Brokerages Set Lumentum Holdings Inc. (NASDAQ:LITE) Price Target at $74.85

Lumentum Holdings Inc. (NASDAQ:LITE) has received a consensus rating of “Hold” from the thirteen analysts that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and eight have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $74.85.

Several research firms have recently weighed in on LITE. Needham & Company LLC increased their price target on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Barclays raised their target price on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. JPMorgan Chase & Co. upped their price target on shares of Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Craig Hallum upped their target price on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, B. Riley lifted their price target on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th.

Lumentum Stock Up 2.7 %

Shares of NASDAQ:LITE opened at $88.70 on Friday. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. Lumentum has a 1 year low of $38.28 and a 1 year high of $91.21. The stock’s fifty day moving average price is $72.59 and its 200-day moving average price is $58.73.

Insiders Place Their Bets

In related news, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction 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 in the company, valued at approximately $1,851,688.80. The trade was a 27.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Wajid Ali sold 29,887 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the sale, the chief financial officer now owns 56,492 shares in the company, valued at approximately $4,805,209.52. This trade represents a 34.60 % 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 in the last three months. 0.19% of the stock is owned by company insiders.

Institutional Trading of Lumentum

Several institutional investors have recently added to or reduced their stakes in LITE. Atreides Management LP increased its holdings in Lumentum by 28.5% during the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after purchasing an additional 375,389 shares during the period. Point72 Hong Kong Ltd purchased a new position in Lumentum during the 3rd quarter valued at about $17,981,000. Van Lanschot Kempen Investment Management N.V. raised its holdings in shares of Lumentum by 17.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock valued at $58,803,000 after purchasing an additional 174,828 shares in the last quarter. Pinnacle Associates Ltd. lifted its position in shares of Lumentum by 50.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock worth $25,846,000 after purchasing an additional 136,659 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake 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 purchasing an additional 130,838 shares in the last quarter. Institutional investors own 94.05% of the company’s stock.

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.