Lumentum (LITE) Rating Increased to Outperform at Northland Securities

Lumentum (NASDAQ:LITE) was upgraded by stock analysts at Northland Securities from a “market perform” rating to an “outperform” rating in a report released on Monday. The firm presently has a $58.00 target price on the technology company’s stock. Northland Securities’ target price indicates a potential upside of 12.08% from the stock’s previous close. The analysts noted that the move was a valuation call.

A number of other analysts also recently commented on the stock. Zacks Investment Research downgraded shares of Lumentum from a “buy” rating to a “hold” rating in a report on Wednesday, December 6th. BidaskClub downgraded shares of Lumentum from a “hold” rating to a “sell” rating in a report on Saturday, December 2nd. Barclays boosted their price objective on shares of Lumentum from $59.00 to $65.00 and gave the stock an “equal weight” rating in a report on Thursday, November 2nd. MKM Partners boosted their price objective on shares of Lumentum to $71.00 and gave the stock a “neutral” rating in a report on Thursday, November 2nd. Finally, DA Davidson boosted their price objective on shares of Lumentum from $82.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, November 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $68.25.

Shares of Lumentum (NASDAQ LITE) opened at $51.75 on Monday. The company has a market cap of $3,075.20, a PE ratio of 34.69, a P/E/G ratio of 0.88 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. The company has a current ratio of 5.21, a quick ratio of 4.38 and a debt-to-equity ratio of 0.50.

In other Lumentum news, CEO Alan S. Lowe sold 4,364 shares of the company’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $54.59, for a total value of $238,230.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Aaron Tachibana sold 1,248 shares of the company’s 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 directly owns 69,830 shares in the company, valued at approximately $4,189,800. The disclosure for this sale can be found here. Insiders sold 66,713 shares of company stock worth $3,717,034 in the last ninety days. Insiders own 0.76% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Riverhead Capital Management LLC raised its position in shares of Lumentum by 71.8% in the second quarter. Riverhead Capital Management LLC now owns 2,062 shares of the technology company’s stock valued at $118,000 after buying an additional 862 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Lumentum by 111.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,662 shares of the technology company’s stock valued at $152,000 after buying an additional 1,406 shares during the last quarter. World Asset Management Inc acquired a new position in shares of Lumentum in the second quarter valued at approximately $211,000. Virtu KCG Holdings LLC acquired a new position in shares of Lumentum in the second quarter valued at approximately $226,000. Finally, Alpine Woods Capital Investors LLC acquired a new position in shares of Lumentum in the second quarter valued at approximately $229,000. 95.70% of the stock is currently owned by 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).

Analyst Recommendations for Lumentum (NASDAQ:LITE)

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