Lumentum (NASDAQ:LITE) Sets New 1-Year High – Still a Buy?

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) hit a new 52-week high during trading on Friday . The stock traded as high as $96.25 and last traded at $94.85, with a volume of 249090 shares traded. The stock had previously closed at $90.75.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Rosenblatt Securities lifted their price target on shares of Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 8th. Raymond James lifted their target price on Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Susquehanna upped their price target on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Bank of America raised their price objective on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a report on Thursday, August 15th. Finally, Northland Securities boosted their target price on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $74.85.

Lumentum Trading Up 2.1 %

The firm has a fifty day simple moving average of $76.94 and a 200-day simple moving average of $61.02. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.

Insider Activity at Lumentum

In other news, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total value of $1,307,550.00. Following the completion of the transaction, the director now directly owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. The trade was a 63.13 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Wajid Ali sold 29,887 shares of the stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the sale, the chief financial officer now owns 56,492 shares in the company, valued at approximately $4,805,209.52. This trade represents a 34.60 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 101,797 shares of company stock valued at $8,881,428 over the last ninety days. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

Several institutional investors have recently made changes to their positions in the stock. Synovus Financial Corp boosted its position in shares of Lumentum by 1.5% during the third quarter. Synovus Financial Corp now owns 13,225 shares of the technology company’s stock worth $838,000 after buying an additional 200 shares during the period. Tidal Investments LLC raised its stake in Lumentum by 35.6% during the 3rd quarter. Tidal Investments LLC now owns 18,669 shares of the technology company’s stock valued at $1,183,000 after acquiring an additional 4,899 shares in the last quarter. Geode Capital Management LLC boosted its position in Lumentum by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock worth $75,198,000 after acquiring an additional 15,799 shares during the period. M&T Bank Corp raised its stake in shares of Lumentum by 69.1% during the third quarter. M&T Bank Corp now owns 11,743 shares of the technology company’s stock valued at $745,000 after purchasing an additional 4,798 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its holdings in Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after purchasing an additional 270 shares during the period. 94.05% of the stock is owned by institutional investors.

Lumentum Company Profile

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.