Morgan Stanley Forecasts Strong Price Appreciation for Lumentum (NASDAQ:LITE) Stock

Lumentum (NASDAQ:LITE) had its price objective upped by Morgan Stanley from $76.00 to $83.00 in a research note published on Tuesday,Benzinga reports. They currently have an equal weight rating on the technology company’s stock.

Other research analysts also recently issued reports about the company. Rosenblatt Securities raised their price objective on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Raymond James lifted their price target on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Barclays raised their target price on shares of Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday, November 11th. Susquehanna boosted their target price on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research report on Friday, November 8th. Finally, Northland Securities raised their price target on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Lumentum presently has a consensus rating of “Hold” and an average target price of $75.38.

Lumentum Trading Up 0.8 %

Lumentum stock opened at $83.56 on Tuesday. Lumentum has a one year low of $38.28 and a one year high of $96.25. The company’s fifty day moving average price is $79.00 and its two-hundred day moving average price is $62.55. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The company has a market capitalization of $5.74 billion, a price-to-earnings ratio of -10.09 and a beta of 0.95.

Insider Activity at Lumentum

In other news, CFO Wajid Ali sold 29,887 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 56,492 shares in the company, valued at approximately $4,805,209.52. This represents a 34.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Penny Herscher sold 1,625 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $81.09, for a total value of $131,771.25. Following the completion of the transaction, the director now directly owns 6,852 shares of the company’s stock, valued at approximately $555,628.68. The trade was a 19.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Atreides Management LP boosted its stake in shares of Lumentum by 28.5% in the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after purchasing an additional 375,389 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in Lumentum in the third quarter valued at about $17,981,000. Van Lanschot Kempen Investment Management N.V. grew its stake 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 buying an additional 174,828 shares during the last quarter. Pinnacle Associates Ltd. increased its holdings in shares of Lumentum by 50.4% during the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock worth $25,846,000 after buying an additional 136,659 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Lumentum by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock valued at $86,760,000 after purchasing an additional 130,838 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.