Lumentum (NASDAQ:LITE) Price Target Raised to $83.00

Lumentum (NASDAQ:LITE) had its target price boosted by Morgan Stanley from $76.00 to $83.00 in a research note issued to investors on Tuesday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the technology company’s stock.

A number of other brokerages have also issued reports on LITE. Northland Securities increased their target price on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Raymond James raised 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. Rosenblatt Securities upped their target price on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Susquehanna lifted their price target on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research report on Friday, November 8th. Finally, Barclays boosted their price objective on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Lumentum presently has an average rating of “Hold” and an average target price of $75.38.

Lumentum Trading Down 4.6 %

NASDAQ:LITE opened at $88.92 on Tuesday. The stock has a market cap of $6.11 billion, a price-to-earnings ratio of -10.74 and a beta of 0.95. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. Lumentum has a 1 year low of $38.28 and a 1 year high of $96.25. The business has a fifty day moving average of $77.94 and a 200-day moving average of $61.94.

Insiders Place Their Bets

In other news, insider Vincent Retort sold 41,710 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 147,515 shares in the company, valued at $13,205,542.80. The trade was a 22.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harold L. Covert sold 15,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the completion of the sale, the director now owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 101,797 shares of company stock worth $8,881,428. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LITE. Quarry LP boosted its stake in shares of Lumentum by 85.5% during the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after buying an additional 201 shares during the period. Capital Performance Advisors LLP acquired a new stake in Lumentum during the third quarter valued at $33,000. Point72 DIFC Ltd acquired a new stake in Lumentum during the second quarter valued at $36,000. Nomura Asset Management Co. Ltd. grew its stake in Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after purchasing an additional 270 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in Lumentum by 141.6% in the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after purchasing an additional 524 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.