Lumentum’s (LITE) Buy Rating Reiterated at B. Riley
Lumentum (NASDAQ:LITE)‘s stock had its “buy” rating reissued by investment analysts at B. Riley in a research note issued to investors on Wednesday. They presently have a $85.00 price objective on the technology company’s stock, up from their prior price objective of $81.00. B. Riley’s target price would indicate a potential upside of 53.43% from the stock’s previous close.
Several other equities research analysts have also issued reports on the stock. Loop Capital increased their target price on shares of Lumentum to $70.00 and gave the stock a “buy” rating in a research note on Wednesday. DA Davidson upped their price target on shares of Lumentum to $101.00 and gave the stock a “buy” rating in a research report on Wednesday. Piper Jaffray Companies upped their price target on shares of Lumentum from $81.00 to $84.00 and gave the stock an “overweight” rating in a research report on Tuesday. Craig Hallum restated a “buy” rating and set a $90.00 price target (up previously from $85.00) on shares of Lumentum in a research report on Tuesday. Finally, BidaskClub upgraded shares of Lumentum from a “sell” rating to a “hold” rating in a research report on Wednesday, January 31st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fourteen have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $70.41.
Shares of Lumentum (LITE) opened at $55.40 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 4.38 and a current ratio of 4.84. Lumentum has a 12 month low of $40.35 and a 12 month high of $68.63. The stock has a market cap of $3,344.64, a PE ratio of 37.95, a PEG ratio of 1.02 and a beta of 0.56.
In other Lumentum news, Director Martin A. Kaplan sold 15,000 shares of the stock in a transaction dated 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 sale, the director now owns 29,573 shares in the company, valued at approximately $1,687,731.11. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Aaron Tachibana sold 1,248 shares of the stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $60.00, for a total transaction of $74,880.00. Following the completion of the sale, the chief financial officer now 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 quarter, insiders sold 31,643 shares of company stock valued at $1,806,554. 0.76% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in LITE. SeaCrest Wealth Management LLC acquired a new stake in Lumentum in the 4th quarter valued at about $128,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Lumentum by 42.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,797 shares of the technology company’s stock valued at $186,000 after acquiring an additional 1,135 shares during the last quarter. Virtu KCG Holdings LLC acquired a new stake in Lumentum in the 2nd quarter valued at about $226,000. Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Lumentum in the 3rd quarter valued at about $234,000. Finally, CIBC Asset Management Inc acquired a new stake in Lumentum in the 4th quarter valued at about $236,000.
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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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