Brokerages Set Lumentum Holdings Inc. (NASDAQ:LITE) PT at $75.38

Lumentum Holdings Inc. (NASDAQ:LITE) has been assigned an average recommendation of “Hold” from the thirteen ratings firms that are presently covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $75.38.

Several brokerages have recently commented on LITE. Rosenblatt Securities lifted their target price on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Northland Securities lifted their price objective on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Raymond James increased their price objective on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Morgan Stanley upped their price target on shares of Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Susquehanna raised their price objective on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research report on Friday, November 8th.

Lumentum Trading Down 0.6 %

Shares of NASDAQ:LITE opened at $83.84 on Thursday. The company has a 50-day simple moving average of $80.97 and a 200 day simple moving average of $64.44. The company has a market capitalization of $5.76 billion, a P/E ratio of -10.13 and a beta of 0.95. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. Lumentum has a 52-week low of $38.28 and a 52-week high of $96.25.

Insider Buying and Selling at Lumentum

In other news, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total transaction of $715,867.20. Following the completion of the transaction, the chief accounting officer now owns 21,138 shares of the company’s stock, valued at approximately $1,851,688.80. The trade was a 27.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Wajid Ali sold 29,887 shares of the firm’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $85.06, for a total value of $2,542,188.22. Following the completion of the sale, the chief financial officer now directly owns 56,492 shares in the company, valued at $4,805,209.52. This trade represents a 34.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,797 shares of company stock valued at $8,881,428 in the last three months. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Several institutional investors and hedge funds have recently added to or reduced their stakes in LITE. Atreides Management LP grew its stake in shares of Lumentum by 28.5% during the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after buying an additional 375,389 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in Lumentum in the 3rd quarter worth about $17,981,000. Pinnacle Associates Ltd. raised its position in Lumentum by 50.4% in the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock valued at $25,846,000 after purchasing an additional 136,659 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Lumentum by 8.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock valued at $86,760,000 after purchasing an additional 130,838 shares during the last quarter. Finally, Hodges Capital Management Inc. acquired a new stake in shares of Lumentum during the second quarter valued at about $5,642,000. Institutional investors own 94.05% 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 (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.