Morgan Stanley Forecasts Strong Price Appreciation for Lumentum (NASDAQ:LITE) Stock

Lumentum (NASDAQ:LITE) had its price target hoisted by equities researchers at Morgan Stanley from $76.00 to $83.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s price target suggests a potential upside of 0.12% from the stock’s current price.

LITE has been the topic of several other reports. Rosenblatt Securities raised their price objective on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Susquehanna raised their price target on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Northland Securities upped their price objective on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Raymond James increased their price objective on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Barclays boosted their target price on Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a report on Monday, November 11th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Lumentum currently has an average rating of “Hold” and a consensus price target of $75.38.

Lumentum Price Performance

LITE stock opened at $82.90 on Tuesday. The business has a 50 day simple moving average of $78.67 and a 200-day simple moving average of $62.40. The company has a market capitalization of $5.70 billion, a P/E ratio of -10.01 and a beta of 0.95. Lumentum has a twelve month low of $38.28 and a twelve month high of $96.25. 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 at Lumentum

In related news, Director Penny Herscher sold 1,625 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $81.09, for a total value of $131,771.25. Following the completion of the transaction, the director now directly owns 6,852 shares of the company’s stock, valued at $555,628.68. This trade represents a 19.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was 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 in the company, valued at approximately $1,851,688.80. The trade was a 27.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 101,797 shares of company stock worth $8,881,428 over the last 90 days. Company insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Lumentum

A number of large investors have recently added to or reduced their stakes in LITE. Quarry LP lifted its holdings in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Lumentum during the 3rd quarter worth approximately $33,000. Nomura Asset Management Co. Ltd. lifted its stake in Lumentum by 67.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after buying an additional 270 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Lumentum during the 2nd quarter valued at $36,000. Finally, GAMMA Investing LLC increased its position 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 buying an additional 524 shares in the last quarter. 94.05% of the stock is 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.