Shares of Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) hit a new 52-week high on Friday . The company traded as high as $115.49 and last traded at $114.38, with a volume of 382621 shares changing hands. The stock had previously closed at $111.13.
Wall Street Analyst Weigh In
LITE has been the subject of a number of research analyst reports. Northland Securities set a $80.00 price target on Lumentum in a research report on Wednesday, May 7th. Wolfe Research initiated coverage on Lumentum in a research report on Tuesday, July 8th. They issued an "outperform" rating for the company. Morgan Stanley restated a "positive" rating on shares of Lumentum in a research report on Monday, August 4th. Rosenblatt Securities restated a "buy" rating and issued a $105.00 price target on shares of Lumentum in a research report on Thursday, June 12th. Finally, UBS Group cut their target price on shares of Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $88.20.
Check Out Our Latest Analysis on Lumentum
Lumentum Price Performance
The company has a 50 day moving average of $95.61 and a 200-day moving average of $77.72. The stock has a market capitalization of $7.98 billion, a P/E ratio of -17.83 and a beta of 1.33. The company has a quick ratio of 3.53, a current ratio of 4.72 and a debt-to-equity ratio of 2.91.
Insider Buying and Selling
In related news, insider Vincent Retort sold 22,719 shares of Lumentum stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $110.00, for a total transaction of $2,499,090.00. Following the sale, the insider directly owned 121,747 shares in the company, valued at $13,392,170. The trade was a 15.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jae Kim sold 4,577 shares of Lumentum stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $77.98, for a total value of $356,914.46. Following the completion of the transaction, the senior vice president directly owned 31,534 shares in the company, valued at $2,459,021.32. This represents a 12.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 90,009 shares of company stock valued at $8,320,743 in the last three months. 0.19% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Lumentum
Large investors have recently made changes to their positions in the company. Skandinaviska Enskilda Banken AB publ acquired a new stake in Lumentum in the 1st quarter worth approximately $25,000. Rakuten Securities Inc. lifted its holdings in shares of Lumentum by 164.4% during the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company's stock worth $30,000 after buying an additional 296 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of Lumentum by 103.2% during the first quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock worth $32,000 after buying an additional 260 shares during the last quarter. CoreCap Advisors LLC lifted its holdings in shares of Lumentum by 2,235.3% during the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock worth $33,000 after buying an additional 380 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new position in shares of Lumentum during the second quarter worth approximately $38,000. Institutional investors own 94.05% of the company's stock.
Lumentum Company Profile
(
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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.
Further Reading
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