Lumentum (NASDAQ:LITE) Trading Up 12% on Analyst Upgrade

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) traded up 12% on Monday after Morgan Stanley raised their price target on the stock to $350.00. Morgan Stanley currently has an equal weight rating on the stock. Lumentum traded as high as $438.77 and last traded at $438.77. 2,101,723 shares traded hands during trading, a decline of 52% from the average session volume of 4,408,393 shares. The stock had previously closed at $391.84.

LITE has been the subject of a number of other research reports. Stifel Nicolaus increased their price target on shares of Lumentum from $220.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Susquehanna increased their target price on shares of Lumentum from $230.00 to $420.00 and gave the company a “positive” rating in a report on Thursday, January 22nd. B. Riley boosted their price target on Lumentum from $83.00 to $147.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 5th. Citigroup upped their price target on Lumentum from $240.00 to $450.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Finally, Barclays lifted their price objective on Lumentum from $181.00 to $365.00 and gave the stock an “equal weight” rating in a report on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, Lumentum presently has a consensus rating of “Moderate Buy” and an average target price of $288.06.

Insider Activity

In other Lumentum news, SVP Jae Kim sold 170 shares of the firm’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $246.00, for a total transaction of $41,820.00. Following the completion of the transaction, the senior vice president owned 38,400 shares of the company’s stock, valued at approximately $9,446,400. This trade represents a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Julia Suzanne Johnson sold 10,000 shares of the company’s stock in a transaction on Monday, November 10th. The shares were sold at an average price of $270.39, for a total value of $2,703,900.00. Following the completion of the sale, the director owned 12,037 shares in the company, valued at $3,254,684.43. This represents a 45.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 28,612 shares of company stock worth $7,317,398 in the last quarter. 0.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lumentum

A number of institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC boosted its position in Lumentum by 363.9% during the third quarter. EverSource Wealth Advisors LLC now owns 167 shares of the technology company’s stock worth $27,000 after acquiring an additional 131 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in shares of Lumentum in the fourth quarter valued at $28,000. Danske Bank A S acquired a new position in Lumentum in the third quarter valued at $33,000. Chesapeake Asset Management LLC purchased a new position in Lumentum during the fourth quarter worth about $37,000. Finally, BOCHK Asset Management Ltd acquired a new stake in Lumentum in the 4th quarter worth about $37,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Lumentum Stock Up 8.1%

The firm has a fifty day simple moving average of $353.21 and a 200 day simple moving average of $228.56. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.02 and a current ratio of 1.37. The company has a market cap of $30.02 billion, a PE ratio of 284.18 and a beta of 1.51.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, November 4th. The technology company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.07. The business had revenue of $533.80 million for the quarter, compared to analyst estimates of $525.10 million. Lumentum had a net margin of 6.11% and a return on equity of 4.62%. The company’s revenue was up 58.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.18 EPS. Equities research analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Lumentum Company Profile

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.