Lumentum Holdings Inc. (NASDAQ:LITE) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) have earned an average rating of “Moderate Buy” from the thirteen brokerages that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $81.92.

LITE has been the subject of a number of analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $110.00 price target on shares of Lumentum in a report on Thursday, January 9th. Morgan Stanley increased their price target on shares of Lumentum from $76.00 to $83.00 and gave the stock an “equal weight” rating in a 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 research report on Friday, November 8th. Rosenblatt Securities upped their price objective on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, Northland Securities lifted their price target on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, November 8th.

Insiders Place Their Bets

In other Lumentum news, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction dated 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 transaction, the director now directly owns 8,761 shares of the company’s stock, valued at $763,696.37. The trade was a 63.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Vincent Retort sold 41,710 shares of the 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 completion of the sale, the insider now directly owns 147,515 shares of the company’s stock, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,797 shares of company stock valued at $8,881,428 in the last ninety days. 0.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lumentum

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its holdings in shares of Lumentum by 8.3% during the 2nd 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 raised 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 acquiring an additional 375,389 shares during the period. Geode Capital Management LLC boosted its position in shares of Lumentum by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock worth $75,198,000 after purchasing an additional 15,799 shares during the period. Divisar Capital Management LLC raised its position in Lumentum by 5.8% in the second quarter. Divisar Capital Management LLC now owns 961,574 shares of the technology company’s stock valued at $48,963,000 after purchasing an additional 52,300 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Lumentum by 5.3% during the third 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 and hedge funds own 94.05% of the company’s stock.

Lumentum Stock Performance

Shares of LITE stock opened at $94.41 on Monday. Lumentum has a 52-week low of $38.28 and a 52-week high of $96.25. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The stock has a market cap of $6.49 billion, a PE ratio of -11.40 and a beta of 0.94. The business has a 50-day simple moving average of $86.72 and a 200-day simple moving average of $68.34.

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.