Lumentum (NASDAQ:LITE) Earns Buy Rating from Needham & Company LLC

Lumentum (NASDAQ:LITE)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They presently have a $110.00 target price on the technology company’s stock. Needham & Company LLC’s price objective points to a potential upside of 30.36% from the company’s previous close.

Several other analysts have also recently commented on LITE. Barclays increased their price target on shares of Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday, November 11th. Raymond James increased their price objective on Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Susquehanna boosted their target price on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Northland Securities upped their price target on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Finally, Rosenblatt Securities lifted their price objective on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $78.46.

Lumentum Price Performance

Lumentum stock opened at $84.38 on Thursday. The business’s fifty day moving average is $84.72 and its two-hundred day moving average is $66.56. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The firm has a market cap of $5.80 billion, a P/E ratio of -10.19 and a beta of 0.94. 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, Director Harold L. Covert sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total value of $1,307,550.00. Following the completion of the transaction, the director now owns 8,761 shares in the company, valued at $763,696.37. This trade represents a 63.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Wajid Ali sold 29,887 shares of Lumentum 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 approximately $4,805,209.52. This represents a 34.60 % 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 90 days. 0.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Lumentum

A number of institutional investors have recently added to or reduced their stakes in LITE. Dimensional Fund Advisors LP grew its position in shares of Lumentum by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock valued at $86,760,000 after acquiring an additional 130,838 shares during the period. Atreides Management LP grew its holdings in 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 purchasing an additional 375,389 shares during the period. Geode Capital Management LLC grew its holdings in Lumentum by 1.3% during the third quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock worth $75,198,000 after purchasing an additional 15,799 shares during the period. Divisar Capital Management LLC increased its position in Lumentum by 5.8% during the second quarter. Divisar Capital Management LLC now owns 961,574 shares of the technology company’s stock worth $48,963,000 after buying an additional 52,300 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Lumentum by 5.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock valued at $46,784,000 after buying an additional 37,109 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.