Lumentum Holdings Inc. (NASDAQ:LITE) Receives $75.38 Average Target Price from Brokerages

Lumentum Holdings Inc. (NASDAQ:LITE) has earned an average recommendation of “Hold” from the thirteen ratings firms that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $75.38.

A number of analysts have recently issued reports on the company. Rosenblatt Securities boosted their price objective on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Barclays boosted their price target on shares of Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. Raymond James increased their price target on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Northland Securities lifted their price objective on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Finally, Morgan Stanley increased their target price on Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th.

Insider Buying and Selling

In other news, Director Harold L. Covert sold 15,000 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the completion of the transaction, the director now directly owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. This represents a 63.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Wajid Ali sold 29,887 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 56,492 shares in the company, valued at $4,805,209.52. The trade was a 34.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,797 shares of company stock worth $8,881,428 in the last ninety days. 0.19% of the stock is owned by insiders.

Institutional Investors Weigh In On Lumentum

Several institutional investors and hedge funds have recently bought and sold shares of LITE. Dimensional Fund Advisors LP raised its holdings in shares of Lumentum by 8.3% during the second 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. Atreides Management LP increased its position in Lumentum by 28.5% during 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. Geode Capital Management LLC raised its holdings in Lumentum by 1.3% in the 3rd 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 in the last quarter. Divisar Capital Management LLC lifted its position in shares of Lumentum by 5.8% in the 2nd quarter. Divisar Capital Management LLC now owns 961,574 shares of the technology company’s stock worth $48,963,000 after purchasing an additional 52,300 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Lumentum by 5.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock valued at $46,784,000 after purchasing an additional 37,109 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Price Performance

Lumentum stock opened at $83.95 on Thursday. The stock has a market cap of $5.77 billion, a price-to-earnings ratio of -10.14 and a beta of 0.94. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The business has a 50-day simple moving average of $82.05 and a 200 day simple moving average of $65.09. Lumentum has a 52 week low of $38.28 and a 52 week high of $96.25.

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.