Lumentum (NASDAQ:LITE) Rating Increased to Hold at BidaskClub

Lumentum (NASDAQ:LITE) was upgraded by research analysts at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Saturday, January 13th.

Several other research analysts have also commented on LITE. Rosenblatt Securities reissued a “buy” rating and issued a $70.00 price target on shares of Lumentum in a research report on Thursday, September 21st. MKM Partners raised Lumentum from a “neutral” rating to a “buy” rating and set a $66.00 price target for the company in a research report on Wednesday, September 27th. They noted that the move was a valuation call. Jefferies Group reissued a “buy” rating and issued a $75.00 price target on shares of Lumentum in a research report on Friday, October 6th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $68.00 target price on shares of Lumentum in a research report on Monday, October 9th. Finally, Zacks Investment Research raised Lumentum from a “hold” rating to a “buy” rating and set a $66.00 target price on the stock in a research report on Wednesday, October 11th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $67.35.

Lumentum (NASDAQ LITE) opened at $42.60 on Friday. The company has a market capitalization of $2,640.00 and a price-to-earnings ratio of -27.84. The company has a debt-to-equity ratio of 0.50, a current ratio of 5.21 and a quick ratio of 4.38. Lumentum has a 1 year low of $36.90 and a 1 year high of $68.63.

In other news, CEO Alan S. Lowe sold 6,025 shares of the company’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $57.13, for a total value of $344,208.25. Following the sale, the chief executive officer now owns 250,593 shares in the company, valued at $14,316,378.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Penny Herscher sold 822 shares of the company’s stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $50.61, for a total value of $41,601.42. Following the completion of the sale, the director now owns 34,793 shares in the company, valued at approximately $1,760,873.73. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,643 shares of company stock worth $1,806,554. Company insiders own 0.76% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the company. Whale Rock Capital Management LLC boosted its position in Lumentum by 86.0% during the third quarter. Whale Rock Capital Management LLC now owns 1,590,359 shares of the technology company’s stock worth $86,436,000 after purchasing an additional 735,239 shares in the last quarter. Artemis Investment Management LLP boosted its position in Lumentum by 676.1% during the third quarter. Artemis Investment Management LLP now owns 672,022 shares of the technology company’s stock worth $36,541,000 after purchasing an additional 585,432 shares in the last quarter. BlackRock Inc. boosted its position in Lumentum by 7.0% during the second quarter. BlackRock Inc. now owns 6,889,157 shares of the technology company’s stock worth $393,025,000 after purchasing an additional 448,077 shares in the last quarter. Cramer Rosenthal Mcglynn LLC boosted its position in Lumentum by 51.5% during the third quarter. Cramer Rosenthal Mcglynn LLC now owns 1,139,914 shares of the technology company’s stock worth $61,954,000 after purchasing an additional 387,290 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its position in Lumentum by 98.4% during the third quarter. Ameriprise Financial Inc. now owns 762,469 shares of the technology company’s stock worth $41,441,000 after purchasing an additional 378,255 shares in the last quarter.

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About Lumentum

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).

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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