UBS Group set a $70.00 target price on Lumentum (NASDAQ:LITE) in a research note published on Wednesday, May 8th, TipRanks reports. The brokerage currently has a buy rating on the technology company’s stock.
A number of other brokerages have also weighed in on LITE. Piper Jaffray Companies reduced their price target on Lumentum from $63.00 to $59.00 and set an overweight rating on the stock in a research note on Thursday, January 24th. They noted that the move was a valuation call. Morgan Stanley raised Lumentum from an equal weight rating to an overweight rating and increased their price target for the stock from $55.00 to $65.00 in a research note on Wednesday, March 27th. BidaskClub raised Lumentum from a buy rating to a strong-buy rating in a research report on Friday, February 22nd. ValuEngine raised Lumentum from a sell rating to a hold rating in a research report on Wednesday, March 27th. Finally, Northland Securities reaffirmed a buy rating and issued a $64.00 target price on shares of Lumentum in a research report on Wednesday, March 6th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $67.16.
NASDAQ LITE opened at $40.47 on Wednesday. The company has a market cap of $3.21 billion, a price-to-earnings ratio of 12.49, a price-to-earnings-growth ratio of 0.95 and a beta of 0.68. The company has a debt-to-equity ratio of 0.55, a quick ratio of 3.20 and a current ratio of 3.96. Lumentum has a 12-month low of $37.00 and a 12-month high of $69.95.
In related news, SVP Judy G. Hamel sold 1,429 shares of Lumentum stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $58.64, for a total value of $83,796.56. Following the completion of the transaction, the senior vice president now directly owns 44,793 shares in the company, valued at $2,626,661.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.55% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. IFP Advisors Inc raised its holdings in shares of Lumentum by 121.7% during the fourth quarter. IFP Advisors Inc now owns 949 shares of the technology company’s stock valued at $39,000 after buying an additional 521 shares during the last quarter. BB&T Corp bought a new stake in shares of Lumentum during the fourth quarter valued at approximately $781,000. Smith Graham & Co. Investment Advisors LP raised its holdings in shares of Lumentum by 10.2% during the first quarter. Smith Graham & Co. Investment Advisors LP now owns 135,920 shares of the technology company’s stock valued at $7,685,000 after buying an additional 12,550 shares during the last quarter. Amalgamated Bank raised its holdings in shares of Lumentum by 164.7% during the fourth quarter. Amalgamated Bank now owns 11,386 shares of the technology company’s stock valued at $478,000 after buying an additional 7,085 shares during the last quarter. Finally, New York State Teachers Retirement System raised its holdings in shares of Lumentum by 10.6% during the fourth quarter. New York State Teachers Retirement System now owns 98,838 shares of the technology company’s stock valued at $4,152,000 after buying an additional 9,503 shares during the last quarter. 86.44% of the stock is currently owned by hedge funds and other institutional investors.
Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments, Optical Communications and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.
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