Lumentum Holdings Inc. (NASDAQ:LITE) Given Consensus Rating of “Hold” by Analysts

Lumentum Holdings Inc. (NASDAQ:LITE) has earned an average recommendation of “Hold” from the thirteen research firms that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, three have given a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $75.38.

Several analysts have issued reports on the company. Raymond James upped their target price on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Susquehanna increased their target price on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Rosenblatt Securities boosted their price target on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Morgan Stanley raised their price objective on Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Finally, Barclays boosted their target price on Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday, November 11th.

Insider Activity

In other Lumentum news, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction that occurred 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 sale, the director now directly owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. The trade was a 63.13 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Vincent Retort sold 41,710 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the transaction, the insider now directly owns 147,515 shares of the company’s stock, valued at $13,205,542.80. This represents a 22.04 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 101,797 shares of company stock valued at $8,881,428. Company insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Lumentum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP boosted its holdings in shares of Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after buying an additional 201 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in Lumentum during the third quarter worth about $33,000. Point72 DIFC Ltd bought a new stake in Lumentum during the second quarter worth about $36,000. Nomura Asset Management Co. Ltd. grew its holdings in Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after purchasing an additional 270 shares during the period. Finally, GAMMA Investing LLC increased its stake in shares of Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after purchasing an additional 524 shares in the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

Lumentum Price Performance

LITE opened at $84.34 on Thursday. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The stock has a market capitalization of $5.79 billion, a P/E ratio of -10.19 and a beta of 0.95. The stock has a 50-day moving average price of $80.28 and a 200-day moving average price of $63.78. Lumentum has a 12-month low of $38.28 and a 12-month high of $96.25.

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.