Shares of Lumentum Holdings Inc. (NASDAQ:LITE) were up 4% during mid-day trading on Monday after Needham & Company raised their price target on the stock from $40.00 to $50.00. Needham & Company currently has a strong-buy rating on the stock. Lumentum Holdings traded as high as $41.09 and last traded at $40.79, with a volume of 702,547 shares trading hands. The stock had previously closed at $39.21.

LITE has been the topic of a number of other reports. Piper Jaffray Cos. reiterated an “overweight” rating and set a $38.00 price objective on shares of Lumentum Holdings in a research note on Wednesday, September 7th. MKM Partners upped their target price on Lumentum Holdings from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, July 20th. Zacks Investment Research upgraded Lumentum Holdings from a “hold” rating to a “strong-buy” rating and set a $38.00 target price on the stock in a research note on Tuesday, August 16th. JPMorgan Chase & Co. restated a “buy” rating on shares of Lumentum Holdings in a research note on Monday, August 8th. Finally, Jefferies Group upped their target price on Lumentum Holdings from $34.00 to $39.00 and gave the stock a “buy” rating in a research note on Wednesday, August 10th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. Lumentum Holdings currently has a consensus rating of “Buy” and an average price target of $35.29.

In related news, CEO Alan S. Lowe sold 174,222 shares of the stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $34.03, for a total transaction of $5,928,774.66. Following the completion of the sale, the chief executive officer now directly owns 38,880 shares in the company, valued at approximately $1,323,086.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Vincent Retort sold 39,473 shares of the stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $30.00, for a total value of $1,184,190.00. Following the sale, the chief operating officer now owns 40,060 shares of the company’s stock, valued at $1,201,800. The disclosure for this sale can be found here.

Large investors have recently modified their holdings of the stock. Ladenburg Thalmann Financial Services Inc. boosted its stake in shares of Lumentum Holdings by 27.4% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,812 shares of the company’s stock valued at $102,000 after buying an additional 821 shares in the last quarter. Legal & General Group Plc boosted its stake in Lumentum Holdings by 133.1% in the first quarter. Legal & General Group Plc now owns 4,109 shares of the company’s stock valued at $111,000 after buying an additional 2,346 shares during the period. PineBridge Investments L.P. boosted its stake in Lumentum Holdings by 4.1% in the second quarter. PineBridge Investments L.P. now owns 6,015 shares of the company’s stock valued at $146,000 after buying an additional 239 shares during the period. Teacher Retirement System of Texas boosted its stake in Lumentum Holdings by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 6,581 shares of the company’s stock valued at $159,000 after buying an additional 799 shares during the period. Finally, Pacad Investment Ltd. acquired a new stake in Lumentum Holdings during the second quarter valued at $160,000. Institutional investors own 75.85% of the company’s stock.

The firm has a 50 day moving average of $34.34 and a 200-day moving average of $27.61. The firm’s market capitalization is $2.44 billion.

Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $0.41 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.05. Lumentum Holdings had a return on equity of 11.91% and a net margin of 1.01%. The company had revenue of $241.70 million for the quarter, compared to analysts’ expectations of $238.52 million. During the same period in the previous year, the firm posted $0.15 earnings per share. The firm’s revenue for the quarter was up 15.7% on a year-over-year basis. On average, equities analysts forecast that Lumentum Holdings Inc. will post $1.84 earnings per share for the current year.

Lumentum Holdings Company Profile

Lumentum Holdings Inc (Lumentum) is a provider of optical and photonic products. The Company’s products are used in a range of end markets, including data communications (Datacom) and telecommunications (Telecom) networking, and industrial and commercial lasers (commercial lasers) for manufacturing, inspection and life-sciences applications.

5 Day Chart for NASDAQ:LITE

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