Lumentum Holdings Inc. (NASDAQ:LITE) Receives $75.38 Consensus Target Price from Analysts

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have received a consensus rating of “Hold” from the thirteen ratings firms that are covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $75.38.

Several research firms have weighed in on LITE. Morgan Stanley raised their price objective on shares of Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a research report on Tuesday, December 17th. Raymond James raised their price target on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Barclays upped their price objective on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a report on Monday, November 11th. Northland Securities lifted their target price on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Finally, Rosenblatt Securities upped their price target on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, November 8th.

Lumentum Price Performance

Shares of LITE stock opened at $83.84 on Thursday. The stock’s fifty day moving average is $80.97 and its 200-day moving average is $64.44. 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 52 week low of $38.28 and a 52 week high of $96.25. The stock has a market capitalization of $5.76 billion, a PE ratio of -10.13 and a beta of 0.95.

Insiders Place Their Bets

In other news, CAO Matthew Joseph Sepe sold 8,172 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total value of $715,867.20. Following the completion of the transaction, the chief accounting officer now owns 21,138 shares in the company, valued at $1,851,688.80. This represents a 27.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction of $2,542,188.22. Following the sale, the chief financial officer now owns 56,492 shares in the company, valued at approximately $4,805,209.52. The trade was a 34.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over 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

A number of large investors have recently added to or reduced their stakes in the company. Atom Investors LP acquired a new position in shares of Lumentum during the 3rd quarter worth about $4,127,000. Two Sigma Advisers LP raised its holdings in Lumentum by 24.7% during the third quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock worth $11,827,000 after acquiring an additional 37,000 shares in the last quarter. West Tower Group LLC acquired a new position in Lumentum during the third quarter valued at approximately $444,000. Quest Partners LLC increased its position in shares of Lumentum by 776,400.0% during the 3rd quarter. Quest Partners LLC now owns 7,765 shares of the technology company’s stock worth $492,000 after purchasing an additional 7,764 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Lumentum by 5.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock worth $46,784,000 after purchasing an additional 37,109 shares in the last quarter. Institutional investors 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.