B. Riley Cuts Lumentum (NASDAQ:LITE) Price Target to $41.00

Lumentum (NASDAQ:LITEFree Report) had its price objective trimmed by B. Riley from $42.00 to $41.00 in a research report report published on Friday morning, Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

A number of other brokerages have also weighed in on LITE. Needham & Company LLC restated a buy rating and issued a $50.00 target price on shares of Lumentum in a research note on Friday. Stifel Nicolaus upped their target price on Lumentum from $55.00 to $62.00 and gave the stock a buy rating in a research note on Tuesday, January 2nd. Craig Hallum upgraded Lumentum from a hold rating to a buy rating in a research note on Friday, December 22nd. TheStreet cut Lumentum from a c- rating to a d rating in a report on Wednesday, November 8th. Finally, Susquehanna cut their price objective on Lumentum from $65.00 to $60.00 and set a positive rating for the company in a report on Friday. Three analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $51.86.

View Our Latest Stock Report on Lumentum

Lumentum Price Performance

Shares of NASDAQ LITE opened at $50.21 on Friday. The firm has a market capitalization of $3.36 billion, a P/E ratio of -12.74 and a beta of 1.14. The company has a quick ratio of 3.81, a current ratio of 3.13 and a debt-to-equity ratio of 1.96. The stock’s 50-day simple moving average is $51.36 and its two-hundred day simple moving average is $47.76. Lumentum has a twelve month low of $35.35 and a twelve month high of $65.16.

Insider Activity at Lumentum

In related news, Director Julia Suzanne Johnson sold 1,163 shares of the stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $44.17, for a total transaction of $51,369.71. Following the completion of the sale, the director now directly owns 22,032 shares in the company, valued at approximately $973,153.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lumentum

Institutional investors and hedge funds have recently bought and sold shares of the business. Headlands Technologies LLC purchased a new stake in Lumentum in the 3rd quarter worth approximately $26,000. Covestor Ltd raised its position in shares of Lumentum by 192.6% in the 2nd quarter. Covestor Ltd now owns 670 shares of the technology company’s stock worth $38,000 after acquiring an additional 441 shares in the last quarter. Ramirez Asset Management Inc. bought a new position in shares of Lumentum in the 3rd quarter worth approximately $32,000. Neo Ivy Capital Management bought a new position in shares of Lumentum in the 3rd quarter worth approximately $32,000. Finally, Principal Securities Inc. bought a new position in shares of Lumentum in the 4th quarter worth approximately $55,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Company Profile

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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.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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