Lumentum (NASDAQ:LITE) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Lumentum (NASDAQ:LITE) in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a $110.00 price objective on the technology company’s stock.

A number of other research analysts have also issued reports on LITE. Morgan Stanley boosted their target price on Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Raymond James upped their price objective on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Rosenblatt Securities boosted their price target on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Barclays raised 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. Finally, Northland Securities boosted their target price on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Lumentum presently has a consensus rating of “Hold” and a consensus price target of $78.46.

Lumentum Stock Performance

NASDAQ LITE opened at $84.38 on Thursday. The business’s 50-day moving average price is $85.10 and its 200 day moving average price is $66.94. 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 firm has a market cap of $5.80 billion, a P/E ratio of -10.19 and a beta of 0.94. Lumentum has a 52-week low of $38.28 and a 52-week high of $96.25.

Insider Buying and Selling at Lumentum

In other Lumentum news, CAO Matthew Joseph Sepe sold 8,172 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total transaction 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. This represents a 27.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Vincent Retort sold 41,710 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $89.52, for a total value of $3,733,879.20. Following the transaction, the insider now directly owns 147,515 shares of the company’s stock, valued at $13,205,542.80. The trade was a 22.04 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is owned by corporate insiders.

Institutional Trading of Lumentum

A number of large investors have recently made changes to their positions in LITE. Atreides Management LP raised its stake in Lumentum by 28.5% in 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 last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Lumentum in the third quarter valued at approximately $17,981,000. Pinnacle Associates Ltd. raised its position in shares of Lumentum by 50.4% in the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock valued at $25,846,000 after buying an additional 136,659 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Lumentum by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after acquiring an additional 130,838 shares during the last quarter. Finally, Castleark Management LLC purchased a new stake in Lumentum in the 3rd quarter worth approximately $6,205,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

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.