Lumentum (NASDAQ:LITE) Given “Buy” Rating at Needham & Company LLC

Lumentum (NASDAQ:LITE)‘s stock had its “buy” rating reissued by analysts at Needham & Company LLC in a research note issued on Thursday,Benzinga reports. They currently have a $110.00 target price on the technology company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 29.12% from the company’s current price.

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

Lumentum Stock Down 1.6 %

Shares of Lumentum stock opened at $85.19 on Thursday. 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 moving average price of $84.29 and a 200 day moving average price of $66.43. Lumentum has a fifty-two week low of $38.28 and a fifty-two week high of $96.25. The firm has a market cap of $5.85 billion, a P/E ratio of -10.29 and a beta of 0.94.

Insider Transactions at Lumentum

In other news, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction 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 directly owns 8,761 shares in the company, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Wajid Ali sold 29,887 shares of the company’s stock in a transaction on 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 owns 56,492 shares of the company’s stock, valued at approximately $4,805,209.52. This trade represents a 34.60 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,797 shares of company stock valued at $8,881,428. 0.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lumentum

Institutional investors and hedge funds have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake 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 worth $86,760,000 after purchasing an additional 130,838 shares during the last quarter. Atreides Management LP grew its position in Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after buying an additional 375,389 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Lumentum by 1.3% in the third quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock valued at $75,198,000 after buying an additional 15,799 shares in the last quarter. Divisar Capital Management LLC lifted its position in shares of Lumentum by 5.8% during the 2nd quarter. Divisar Capital Management LLC now owns 961,574 shares of the technology company’s stock valued at $48,963,000 after acquiring an additional 52,300 shares during the last quarter. 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 worth $46,784,000 after acquiring an additional 37,109 shares in the last quarter. 94.05% of the stock is 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.