Lumentum (NASDAQ:LITE) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Lumentum (NASDAQ:LITE) in a research note released on Thursday morning,Benzinga reports. They currently have a $110.00 target price on the technology company’s stock.

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

Lumentum Trading Down 1.6 %

LITE opened at $85.19 on Thursday. The stock has a market capitalization of $5.85 billion, a P/E ratio of -10.29 and a beta of 0.94. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. Lumentum has a 12 month low of $38.28 and a 12 month high of $96.25. The firm’s fifty day simple moving average is $84.72 and its 200 day simple moving average is $66.56.

Insider Activity at Lumentum

In other news, CFO Wajid Ali sold 29,887 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $85.06, for a total value of $2,542,188.22. Following the transaction, the chief financial officer now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Vincent Retort sold 41,710 shares of Lumentum 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 sale, the insider now directly owns 147,515 shares of the company’s stock, valued at approximately $13,205,542.80. The trade was a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 101,797 shares of company stock worth $8,881,428. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

A number of hedge funds have recently bought and sold shares of LITE. Atreides Management LP boosted its holdings in Lumentum by 28.5% in the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after purchasing an additional 375,389 shares during the period. Point72 Hong Kong Ltd acquired a new stake in Lumentum during the third quarter worth approximately $17,981,000. Pinnacle Associates Ltd. increased its stake 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 acquiring an additional 136,659 shares during the period. Dimensional Fund Advisors LP raised its holdings in 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 in the last quarter. Finally, Castleark Management LLC bought a new stake in shares of Lumentum during the 3rd quarter valued at $6,205,000. 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.