Lumentum Holdings Inc. (NASDAQ:LITE) had its target price lifted by Needham & Company LLC from $40.00 to $50.00 in a research note issued to investors on Monday morning. The brokerage currently has a strong-buy rating on the stock.

LITE has been the topic of a number of other research reports. Piper Jaffray Cos. restated an overweight rating and set a $38.00 target price on shares of Lumentum Holdings in a report on Wednesday, September 7th. MKM Partners lifted their price objective on Lumentum Holdings from $28.00 to $32.00 and gave the company a buy rating in a report on Wednesday, July 20th. Zacks Investment Research upgraded Lumentum Holdings from a hold rating to a strong-buy rating and set a $38.00 price objective on the stock in a report on Tuesday, August 16th. JPMorgan Chase & Co. reiterated a buy rating on shares of Lumentum Holdings in a report on Monday, August 8th. Finally, Barclays PLC lifted their price objective on Lumentum Holdings from $23.00 to $30.00 and gave the company an underweight rating in a report on Wednesday, August 10th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $35.29.

Shares of Lumentum Holdings (NASDAQ:LITE) opened at 40.32 on Monday. Lumentum Holdings has a 12 month low of $13.97 and a 12 month high of $41.18. The firm’s 50-day moving average price is $34.92 and its 200-day moving average price is $27.81. The company’s market cap is $2.42 billion.

Lumentum Holdings (NASDAQ:LITE) last issued its earnings results on Tuesday, August 9th. The company reported $0.41 earnings per share (EPS) for the quarter, topping the Zacks’ 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 firm had revenue of $241.70 million for the quarter, compared to analysts’ expectations of $238.52 million. During the same quarter last year, the business earned $0.15 earnings per share. The company’s revenue was up 15.7% compared to the same quarter last year. Equities analysts predict that Lumentum Holdings will post $1.85 EPS for the current fiscal year.

In related news, CEO Alan S. Lowe sold 23,610 shares of the business’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $35.45, for a total value of $836,974.50. Following the completion of the sale, the chief executive officer now directly owns 140,302 shares in the company, valued at approximately $4,973,705.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Alan S. Lowe sold 174,222 shares of the business’s stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $34.03, for a total value of $5,928,774.66. Following the completion of the sale, the chief executive officer now owns 38,880 shares of the company’s stock, valued at $1,323,086.40. The disclosure for this sale can be found here.

Hedge funds have recently added to or reduced their stakes in the stock. RS Investment Management Co. LLC increased its stake in Lumentum Holdings by 1,548.6% in the second quarter. RS Investment Management Co. LLC now owns 1,395,702 shares of the company’s stock valued at $33,776,000 after buying an additional 1,311,042 shares during the period. Teachers Advisors Inc. increased its stake in Lumentum Holdings by 50.7% in the second quarter. Teachers Advisors Inc. now owns 2,734,615 shares of the company’s stock valued at $66,178,000 after buying an additional 919,821 shares during the period. BlackRock Fund Advisors increased its stake in Lumentum Holdings by 38.7% in the second quarter. BlackRock Fund Advisors now owns 3,204,522 shares of the company’s stock valued at $77,549,000 after buying an additional 893,643 shares during the period. Quentec Asset Management LLC increased its stake in Lumentum Holdings by 1,418.0% in the second quarter. Quentec Asset Management LLC now owns 880,525 shares of the company’s stock valued at $21,308,000 after buying an additional 822,519 shares during the period. Finally, Capital Research Global Investors increased its stake in Lumentum Holdings by 9.6% in the second quarter. Capital Research Global Investors now owns 6,441,454 shares of the company’s stock valued at $155,883,000 after buying an additional 564,000 shares during the period. Institutional investors and hedge funds own 74.98% of the company’s stock.

About Lumentum Holdings

Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).

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