Morgan Stanley Increases Lumentum (NASDAQ:LITE) Price Target to $83.00

Lumentum (NASDAQ:LITE) had its price target boosted by equities researchers at Morgan Stanley from $76.00 to $83.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s price target points to a potential downside of 10.66% from the company’s previous close.

A number of other research firms have also recently issued reports on LITE. Northland Securities upped their price objective 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. Susquehanna increased their price target on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Raymond James boosted their price objective on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Rosenblatt Securities increased their target price on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Finally, Barclays boosted their price target on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a report on Monday, November 11th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $75.38.

Lumentum Price Performance

NASDAQ:LITE opened at $92.90 on Tuesday. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The firm has a market cap of $6.38 billion, a price-to-earnings ratio of -11.22 and a beta of 0.95. Lumentum has a 52 week low of $38.28 and a 52 week high of $96.25. The firm’s 50-day simple moving average is $77.94 and its 200 day simple moving average is $61.94.

Insider Buying and Selling

In other news, 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 value of $3,733,879.20. Following the sale, the insider now directly owns 147,515 shares of the company’s stock, valued at $13,205,542.80. The trade was a 22.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Penny Herscher sold 1,625 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the transaction, the director now directly owns 6,852 shares of the company’s stock, valued at approximately $555,628.68. This trade represents a 19.17 % decrease in their position. 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 90 days. 0.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lumentum

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