Lumentum (NASDAQ:LITE) Price Target Lowered to $41.00 at B. Riley

Lumentum (NASDAQ:LITEFree 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.

View Our Latest Stock Report on Lumentum

Lumentum Stock Performance

LITE stock opened at $50.34 on Friday. The company has a debt-to-equity ratio of 1.96, a quick ratio of 2.42 and a current ratio of 3.13. The stock has a market capitalization of $3.39 billion, a price-to-earnings ratio of -12.78 and a beta of 1.14. Lumentum has a 1 year low of $35.35 and a 1 year high of $65.16. The stock’s fifty day moving average is $51.49 and its two-hundred day moving average is $47.75.

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.

About Lumentum

(Get Free Report)

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.

Featured Articles

Analyst Recommendations for Lumentum (NASDAQ:LITE)

Receive News & Ratings for Lumentum Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lumentum and related companies with MarketBeat.com's FREE daily email newsletter.