Lumentum (NASDAQ:LITE) Price Target Raised to $76.00

Lumentum (NASDAQ:LITE) had its price target boosted by Morgan Stanley from $61.00 to $76.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have an equal weight rating on the technology company’s stock.

A number of other equities research analysts have also recently weighed in on LITE. Rosenblatt Securities lifted their price target 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. Raymond James lifted their target price on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Needham & Company LLC boosted their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Bank of America raised their price target on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Thursday, August 15th. Finally, Craig Hallum boosted their price objective on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Lumentum currently has an average rating of “Hold” and a consensus target price of $74.85.

Lumentum Stock Down 4.3 %

Shares of NASDAQ:LITE opened at $81.45 on Thursday. The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of -9.84, a PEG ratio of 8.30 and a beta of 0.88. Lumentum has a 12-month low of $38.28 and a 12-month high of $89.70. The business has a 50-day moving average price of $66.35 and a 200 day moving average price of $55.56. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.

Insider Activity

In related news, CAO Matthew Joseph Sepe sold 8,172 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total value of $715,867.20. Following the sale, the chief accounting officer now owns 21,138 shares of the company’s stock, valued at $1,851,688.80. This trade represents a 27.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Harold L. Covert sold 15,000 shares of the business’s 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 transaction, the director now owns 8,761 shares of the company’s stock, valued at $763,696.37. This trade represents a 63.13 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.19% of the company’s stock.

Institutional Trading of Lumentum

A number of hedge funds and other institutional investors have recently bought and sold shares of LITE. Quarry LP increased its holdings in shares of Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after acquiring an additional 201 shares during the last quarter. Capital Performance Advisors LLP acquired a new position in Lumentum in the third quarter valued at approximately $33,000. Point72 DIFC Ltd acquired a new position in Lumentum in the second quarter valued at approximately $36,000. Nomura Asset Management Co. Ltd. increased its stake in Lumentum by 67.5% in the third 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 last quarter. Finally, GAMMA Investing LLC raised its holdings in Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after purchasing an additional 524 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.