Lumentum Holdings Inc. (LITE) Upgraded by Zacks Investment Research to “Buy”

Lumentum Holdings Inc. (NASDAQ:LITE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, November 3rd. The firm currently has a $66.00 price target on the technology company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 14.98% from the company’s previous close.

According to Zacks, “Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company’s operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California. “

A number of other equities analysts also recently issued reports on LITE. B. Riley reaffirmed a “buy” rating and set a $77.00 price objective on shares of Lumentum Holdings in a report on Thursday, August 3rd. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $68.00 price objective on shares of Lumentum Holdings in a report on Thursday, August 10th. Barclays PLC lifted their price objective on shares of Lumentum Holdings from $50.00 to $59.00 and gave the stock an “equal weight” rating in a report on Thursday, August 10th. Needham & Company LLC reaffirmed a “strong-buy” rating and set a $80.00 price objective on shares of Lumentum Holdings in a report on Thursday, August 10th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $72.00 price objective (up from $63.00) on shares of Lumentum Holdings in a report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $68.06.

Shares of Lumentum Holdings (NASDAQ LITE) opened at $57.40 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 5.21 and a quick ratio of 4.38. The stock has a market cap of $3,500.00 and a price-to-earnings ratio of 39.02. Lumentum Holdings has a 52-week low of $34.15 and a 52-week high of $68.63.

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In other Lumentum Holdings news, CEO Alan S. Lowe sold 28,095 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $51.20, for a total value of $1,438,464.00. Following the transaction, the chief executive officer now directly owns 249,655 shares of the company’s stock, valued at $12,782,336. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Vincent Retort sold 30,706 shares of the firm’s stock in a transaction dated Thursday, September 28th. The stock was sold at an average price of $54.46, for a total value of $1,672,248.76. Following the completion of the transaction, the chief operating officer now directly owns 110,770 shares in the company, valued at $6,032,534.20. The disclosure for this sale can be found here. Insiders have sold 93,040 shares of company stock worth $4,972,395 over the last ninety days. 0.76% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in the business. BlackRock Inc. boosted its position in Lumentum Holdings by 7.0% in the second quarter. BlackRock Inc. now owns 6,889,157 shares of the technology company’s stock worth $393,025,000 after purchasing an additional 448,077 shares during the last quarter. Vanguard Group Inc. boosted its position in Lumentum Holdings by 2.3% in the second quarter. Vanguard Group Inc. now owns 5,330,153 shares of the technology company’s stock worth $304,085,000 after purchasing an additional 122,150 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Lumentum Holdings by 71.2% in the second quarter. Bank of New York Mellon Corp now owns 2,662,272 shares of the technology company’s stock worth $151,883,000 after purchasing an additional 1,107,107 shares during the last quarter. Alliancebernstein L.P. boosted its position in Lumentum Holdings by 14.5% in the second quarter. Alliancebernstein L.P. now owns 2,102,853 shares of the technology company’s stock worth $119,968,000 after purchasing an additional 265,723 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC raised its stake in shares of Lumentum Holdings by 23.4% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 2,099,760 shares of the technology company’s stock worth $119,791,000 after buying an additional 397,622 shares during the period. 95.69% of the stock is currently owned by institutional investors and hedge funds.

About Lumentum Holdings

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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Analyst Recommendations for Lumentum Holdings (NASDAQ:LITE)

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