Lumentum (NASDAQ:LITE – Free Report) had its target price decreased by B. Riley from $42.00 to $41.00 in a research note published on Friday, Benzinga reports. B. Riley currently has a neutral rating on the technology company’s stock.
LITE has been the topic of a number of other reports. Raymond James raised their target price on Lumentum from $49.50 to $54.00 and gave the company an outperform rating in a research note on Thursday, November 9th. Morgan Stanley lowered their price target on Lumentum from $55.00 to $45.00 and set an equal weight rating on the stock in a report on Friday, October 27th. Susquehanna lowered their price target on Lumentum from $65.00 to $60.00 and set a positive rating on the stock in a report on Friday. StockNews.com lowered Lumentum from a hold rating to a sell rating in a report on Saturday, October 21st. Finally, Needham & Company LLC reaffirmed a buy rating and set a $50.00 target price on shares of Lumentum in a report on Friday. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $51.86.
Lumentum Stock Performance
Insiders Place Their Bets
In other Lumentum news, Director Julia Suzanne Johnson sold 1,163 shares of the firm’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $44.17, for a total transaction of $51,369.71. Following the completion of the sale, the director now directly owns 22,032 shares in the company, valued at approximately $973,153.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.60% of the company’s stock.
Institutional Investors Weigh In On Lumentum
Several institutional investors have recently made changes to their positions in LITE. Norges Bank acquired a new stake in shares of Lumentum during the 4th quarter valued at about $53,785,000. Capital Research Global Investors lifted its holdings in shares of Lumentum by 94.2% during the 2nd quarter. Capital Research Global Investors now owns 1,452,774 shares of the technology company’s stock valued at $82,416,000 after buying an additional 704,662 shares during the last quarter. Earnest Partners LLC lifted its holdings in shares of Lumentum by 576.4% during the 1st quarter. Earnest Partners LLC now owns 680,435 shares of the technology company’s stock valued at $66,410,000 after buying an additional 579,835 shares during the last quarter. Westfield Capital Management Co. LP acquired a new stake in Lumentum in the 4th quarter worth approximately $29,675,000. Finally, Millennium Management LLC lifted its holdings in Lumentum by 50.8% in the 4th quarter. Millennium Management LLC now owns 1,202,143 shares of the technology company’s stock worth $62,716,000 after purchasing an additional 405,140 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.
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.
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