Needham & Company LLC assumed coverage on shares of Lumentum (NASDAQ:LITE) in a research report released on Tuesday, TipRanks reports. The firm issued a buy rating and a $105.00 price objective on the technology company’s stock.
Several other research analysts have also recently commented on LITE. ValuEngine raised Lumentum from a sell rating to a hold rating in a research report on Tuesday, March 3rd. Craig Hallum increased their price target on Lumentum from $95.00 to $100.00 and gave the company a buy rating in a research report on Wednesday, May 6th. B. Riley increased their price target on Lumentum from $96.00 to $99.00 and gave the company a buy rating in a research report on Wednesday, May 6th. Stifel Nicolaus raised their price objective on Lumentum from $70.00 to $93.00 and gave the company a buy rating in a research report on Wednesday, February 5th. Finally, BidaskClub cut Lumentum from a buy rating to a hold rating in a research report on Wednesday, May 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $90.37.
NASDAQ:LITE opened at $72.29 on Tuesday. The stock has a 50-day simple moving average of $76.64 and a 200 day simple moving average of $76.30. Lumentum has a 52-week low of $40.28 and a 52-week high of $93.23. The company has a debt-to-equity ratio of 0.67, a quick ratio of 6.24 and a current ratio of 6.85. The company has a market cap of $5.53 billion, a PE ratio of 17.25, a PEG ratio of 0.99 and a beta of 1.06.
In related news, CEO Alan S. Lowe sold 4,931 shares of Lumentum stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $70.79, for a total transaction of $349,065.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Matthew Joseph Sepe sold 2,896 shares of Lumentum stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $81.25, for a total value of $235,300.00. Following the sale, the chief accounting officer now directly owns 22,275 shares of the company’s stock, valued at $1,809,843.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,327 shares of company stock valued at $860,830. 0.48% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of the business. State of Tennessee Treasury Department increased its stake in Lumentum by 25.4% during the 1st quarter. State of Tennessee Treasury Department now owns 91,479 shares of the technology company’s stock worth $6,742,000 after acquiring an additional 18,555 shares during the period. The Manufacturers Life Insurance Company increased its stake in Lumentum by 2.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 156,366 shares of the technology company’s stock worth $11,524,000 after acquiring an additional 4,367 shares during the period. Matrix Capital Management Company LP bought a new position in Lumentum during the 1st quarter worth $42,746,000. Twinbeech Capital LP bought a new position in Lumentum during the 1st quarter worth $2,327,000. Finally, Mercer Global Advisors Inc. ADV increased its stake in Lumentum by 11.0% during the 1st quarter. Mercer Global Advisors Inc. ADV now owns 2,806 shares of the technology company’s stock worth $207,000 after acquiring an additional 279 shares during the period. Hedge funds and other institutional investors own 93.86% of the company’s stock.
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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
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