Lumentum (NASDAQ:LITE – Free Report) had its target price cut by Susquehanna from $65.00 to $60.00 in a report issued on Friday, Benzinga reports. They currently have a positive rating on the technology company’s stock.
A number of other research analysts also recently issued reports on the company. Barclays raised their price target on Lumentum from $40.00 to $45.00 and gave the stock an underweight rating in a research note on Tuesday, January 16th. TheStreet downgraded Lumentum from a c- rating to a d rating in a research report on Wednesday, November 8th. Craig Hallum raised Lumentum from a hold rating to a buy rating in a research report on Friday, December 22nd. Needham & Company LLC reissued a buy rating and set a $50.00 price target on shares of Lumentum in a research report on Friday. Finally, Morgan Stanley reduced their price objective on Lumentum from $55.00 to $45.00 and set an equal weight rating on the stock in a research note on Friday, October 27th. Three analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Lumentum currently has a consensus rating of Hold and an average price target of $51.86.
Lumentum Price Performance
In other Lumentum news, Director Julia Suzanne Johnson sold 1,163 shares of Lumentum stock in a transaction on Monday, November 20th. The shares were sold at an average price of $44.17, for a total transaction of $51,369.71. Following the completion of the transaction, the director now directly owns 22,032 shares of the company’s stock, valued at $973,153.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.60% of the company’s stock.
Hedge Funds Weigh In On Lumentum
Large investors have recently added to or reduced their stakes in the company. Retirement Systems of Alabama raised its position in Lumentum by 4.8% during the 2nd quarter. Retirement Systems of Alabama now owns 303,533 shares of the technology company’s stock worth $17,219,000 after buying an additional 14,032 shares during the last quarter. Earnest Partners LLC grew its stake in shares of Lumentum by 31.0% during the 2nd quarter. Earnest Partners LLC now owns 1,287,418 shares of the technology company’s stock worth $73,035,000 after purchasing an additional 304,873 shares during the period. Quantbot Technologies LP grew its stake in shares of Lumentum by 737.5% during the 3rd quarter. Quantbot Technologies LP now owns 63,010 shares of the technology company’s stock worth $2,847,000 after purchasing an additional 55,486 shares during the period. Capital Advantage Inc. acquired a new stake in shares of Lumentum during the 3rd quarter worth approximately $930,000. Finally, ExodusPoint Capital Management LP grew its stake in shares of Lumentum by 298.9% during the 2nd quarter. ExodusPoint Capital Management LP now owns 39,733 shares of the technology company’s stock worth $2,254,000 after purchasing an additional 29,772 shares during the period. 94.05% of the stock is currently owned by 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 (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.
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