Lumentum (NASDAQ:LITE) Price Target Raised to $40.00 at Barclays

Lumentum (NASDAQ:LITE) had its target price lifted by equities researchers at Barclays from $38.00 to $40.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “underweight” rating on the technology company’s stock. Barclays‘s price objective indicates a potential downside of 22.56% from the stock’s previous close.

A number of other brokerages also recently weighed in on LITE. Needham & Company LLC boosted their target price on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. raised their price objective on shares of Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday. Susquehanna boosted their target price on shares of Lumentum from $60.00 to $70.00 and gave the company a “positive” rating in a research note on Wednesday, July 17th. B. Riley raised their price target on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday. Finally, StockNews.com upgraded Lumentum to a “sell” rating in a research note on Monday, May 6th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $58.50.

Lumentum Stock Up 13.4 %

Shares of NASDAQ:LITE opened at $51.65 on Thursday. Lumentum has a 12-month low of $35.35 and a 12-month high of $60.99. The company has a quick ratio of 3.87, a current ratio of 5.20 and a debt-to-equity ratio of 2.13. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of -9.84, a PEG ratio of 39.11 and a beta of 0.88. The business’s 50 day moving average is $50.26 and its 200 day moving average is $48.24.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. DigitalBridge Group Inc. increased its position in shares of Lumentum by 10.9% during the second quarter. DigitalBridge Group Inc. now owns 554,529 shares of the technology company’s stock valued at $28,237,000 after buying an additional 54,703 shares during the period. Divisar Capital Management LLC increased its stake in shares of Lumentum by 5.8% in the 2nd quarter. Divisar Capital Management LLC now owns 961,574 shares of the technology company’s stock worth $48,963,000 after acquiring an additional 52,300 shares in the last quarter. Caxton Associates LP lifted its position in Lumentum by 128.6% during the 2nd quarter. Caxton Associates LP now owns 160,330 shares of the technology company’s stock valued at $8,164,000 after acquiring an additional 90,185 shares during the period. Point72 DIFC Ltd bought a new stake in Lumentum during the second quarter worth about $36,000. Finally, King Luther Capital Management Corp grew its holdings in Lumentum by 2.7% in the second quarter. King Luther Capital Management Corp now owns 77,522 shares of the technology company’s stock worth $3,947,000 after purchasing an additional 2,052 shares during the period. 94.05% of the stock is currently owned by 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.