MKM Partners Raises Lumentum (LITE) Price Target to $88.00
Lumentum (NASDAQ:LITE) had its price target boosted by equities research analysts at MKM Partners to $88.00 in a note issued to investors on Wednesday. The brokerage currently has a “buy” rating on the technology company’s stock. MKM Partners’ target price indicates a potential upside of 20.63% from the company’s previous close.
A number of other equities analysts have also weighed in on LITE. Rosenblatt Securities reiterated a “buy” rating on shares of Lumentum in a research note on Monday. Morgan Stanley set a $60.00 target price on Lumentum and gave the company a “hold” rating in a research report on Friday, March 9th. Craig Hallum set a $90.00 target price on Lumentum and gave the company a “buy” rating in a research report on Tuesday. Barclays upgraded Lumentum from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $65.00 to $67.00 in a research report on Wednesday, January 10th. Finally, BidaskClub upgraded Lumentum from a “sell” rating to a “hold” rating in a research report on Wednesday, January 31st. One analyst has rated the stock with a sell rating, two have issued a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $74.81.
Lumentum (LITE) traded up $1.05 during midday trading on Wednesday, hitting $72.95. The company’s stock had a trading volume of 759,268 shares, compared to its average volume of 2,456,161. The stock has a market cap of $4,506.25, a price-to-earnings ratio of 49.97, a P/E/G ratio of 1.36 and a beta of -0.09. Lumentum has a twelve month low of $40.35 and a twelve month high of $74.40. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.84 and a quick ratio of 4.16.
In related news, EVP Jason Reinhardt sold 9,308 shares of Lumentum stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $56.82, for a total value of $528,880.56. Following the sale, the executive vice president now directly owns 59,635 shares in the company, valued at approximately $3,388,460.70. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Vincent Retort sold 12,111 shares of Lumentum stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $71.00, for a total value of $859,881.00. Following the completion of the sale, the chief operating officer now owns 77,318 shares in the company, valued at $5,489,578. The disclosure for this sale can be found here. Over the last quarter, insiders sold 62,150 shares of company stock worth $3,800,816. 0.76% of the stock is currently owned by insiders.
Hedge funds have recently bought and sold shares of the stock. Pacer Advisors Inc. acquired a new stake in Lumentum in the 3rd quarter worth about $434,000. Schwab Charles Investment Management Inc. boosted its holdings in Lumentum by 9.8% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 320,195 shares of the technology company’s stock worth $17,403,000 after buying an additional 28,695 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in Lumentum in the 3rd quarter worth about $318,000. Macquarie Group Ltd. boosted its holdings in Lumentum by 21.5% in the 3rd quarter. Macquarie Group Ltd. now owns 114,540 shares of the technology company’s stock worth $6,225,000 after buying an additional 20,244 shares during the last quarter. Finally, Whale Rock Capital Management LLC boosted its holdings 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 buying an additional 735,239 shares during the last quarter.
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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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