Zacks Investment Research downgraded shares of Lumentum (NASDAQ:LITE) from a buy rating to a hold rating in a research note released on Wednesday morning.

According to Zacks, “Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company’s operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California. “

LITE has been the subject of a number of other research reports. BidaskClub lowered shares of Lumentum from a hold rating to a sell rating in a research note on Saturday, August 19th. Barclays lifted their price target on shares of Lumentum from $59.00 to $65.00 and gave the stock an equal weight rating in a research note on Thursday, November 2nd. Needham & Company LLC restated a strong-buy rating and issued a $80.00 price target on shares of Lumentum in a research note on Wednesday, September 6th. B. Riley restated a buy rating and issued a $81.00 price target on shares of Lumentum in a research note on Thursday, September 14th. Finally, Craig Hallum restated a buy rating and issued a $85.00 price target (up previously from $75.00) on shares of Lumentum in a research note on Wednesday, November 1st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $68.06.

Shares of Lumentum (NASDAQ LITE) traded up $1.05 during trading hours on Wednesday, hitting $49.60. 4,233,595 shares of the company were exchanged, compared to its average volume of 1,695,174. The company has a current ratio of 5.21, a quick ratio of 4.38 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $3,010.10, a price-to-earnings ratio of 33.95, a PEG ratio of 0.89 and a beta of 0.83. Lumentum has a fifty-two week low of $34.15 and a fifty-two week high of $68.63.

In other Lumentum news, Director Martin A. Kaplan sold 15,000 shares of Lumentum stock in a transaction on Monday, November 13th. The shares were sold at an average price of $57.07, for a total value of $856,050.00. Following the completion of the transaction, the director now owns 29,573 shares of the company’s stock, valued at $1,687,731.11. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Aaron Tachibana sold 1,248 shares of Lumentum stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $60.00, for a total transaction of $74,880.00. Following the completion of the transaction, the chief financial officer now directly owns 69,830 shares of the company’s stock, valued at approximately $4,189,800. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,891 shares of company stock valued at $3,675,432. 0.76% of the stock is currently owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in shares of Lumentum by 7.0% during the second quarter. BlackRock Inc. now owns 6,889,157 shares of the technology company’s stock valued at $393,025,000 after acquiring an additional 448,077 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Lumentum by 2.3% during the second quarter. Vanguard Group Inc. now owns 5,330,153 shares of the technology company’s stock valued at $304,085,000 after acquiring an additional 122,150 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Lumentum by 71.2% during the second quarter. Bank of New York Mellon Corp now owns 2,662,272 shares of the technology company’s stock valued at $151,883,000 after acquiring an additional 1,107,107 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Lumentum by 14.5% during the second quarter. Alliancebernstein L.P. now owns 2,102,853 shares of the technology company’s stock valued at $119,968,000 after acquiring an additional 265,723 shares during the period. Finally, Whale Rock Capital Management LLC boosted its holdings in shares of Lumentum by 86.0% during the third quarter. Whale Rock Capital Management LLC now owns 1,590,359 shares of the technology company’s stock valued at $86,436,000 after acquiring an additional 735,239 shares during the period. 95.70% of the stock is owned by hedge funds and other institutional investors.

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About Lumentum

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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