Lumentum (NASDAQ:LITE) Shares Gap Up – Still a Buy?

Lumentum Holdings Inc. (NASDAQ:LITE) gapped up prior to trading on Friday . The stock had previously closed at $89.36, but opened at $94.13. Lumentum shares last traded at $92.83, with a volume of 354,641 shares changing hands.

Analyst Ratings Changes

LITE has been the subject of several recent analyst reports. Northland Securities raised their target price on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Morgan Stanley raised their target price on Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and raised their target price for the company from $80.00 to $125.00 in a research note on Friday. Rosenblatt Securities raised their target price on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Finally, Raymond James raised their target price on Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Lumentum has a consensus rating of “Moderate Buy” and an average price target of $81.92.

Lumentum Stock Up 4.9 %

The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The firm has a market cap of $6.44 billion, a price-to-earnings ratio of -11.30 and a beta of 0.94. The stock’s 50 day moving average is $86.51 and its 200 day moving average is $67.84.

Insiders Place Their Bets

In other Lumentum news, CFO Wajid Ali sold 29,887 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $85.06, for a total transaction 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. The trade was a 34.60 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harold L. Covert sold 15,000 shares of the business’s stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the transaction, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. The trade was a 63.13 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is owned by insiders.

Institutional Investors Weigh In On Lumentum

Several large investors have recently bought and sold shares of the company. Quarry LP increased its position in shares of Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares in the last quarter. UMB Bank n.a. lifted its stake in shares of Lumentum by 301.2% during the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after buying an additional 253 shares during the last quarter. Capital Performance Advisors LLP bought a new position in Lumentum during the third quarter worth about $33,000. Point72 DIFC Ltd bought a new position in Lumentum in the 2nd quarter valued at about $36,000. Finally, Nomura Asset Management Co. Ltd. grew its holdings in shares of Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after purchasing an additional 270 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

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.