Lumentum (NASDAQ:LITE) Trading Up 5.8% – Time to Buy?

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) traded up 5.8% during trading on Thursday . The stock traded as high as $94.82 and last traded at $93.35. 413,771 shares were traded during trading, a decline of 72% from the average session volume of 1,491,317 shares. The stock had previously closed at $88.20.

Analysts Set New Price Targets

LITE has been the topic of several research reports. Raymond James upped their price objective on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Morgan Stanley increased their price objective on Lumentum from $61.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday, November 14th. Rosenblatt Securities raised their price objective on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Northland Securities lifted their price objective on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Finally, Barclays raised their price objective on shares of Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a report on Monday, November 11th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $74.85.

Lumentum Stock Up 2.4 %

The firm has a 50 day moving average price of $77.43 and a 200-day moving average price of $61.34. The firm has a market cap of $6.38 billion, a price-to-earnings ratio of -11.22 and a beta of 0.95. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04.

Insider Buying and Selling at Lumentum

In other Lumentum news, insider Vincent Retort sold 41,710 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the completion of the sale, the insider now owns 147,515 shares in the company, valued at approximately $13,205,542.80. The trade was a 22.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Wajid Ali sold 29,887 shares of the firm’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $85.06, for a total value of $2,542,188.22. Following the completion of the transaction, the chief financial officer now owns 56,492 shares in the company, valued at $4,805,209.52. This represents a 34.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,797 shares of company stock worth $8,881,428. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Institutional investors have recently modified their holdings of the stock. Envestnet Portfolio Solutions Inc. grew its holdings in Lumentum by 30.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 11,824 shares of the technology company’s stock valued at $602,000 after purchasing an additional 2,762 shares during the period. Leeward Investments LLC MA grew its holdings in shares of Lumentum by 5.6% in the 2nd quarter. Leeward Investments LLC MA now owns 377,152 shares of the technology company’s stock valued at $19,205,000 after buying an additional 20,046 shares during the period. Legacy Capital Group California Inc. bought a new stake in shares of Lumentum in the 2nd quarter valued at $346,000. JB Capital LLC raised its stake in Lumentum by 85.0% during the 2nd quarter. JB Capital LLC now owns 31,069 shares of the technology company’s stock worth $1,582,000 after buying an additional 14,271 shares during the period. Finally, Van Lanschot Kempen Investment Management N.V. lifted its holdings in Lumentum by 17.8% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock worth $58,803,000 after acquiring an additional 174,828 shares in the last quarter. 94.05% of the stock is currently 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.