in on the company. Northland Securities upgraded Lumentum from a “market perform” rating to an “outperform” rating and set a $58.00 price objective for the company in a report on Monday. They noted that the move was a valuation call. Zacks Investment Research downgraded Lumentum from a “buy” rating to a “hold” rating in a report on Wednesday, December 6th. Barclays lifted their price objective on Lumentum from $59.00 to $65.00 and gave the company an “equal weight” rating in a report on Thursday, November 2nd. MKM Partners boosted their target price on shares of Lumentum to $71.00 and gave the stock a “neutral” rating in a report on Thursday, November 2nd. Finally, DA Davidson boosted their target price on shares of Lumentum from $82.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $68.25.

Lumentum (LITE) traded down $1.75 during mid-day trading on Tuesday, hitting $51.75. The company had a trading volume of 2,321,292 shares, compared to its average volume of 1,844,499. The company has a debt-to-equity ratio of 0.50, a current ratio of 5.21 and a quick ratio of 4.38. The company has a market capitalization of $3,075.20, a P/E ratio of 34.69, a P/E/G ratio of 0.88 and a beta of 0.83. Lumentum has a 12-month low of $34.15 and a 12-month high of $68.63.

In other news, CFO Aaron Tachibana sold 1,248 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $60.00, for a total transaction of $74,880.00. Following the transaction, the chief financial officer now owns 69,830 shares in the company, valued at $4,189,800. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Penny Herscher sold 822 shares of the company’s stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $50.61, for a total transaction of $41,601.42. Following the transaction, the director now owns 34,793 shares in the company, valued at approximately $1,760,873.73. The disclosure for this sale can be found here. Insiders sold 66,713 shares of company stock valued at $3,717,034 over the last quarter. 0.76% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Hellman Jordan Management Co. Inc. MA increased its holdings in shares of Lumentum by 35.4% during the third quarter. Hellman Jordan Management Co. Inc. MA now owns 10,387 shares of the technology company’s stock valued at $565,000 after acquiring an additional 2,717 shares in the last quarter. AXA increased its holdings in shares of Lumentum by 27.7% during the third quarter. AXA now owns 950,772 shares of the technology company’s stock valued at $51,674,000 after acquiring an additional 206,281 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in shares of Lumentum by 20.8% during the third quarter. Neuberger Berman Group LLC now owns 346,016 shares of the technology company’s stock valued at $18,806,000 after acquiring an additional 59,600 shares in the last quarter. Argent Capital Management LLC increased its holdings in shares of Lumentum by 21.1% during the third quarter. Argent Capital Management LLC now owns 82,315 shares of the technology company’s stock valued at $4,474,000 after acquiring an additional 14,325 shares in the last quarter. Finally, Piedmont Investment Advisors LLC increased its holdings in shares of Lumentum by 11.3% during the third quarter. Piedmont Investment Advisors LLC now owns 13,391 shares of the technology company’s stock valued at $728,000 after acquiring an additional 1,360 shares in the last quarter. Hedge funds and other institutional investors own 95.70% of the company’s stock.

ILLEGAL ACTIVITY WARNING: “BidaskClub Upgrades Lumentum (LITE) to Hold” was originally published by American Banking News and is the property of of American Banking News. If you are accessing this report on another domain, it was illegally stolen and republished in violation of international copyright legislation. The correct version of this report can be read at https://www.americanbankingnews.com/2017/12/12/bidaskclub-upgrades-lumentum-lite-to-hold.html.

Lumentum Company Profile

Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).

Analyst Recommendations for Lumentum (NASDAQ:LITE)

Receive News & Ratings for Lumentum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum and related companies with MarketBeat.com's FREE daily email newsletter.