Craig Hallum reissued their buy rating on shares of Lumentum (NASDAQ:LITE) in a research report sent to investors on Tuesday, The Fly reports. They currently have a $90.00 price target on the technology company’s stock, up from their previous price target of $85.00.
Several other research analysts have also recently issued reports on LITE. Piper Jaffray Companies reaffirmed a buy rating and set a $68.00 target price on shares of Lumentum in a research report on Monday, October 9th. Zacks Investment Research raised Lumentum from a hold rating to a buy rating and set a $66.00 price objective on the stock in a research report on Wednesday, October 11th. Needham & Company LLC reissued a buy rating and issued a $80.00 price objective on shares of Lumentum in a research report on Thursday, October 12th. Rosenblatt Securities set a $75.00 price objective on Lumentum and gave the stock a buy rating in a research report on Tuesday, October 24th. Finally, Jefferies Group reissued a buy rating and issued a $75.00 price objective on shares of Lumentum in a research report on Wednesday, November 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the stock. Lumentum currently has an average rating of Buy and a consensus target price of $70.41.
Lumentum (LITE) opened at $57.20 on Tuesday. The stock has a market capitalization of $3,540.00 and a P/E ratio of 39.45. The company has a current ratio of 4.84, a quick ratio of 4.38 and a debt-to-equity ratio of 0.38. Lumentum has a 1 year low of $40.35 and a 1 year high of $68.63.
In other Lumentum news, Director Martin A. Kaplan sold 15,000 shares of the business’s stock in a transaction on Monday, November 13th. The stock was sold at an average price of $57.07, for a total value of $856,050.00. Following the sale, the director now directly owns 29,573 shares in the company, valued at $1,687,731.11. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Aaron Tachibana sold 1,248 shares of the business’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $60.00, for a total value of $74,880.00. Following the completion of the sale, the chief financial officer now owns 69,830 shares in the company, valued at $4,189,800. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,643 shares of company stock worth $1,806,554. Corporate insiders own 0.76% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of LITE. Wells Fargo & Company MN raised its stake in shares of Lumentum by 60.5% in the second quarter. Wells Fargo & Company MN now owns 110,876 shares of the technology company’s stock valued at $6,326,000 after buying an additional 41,808 shares during the period. New York State Common Retirement Fund raised its stake in shares of Lumentum by 5.6% in the second quarter. New York State Common Retirement Fund now owns 94,820 shares of the technology company’s stock valued at $5,409,000 after buying an additional 5,031 shares during the period. Northern Trust Corp raised its stake in shares of Lumentum by 21.4% in the second quarter. Northern Trust Corp now owns 784,841 shares of the technology company’s stock valued at $44,776,000 after buying an additional 138,259 shares during the period. Vanguard Group Inc. raised its stake in shares of Lumentum by 2.3% in the second quarter. Vanguard Group Inc. now owns 5,330,153 shares of the technology company’s stock valued at $304,085,000 after buying an additional 122,150 shares during the period. Finally, FMR LLC raised its stake in shares of Lumentum by 38.8% in the second quarter. FMR LLC now owns 1,249,049 shares of the technology company’s stock valued at $71,259,000 after buying an additional 348,980 shares during the period.
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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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