Lumentum (NASDAQ:LITE) Upgraded at Barclays

Barclays upgraded shares of Lumentum (NASDAQ:LITE) from an underweight rating to an overweight rating in a research report released on Friday morning, MarketBeat reports. The brokerage currently has $125.00 target price on the technology company’s stock, up from their prior target price of $80.00.

LITE has been the subject of several other reports. Northland Securities boosted their price target on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Needham & Company LLC reissued a “buy” rating and issued a $110.00 target price on shares of Lumentum in a research note on Thursday, January 9th. Raymond James lifted their price target on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Rosenblatt Securities increased their price objective on shares of Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Susquehanna lifted their target price on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $81.92.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $94.41 on Friday. Lumentum has a 1 year low of $38.28 and a 1 year high of $96.25. The company’s 50-day moving average is $86.72 and its 200 day moving average is $68.34. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The stock has a market capitalization of $6.49 billion, a P/E ratio of -11.40 and a beta of 0.94.

Insider Activity

In other Lumentum news, CFO Wajid Ali sold 29,887 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the sale, the chief financial officer now directly owns 56,492 shares of the company’s stock, valued at approximately $4,805,209.52. This represents a 34.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Penny Herscher sold 1,625 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $81.09, for a total transaction of $131,771.25. Following the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 101,797 shares of company stock valued at $8,881,428 in the last ninety days. 0.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lumentum

Hedge funds have recently modified their holdings of the company. Quarry LP lifted its stake 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. UMB Bank n.a. lifted its position in shares of Lumentum by 301.2% in the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after acquiring an additional 253 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of Lumentum in the third quarter worth about $33,000. Point72 DIFC Ltd purchased a new stake in shares of Lumentum during the second quarter worth about $36,000. Finally, Nomura Asset Management Co. Ltd. raised its stake in Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after purchasing an additional 270 shares during the period. 94.05% of the stock is currently 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.