Lumentum (NASDAQ:LITE) Sets New 1-Year High – What’s Next?

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) reached a new 52-week high on Tuesday . The company traded as high as $97.50 and last traded at $94.29, with a volume of 278021 shares traded. The stock had previously closed at $94.41.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $110.00 price target on shares of Lumentum in a report on Thursday, January 9th. Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and upped their target price for the company from $80.00 to $125.00 in a research note on Friday. Rosenblatt Securities boosted their price objective on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 8th. Morgan Stanley increased their target price on Lumentum from $76.00 to $83.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Finally, Northland Securities boosted their price target on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $81.92.

Lumentum Price Performance

The business’s 50-day simple moving average is $86.87 and its 200 day simple moving average is $68.62. The company has a market capitalization of $6.49 billion, a P/E ratio of -11.41 and a beta of 0.94. 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

In other news, Director Julia Suzanne Johnson sold 2,058 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $85.82, for a total transaction of $176,617.56. Following the sale, the director now owns 23,287 shares in the company, valued at $1,998,490.34. The trade was a 8.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Harold L. Covert sold 15,000 shares of the stock in a transaction on 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 sale, the director now owns 8,761 shares of the company’s stock, valued at $763,696.37. The trade was a 63.13 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lumentum

Institutional investors have recently bought and sold shares of the business. Atom Investors LP acquired a new stake in shares of Lumentum during the 3rd quarter valued at $4,127,000. Two Sigma Advisers LP boosted its holdings in Lumentum by 24.7% in the third quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock worth $11,827,000 after purchasing an additional 37,000 shares in the last quarter. West Tower Group LLC acquired a new position in Lumentum during the third quarter worth $444,000. Quest Partners LLC raised its holdings in Lumentum by 776,400.0% during the third quarter. Quest Partners LLC now owns 7,765 shares of the technology company’s stock valued at $492,000 after buying an additional 7,764 shares in the last quarter. Finally, Friedenthal Financial acquired a new stake in shares of Lumentum in the fourth quarter worth about $773,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.