Bank of America Boosts Lumentum (NASDAQ:LITE) Price Target to $50.00

Lumentum (NASDAQ:LITE) had its price target hoisted by stock analysts at Bank of America from $45.00 to $50.00 in a research report issued on Thursday, Benzinga reports. The firm presently has an “underperform” rating on the technology company’s stock. Bank of America‘s price target would suggest a potential downside of 4.03% from the company’s current price.

A number of other brokerages also recently commented on LITE. Barclays upped their price objective on Lumentum from $38.00 to $40.00 and gave the stock an “underweight” rating in a research note on Thursday. Craig Hallum increased their price objective on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday. B. Riley lifted their price objective on shares of Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday. Morgan Stanley upped their target price on shares of Lumentum from $50.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Thursday. Finally, Susquehanna lifted their price target on Lumentum from $60.00 to $70.00 and gave the company a “positive” rating in a report on Wednesday, July 17th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $59.38.

Lumentum Stock Performance

NASDAQ LITE traded up $6.57 during trading hours on Thursday, reaching $52.10. The company’s stock had a trading volume of 5,594,700 shares, compared to its average volume of 1,363,873. The stock has a market cap of $3.52 billion, a PE ratio of -9.83, a PEG ratio of 39.11 and a beta of 0.88. The business has a 50-day simple moving average of $50.26 and a 200 day simple moving average of $48.24. Lumentum has a 52 week low of $35.35 and a 52 week high of $60.99. The company has a current ratio of 5.20, a quick ratio of 3.87 and a debt-to-equity ratio of 2.13.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Point72 DIFC Ltd bought a new stake in shares of Lumentum during the 2nd quarter worth $36,000. CENTRAL TRUST Co increased its stake in Lumentum by 714.3% in the 1st quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock worth $54,000 after purchasing an additional 1,000 shares in the last quarter. Principal Securities Inc. acquired a new stake in Lumentum during the 4th quarter worth about $55,000. Signaturefd LLC lifted its stake in Lumentum by 93.9% during the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after buying an additional 554 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new position in shares of Lumentum in the first quarter worth about $112,000. Institutional investors own 94.05% of the company’s stock.

About Lumentum

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 (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.