Barclays Upgrades Lumentum (NASDAQ:LITE) to Overweight

Lumentum (NASDAQ:LITE) was upgraded by equities researchers at Barclays from an “underweight” rating to an “overweight” rating in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a $125.00 price objective on the technology company’s stock, up from their prior price objective of $80.00. Barclays‘s price objective would indicate a potential upside of 39.88% from the company’s current price.

LITE has been the topic of several other research reports. Needham & Company LLC reiterated a “buy” rating and set a $110.00 price objective on shares of Lumentum in a report on Thursday, January 9th. Morgan Stanley lifted their price target on shares of Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Rosenblatt Securities increased their price objective on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Northland Securities boosted their price objective on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Finally, Susquehanna upped their target price on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $81.92.

Lumentum Stock Performance

Shares of Lumentum stock opened at $89.36 on Friday. The stock’s fifty day simple moving average is $86.51 and its 200 day simple moving average is $67.84. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The company has a market capitalization of $6.14 billion, a PE ratio of -10.79 and a beta of 0.94. Lumentum has a 12 month low of $38.28 and a 12 month high of $96.25.

Insider Buying and Selling at Lumentum

In other news, CFO Wajid Ali sold 29,887 shares of Lumentum stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $85.06, for a total value of $2,542,188.22. Following the completion of the transaction, the chief financial officer now owns 56,492 shares of the company’s stock, valued at $4,805,209.52. This trade represents a 34.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Vincent Retort sold 41,710 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the completion of the sale, the insider now directly owns 147,515 shares in the company, valued at approximately $13,205,542.80. The trade was a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,797 shares of company stock worth $8,881,428 over the last ninety days. 0.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lumentum

A number of large investors have recently added to or reduced their stakes in LITE. Atreides Management LP increased its holdings in shares of Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after purchasing an additional 375,389 shares during the last quarter. Point72 Hong Kong Ltd bought a new stake in shares of Lumentum during the 3rd quarter worth about $17,981,000. Pinnacle Associates Ltd. grew its stake in Lumentum by 50.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock valued at $25,846,000 after buying an additional 136,659 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Lumentum by 8.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock valued at $86,760,000 after buying an additional 130,838 shares during the last quarter. Finally, Castleark Management LLC bought a new position in Lumentum in the 3rd quarter valued at about $6,205,000. Institutional investors own 94.05% of the company’s stock.

About Lumentum

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.