Lumentum’s (LITE) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Lumentum (NASDAQ:LITE) in a research note issued to investors on Thursday,Benzinga reports. They currently have a $110.00 price objective on the technology company’s stock.

A number of other research firms also recently weighed in on LITE. Barclays lifted their target price on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. Susquehanna boosted their price objective on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research report on Friday, November 8th. Northland Securities upped 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. Raymond James lifted their price target on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, Morgan Stanley increased their price objective on shares of Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $78.46.

Lumentum Stock Performance

NASDAQ LITE opened at $85.19 on Thursday. The company’s fifty day moving average is $84.72 and its two-hundred day moving average is $66.56. Lumentum has a 52-week low of $38.28 and a 52-week high of $96.25. 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 firm has a market capitalization of $5.85 billion, a price-to-earnings ratio of -10.29 and a beta of 0.94.

Insider Buying and Selling

In other Lumentum news, CFO Wajid Ali sold 29,887 shares of the stock in a transaction dated Friday, November 29th. The shares were 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 of the company’s stock, valued at $4,805,209.52. This represents a 34.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the completion of the transaction, the insider now directly owns 147,515 shares of the company’s stock, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,797 shares of company stock worth $8,881,428 in the last three months. Insiders own 0.19% of the company’s stock.

Institutional Trading of Lumentum

A number of institutional investors have recently bought and sold shares of LITE. Dimensional Fund Advisors LP grew its stake in shares of Lumentum by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after purchasing an additional 130,838 shares during the period. Atreides Management LP grew its position in shares of Lumentum by 28.5% during the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after buying an additional 375,389 shares during the period. Geode Capital Management LLC increased its stake in shares of Lumentum by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock valued at $75,198,000 after acquiring an additional 15,799 shares during the last quarter. Divisar Capital Management LLC raised its position 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 valued at $48,963,000 after acquiring an additional 52,300 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in 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 acquiring an additional 37,109 shares during the last quarter. Institutional investors and hedge funds 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.