BidaskClub upgraded shares of Lumentum (NASDAQ:LITE) from a sell rating to a hold rating in a report published on Saturday morning.
A number of other research analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Lumentum from a buy rating to a hold rating in a report on Wednesday, December 6th. DA Davidson lifted their price objective on shares of Lumentum from $82.00 to $90.00 and gave the company a buy rating in a report on Thursday, November 2nd. MKM Partners lifted their price objective on shares of Lumentum to $71.00 and gave the company a neutral rating in a report on Thursday, November 2nd. Rosenblatt Securities set a $75.00 price objective on shares of Lumentum and gave the company a buy rating in a report on Tuesday, October 24th. Finally, B. Riley restated a buy rating and issued a $89.00 price objective on shares of Lumentum in a report on Wednesday, December 13th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the stock. Lumentum currently has an average rating of Buy and an average price target of $69.69.
Lumentum (LITE) traded up $0.20 during trading on Friday, hitting $53.20. 1,355,843 shares of the stock were exchanged, compared to its average volume of 2,420,000. The stock has a market cap of $3,300.00 and a P/E ratio of -34.77. Lumentum has a twelve month low of $34.15 and a twelve month high of $68.63. The company has a quick ratio of 4.38, a current ratio of 5.21 and a debt-to-equity ratio of 0.50.
In other Lumentum news, Director Penny Herscher sold 822 shares of the business’s stock in a transaction that occurred on Friday, December 8th. The shares were sold at an average price of $50.61, for a total transaction of $41,601.42. Following the completion of the transaction, the director now owns 34,793 shares in the company, valued at approximately $1,760,873.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Martin A. Kaplan sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $55.03, for a total transaction of $165,090.00. Following the transaction, the director now owns 26,573 shares of the company’s stock, valued at approximately $1,462,312.19. The disclosure for this sale can be found here. Insiders have sold a total of 31,643 shares of company stock valued at $1,806,554 in the last quarter. 0.76% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Riverhead Capital Management LLC grew its holdings in Lumentum by 71.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock worth $118,000 after acquiring an additional 862 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Lumentum by 111.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock worth $152,000 after acquiring an additional 1,406 shares in the last quarter. Virtu KCG Holdings LLC acquired a new position in Lumentum during the 2nd quarter worth approximately $226,000. Los Angeles Capital Management & Equity Research Inc. acquired a new position in Lumentum during the 3rd quarter worth approximately $234,000. Finally, First Allied Advisory Services Inc. acquired a new position in Lumentum during the 3rd quarter worth approximately $237,000. Institutional investors own 95.70% of the company’s stock.
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Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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