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

Lumentum (NASDAQ:LITE)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They presently have a $110.00 target price on the technology company’s stock. Needham & Company LLC’s target price points to a potential upside of 29.12% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the stock. Northland Securities lifted their target price on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Morgan Stanley upped their target price on Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Raymond James increased their target price on Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Susquehanna boosted their price target on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Finally, Barclays increased their price objective on Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday, November 11th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $78.46.

Lumentum Trading Down 1.6 %

NASDAQ:LITE opened at $85.19 on Thursday. 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 fifty day simple moving average of $84.29 and a 200-day simple moving average of $66.43. The company has a market capitalization of $5.85 billion, a PE ratio of -10.29 and a beta of 0.94.

Insider Activity at Lumentum

In other news, CFO Wajid Ali sold 29,887 shares of Lumentum stock in a transaction dated 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 transaction, the chief financial officer now directly owns 56,492 shares of the company’s stock, valued at $4,805,209.52. The trade was a 34.60 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Vincent Retort sold 41,710 shares of the business’s stock in a transaction that occurred on 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 sale, the insider now 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. Over the last three months, insiders sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Quarry LP grew its stake in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after buying an additional 201 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in Lumentum in the 3rd quarter worth approximately $33,000. Point72 DIFC Ltd purchased a new position in Lumentum in the 2nd quarter worth approximately $36,000. Nomura Asset Management Co. Ltd. grew its holdings in Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after purchasing an additional 270 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after acquiring an additional 524 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

Lumentum Company Profile

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.