Lumentum (LITE) Given a $60.00 Price Target at Craig Hallum
Craig Hallum set a $60.00 price target on Lumentum (NASDAQ:LITE) in a research note issued to investors on Monday morning, The Fly reports. The firm currently has a buy rating on the technology company’s stock.
Other equities research analysts have also issued reports about the stock. MKM Partners decreased their price objective on shares of Lumentum to $78.00 and set a buy rating on the stock in a research report on Thursday, August 9th. BidaskClub upgraded shares of Lumentum from a hold rating to a buy rating in a research report on Friday, August 17th. Barclays boosted their price objective on shares of Lumentum from $68.00 to $70.00 and gave the stock an overweight rating in a research report on Thursday, August 9th. JPMorgan Chase & Co. set a $80.00 price objective on shares of Lumentum and gave the stock a hold rating in a research report on Thursday, August 9th. Finally, ValuEngine upgraded shares of Lumentum from a sell rating to a hold rating in a research report on Friday, August 3rd. Four investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $69.32.
Shares of NASDAQ LITE opened at $41.08 on Monday. The firm has a market cap of $2.38 billion, a price-to-earnings ratio of 12.68, a P/E/G ratio of 0.48 and a beta of 0.46. Lumentum has a one year low of $37.00 and a one year high of $74.40. The company has a debt-to-equity ratio of 0.34, a quick ratio of 4.88 and a current ratio of 5.52.
In other Lumentum news, Director Penny Herscher sold 1,197 shares of the company’s stock in a transaction dated Friday, November 2nd. The shares were sold at an average price of $52.93, for a total value of $63,357.21. Following the transaction, the director now directly owns 34,743 shares in the company, valued at approximately $1,838,946.99. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Matthew Joseph Sepe sold 2,000 shares of the company’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $64.91, for a total transaction of $129,820.00. Following the completion of the transaction, the insider now owns 15,332 shares in the company, valued at $995,200.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 9,108 shares of company stock worth $570,740. 0.55% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in LITE. Millennium Management LLC lifted its holdings in Lumentum by 109.2% in the 1st quarter. Millennium Management LLC now owns 56,100 shares of the technology company’s stock valued at $3,579,000 after purchasing an additional 29,283 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Lumentum by 3.0% in the 1st quarter. Principal Financial Group Inc. now owns 484,914 shares of the technology company’s stock valued at $30,937,000 after purchasing an additional 14,013 shares in the last quarter. Xact Kapitalforvaltning AB lifted its holdings in Lumentum by 11.9% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 9,402 shares of the technology company’s stock valued at $544,000 after purchasing an additional 1,000 shares in the last quarter. Fortaleza Asset Management Inc. purchased a new position in Lumentum in the 2nd quarter valued at about $110,000. Finally, Retirement Systems of Alabama purchased a new position in Lumentum in the 2nd quarter valued at about $4,716,000.
Lumentum Company Profile
Lumentum Holdings, Inc engages in the manufacture of optical and photonic products enabling optical networking and commercial laser. It operates through the Optical Communications (OpComms) and Commercial Lasers business segments. The OpComms segment includes modules and subsystems to support and maintain customers in the Telecom and Datacom markets.
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