Lumentum (NASDAQ:LITE) Sets New 52-Week High – Still a Buy?

Lumentum Holdings Inc. (NASDAQ:LITE) reached a new 52-week high on Thursday . The company traded as high as $90.10 and last traded at $89.41, with a volume of 466053 shares. The stock had previously closed at $82.47.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on LITE shares. JPMorgan Chase & Co. raised their target price on shares of Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Raymond James increased their target price on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Craig Hallum upped their price target on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. B. Riley upped their target price on shares of Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Finally, Susquehanna upped their target price on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $74.85.

Lumentum Stock Performance

The firm has a fifty day simple moving average of $68.76 and a 200 day simple moving average of $56.47. The company has a market cap of $6.12 billion, a price-to-earnings ratio of -10.76 and a beta of 0.88. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04.

Insider Transactions at Lumentum

In other Lumentum news, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the completion of the transaction, the director now directly owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Penny Herscher sold 1,625 shares of Lumentum stock in a transaction on Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the transaction, the director now directly owns 6,852 shares of the company’s stock, valued at approximately $555,628.68. The trade was a 19.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 28,142 shares of company stock worth $2,428,743. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in LITE. Swedbank AB bought a new position in shares of Lumentum in the first quarter valued at about $71,025,000. Atreides Management LP raised its holdings in shares of Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after buying an additional 375,389 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in Lumentum during the 3rd quarter worth about $17,981,000. Van Lanschot Kempen Investment Management N.V. raised its holdings in Lumentum by 17.8% during the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after purchasing an additional 174,828 shares during the last quarter. Finally, Pinnacle Associates Ltd. raised its holdings in Lumentum by 50.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock worth $25,846,000 after purchasing an additional 136,659 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

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.