BidaskClub Upgrades Lumentum (LITE) to “Hold”

Lumentum (NASDAQ:LITE) was upgraded by equities research analysts at BidaskClub from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Several other equities research analysts also recently weighed in on LITE. Barclays upgraded Lumentum from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $65.00 to $67.00 in a report on Wednesday. B. Riley restated a “buy” rating and set a $89.00 price target on shares of Lumentum in a report on Friday, January 5th. Piper Jaffray Companies restated a “buy” rating and set a $81.00 price target on shares of Lumentum in a report on Wednesday, January 3rd. Rosenblatt Securities restated a “buy” rating and set a $70.00 price target on shares of Lumentum in a report on Thursday, September 21st. Finally, Needham & Company LLC restated a “buy” rating and set a $80.00 price target on shares of Lumentum in a report on Thursday, October 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $69.69.

Shares of Lumentum (LITE) opened at $53.20 on Friday. The company has a current ratio of 5.21, a quick ratio of 4.38 and a debt-to-equity ratio of 0.50. Lumentum has a 1-year low of $34.15 and a 1-year high of $68.63. The firm has a market capitalization of $3,300.00 and a PE ratio of -34.77.

In related news, Director Penny Herscher sold 822 shares of the firm’s stock in a transaction that occurred on Friday, December 8th. The stock was 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Martin A. Kaplan sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $55.03, for a total value of $165,090.00. Following the transaction, the director now owns 26,573 shares in the company, valued at approximately $1,462,312.19. The disclosure for this sale can be found here. Insiders have sold a total of 31,643 shares of company stock worth $1,806,554 in the last 90 days. 0.76% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of the business. Copper Rock Capital Partners LLC lifted its position in Lumentum by 3.6% during the 4th quarter. Copper Rock Capital Partners LLC now owns 510,098 shares of the technology company’s stock worth $25,020,000 after acquiring an additional 17,679 shares during the period. Hellman Jordan Management Co. Inc. MA lifted its position in Lumentum by 35.4% during the 3rd quarter. Hellman Jordan Management Co. Inc. MA now owns 10,387 shares of the technology company’s stock worth $565,000 after acquiring an additional 2,717 shares during the period. AXA lifted its position in Lumentum by 27.7% during the 3rd quarter. AXA now owns 950,772 shares of the technology company’s stock worth $51,674,000 after acquiring an additional 206,281 shares during the period. Neuberger Berman Group LLC lifted its position in Lumentum by 20.8% during the 3rd quarter. Neuberger Berman Group LLC now owns 346,016 shares of the technology company’s stock worth $18,806,000 after acquiring an additional 59,600 shares during the period. Finally, Argent Capital Management LLC lifted its position in Lumentum by 21.1% during the 3rd quarter. Argent Capital Management LLC now owns 82,315 shares of the technology company’s stock worth $4,474,000 after acquiring an additional 14,325 shares during the period. 95.70% of the stock is owned by institutional investors.

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About Lumentum

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)

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