Lumentum (NASDAQ:LITE) had its price target raised by analysts at MKM Partners to $88.00 in a research report issued on Wednesday. The firm presently has a “buy” rating on the technology company’s stock. MKM Partners’ price objective suggests a potential upside of 20.02% from the stock’s previous close.
A number of other research analysts have also issued reports on LITE. BidaskClub lowered shares of Lumentum from a “hold” rating to a “sell” rating in a report on Saturday, December 2nd. Zacks Investment Research lowered shares of Lumentum from a “buy” rating to a “hold” rating in a report on Wednesday, December 6th. Northland Securities upgraded shares of 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, December 11th. They noted that the move was a valuation call. B. Riley reiterated a “buy” rating and issued a $89.00 price objective on shares of Lumentum in a report on Wednesday, December 13th. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $81.00 price objective on shares of Lumentum in a report on Wednesday, January 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $74.81.
Shares of Lumentum (NASDAQ LITE) traded up $1.42 during midday trading on Wednesday, reaching $73.32. 957,397 shares of the company were exchanged, compared to its average volume of 2,457,584. The company has a market cap of $4,506.25, a price-to-earnings ratio of 49.97, a PEG ratio of 1.36 and a beta of -0.09. Lumentum has a 1-year low of $40.35 and a 1-year high of $74.40. The company has a current ratio of 4.84, a quick ratio of 4.16 and a debt-to-equity ratio of 0.38.
In other news, EVP Jason Reinhardt sold 9,308 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $56.82, for a total transaction of $528,880.56. Following the completion of the sale, the executive vice president now owns 59,635 shares of the company’s stock, valued at approximately $3,388,460.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Vincent Retort sold 12,111 shares of the firm’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $71.00, for a total transaction of $859,881.00. Following the sale, the chief operating officer now directly owns 77,318 shares of the company’s stock, valued at approximately $5,489,578. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,150 shares of company stock valued at $3,800,816. Company insiders own 0.76% of the company’s stock.
Several hedge funds have recently made changes to their positions in LITE. SeaCrest Wealth Management LLC bought a new stake in shares of Lumentum during the 4th quarter worth $128,000. Envestnet Asset Management Inc. raised its stake in shares of Lumentum by 1,164.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 3,653 shares of the technology company’s stock worth $178,000 after purchasing an additional 3,364 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Lumentum by 42.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock worth $186,000 after purchasing an additional 1,135 shares during the period. Ladenburg Thalmann Financial Services Inc. raised its stake in shares of Lumentum by 106.7% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,864 shares of the technology company’s stock worth $189,000 after purchasing an additional 1,995 shares during the period. Finally, Tyers Asset Management LLC raised its stake in shares of Lumentum by 26.6% during the 4th quarter. Tyers Asset Management LLC now owns 4,720 shares of the technology company’s stock worth $231,000 after purchasing an additional 992 shares during the period.
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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).
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