Lumentum’s (LITE) “Buy” Rating Reiterated at B. Riley
Lumentum (NASDAQ:LITE)‘s stock had its “buy” rating reiterated by investment analysts at B. Riley in a research report issued to clients and investors on Friday. They currently have a $89.00 price objective on the technology company’s stock. B. Riley’s price target would suggest a potential upside of 71.98% from the stock’s previous close.
A number of other analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Lumentum from a “buy” rating to a “hold” rating in a report on Wednesday, December 6th. Stifel Nicolaus restated a “buy” rating and issued a $73.00 price target on shares of Lumentum in a report on Thursday, September 7th. DA Davidson raised their price target on shares of Lumentum from $82.00 to $90.00 and gave the company a “buy” rating in a report on Thursday, November 2nd. MKM Partners raised their price target on shares of Lumentum to $71.00 and gave the company a “neutral” rating in a report on Thursday, November 2nd. Finally, Rosenblatt Securities set a $75.00 price target on shares of Lumentum and gave the company a “buy” rating in a report on Tuesday, October 24th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $69.56.
Lumentum (NASDAQ LITE) traded up $0.65 during trading hours on Friday, hitting $51.75. 1,399,100 shares of the stock were exchanged, compared to its average volume of 2,430,000. Lumentum has a twelve month low of $34.15 and a twelve month high of $68.63. The company has a market cap of $3,210.00 and a PE ratio of -33.82. The company has a quick ratio of 4.38, a current ratio of 5.21 and a debt-to-equity ratio of 0.50.
In related news, CFO Aaron Tachibana sold 1,248 shares of Lumentum stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $60.00, for a total value of $74,880.00. Following the completion of the sale, the chief financial officer now directly owns 69,830 shares in the company, valued at approximately $4,189,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Penny Herscher sold 822 shares of Lumentum stock in a transaction that occurred on Friday, December 8th. The stock was sold at an average price of $50.61, for a total transaction of $41,601.42. Following the completion of the sale, the director now owns 34,793 shares of the company’s stock, valued at $1,760,873.73. The disclosure for this sale can be found here. Insiders sold a total of 31,643 shares of company stock valued at $1,806,554 over the last quarter. 0.76% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in LITE. Whale Rock Capital Management LLC boosted its stake in Lumentum by 86.0% in the 3rd quarter. Whale Rock Capital Management LLC now owns 1,590,359 shares of the technology company’s stock worth $86,436,000 after purchasing an additional 735,239 shares in the last quarter. Artemis Investment Management LLP boosted its stake in Lumentum by 676.1% in the 3rd quarter. Artemis Investment Management LLP now owns 672,022 shares of the technology company’s stock worth $36,541,000 after purchasing an additional 585,432 shares in the last quarter. BlackRock Inc. boosted its stake in Lumentum by 7.0% in the 2nd quarter. BlackRock Inc. now owns 6,889,157 shares of the technology company’s stock worth $393,025,000 after purchasing an additional 448,077 shares in the last quarter. Cramer Rosenthal Mcglynn LLC boosted its stake in Lumentum by 51.5% in the 3rd quarter. Cramer Rosenthal Mcglynn LLC now owns 1,139,914 shares of the technology company’s stock worth $61,954,000 after purchasing an additional 387,290 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Lumentum by 98.4% in the 3rd quarter. Ameriprise Financial Inc. now owns 762,469 shares of the technology company’s stock worth $41,441,000 after purchasing an additional 378,255 shares in the last quarter. Institutional investors own 95.70% of the company’s stock.
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Lumentum Company Profile
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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