Lumentum Holdings Inc. (NASDAQ:LITE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday, November 3rd. The brokerage presently has a $66.00 price objective on the technology company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 9.54% from the company’s current price.
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. “
Several other research firms also recently issued reports on LITE. Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $80.00 price objective on shares of Lumentum Holdings in a research note on Wednesday, September 6th. B. Riley reiterated a “buy” rating and issued a $77.00 target price on shares of Lumentum Holdings in a report on Thursday, August 3rd. UBS AG upped their target price on Lumentum Holdings from $66.00 to $70.00 in a report on Wednesday, August 9th. Rosenblatt Securities set a $70.00 target price on Lumentum Holdings and gave the company a “buy” rating in a report on Wednesday, August 9th. Finally, Jefferies Group LLC restated a “buy” rating and set a $72.00 price target (up from $63.00) on shares of Lumentum Holdings in a report on Thursday, August 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company’s stock. Lumentum Holdings has an average rating of “Buy” and an average target price of $68.06.
Shares of Lumentum Holdings (NASDAQ:LITE) traded up $0.93 during midday trading on Friday, reaching $60.25. The company’s stock had a trading volume of 1,323,328 shares, compared to its average volume of 1,805,425. Lumentum Holdings has a 12-month low of $34.15 and a 12-month high of $68.63. The company has a debt-to-equity ratio of 0.50, a quick ratio of 4.38 and a current ratio of 5.21. The firm has a market capitalization of $3,730.00 and a P/E ratio of 40.52.
In other Lumentum Holdings news, COO Vincent Retort sold 30,706 shares of Lumentum Holdings stock in a transaction that occurred on 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 transaction, the chief operating officer now directly owns 110,770 shares of the company’s stock, valued at approximately $6,032,534.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Aaron Tachibana sold 1,248 shares of Lumentum Holdings stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $60.00, for a total value of $74,880.00. Following the completion of the transaction, the chief financial officer now directly owns 69,830 shares in the company, valued at $4,189,800. The disclosure for this sale can be found here. In the last quarter, insiders have sold 62,891 shares of company stock valued at $3,510,342. Corporate insiders own 0.76% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Kennedy Capital Management Inc. grew its position in shares of Lumentum Holdings by 24.2% in the 2nd quarter. Kennedy Capital Management Inc. now owns 383,304 shares of the technology company’s stock worth $21,867,000 after buying an additional 74,769 shares during the last quarter. Shelton Capital Management bought a new stake in shares of Lumentum Holdings during the second quarter valued at approximately $314,000. Alliancebernstein L.P. boosted its position in shares of Lumentum Holdings by 14.5% during the second quarter. Alliancebernstein L.P. now owns 2,102,853 shares of the technology company’s stock valued at $119,968,000 after purchasing an additional 265,723 shares in the last quarter. Lebenthal Lisanti Capital Growth LLC boosted its position in shares of Lumentum Holdings by 195.4% during the second quarter. Lebenthal Lisanti Capital Growth LLC now owns 36,345 shares of the technology company’s stock valued at $2,073,000 after purchasing an additional 24,040 shares in the last quarter. Finally, Chicago Equity Partners LLC boosted its position in shares of Lumentum Holdings by 20.1% during the second quarter. Chicago Equity Partners LLC now owns 14,655 shares of the technology company’s stock valued at $836,000 after purchasing an additional 2,455 shares in the last quarter. 95.69% of the stock is currently owned by institutional investors and hedge funds.
Lumentum Holdings Company Profile
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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