Published On: Wed, Sep 7th, 2016

Lumentum Holdings Inc. (LITE) Given “Overweight” Rating at Piper Jaffray Cos.

Lumentum Holdings Inc. (NASDAQ:LITE)‘s stock had its “overweight” rating reiterated by Piper Jaffray Cos. in a research note issued on Wednesday. They currently have a $38.00 target price on the stock. Piper Jaffray Cos.‘s target price would indicate a potential upside of 4.83% from the stock’s current price.
In related news, COO Vincent Retort sold 8,114 shares of Lumentum Holdings stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $32.59, for a total value of $264,435.26. Following the sale, the chief operating officer now directly owns 587 shares in the company, valued at $19,130.33. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Alan S. Lowe sold 23,610 shares of Lumentum Holdings stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $35.45, for a total value of $836,974.50. Following the completion of the sale, the chief executive officer now owns 140,302 shares in the company, valued at $4,973,705.90. The disclosure for this sale can be found here.
Other equities research analysts have also issued research reports about the company. B. Riley reissued a “buy” rating and set a $41.50 target price on shares of Lumentum Holdings in a research report on Monday, August 15th. Jefferies Group raised their target price on Lumentum Holdings from $34.00 to $39.00 and gave the stock a “buy” rating in a research report on Wednesday, August 10th. Stifel Nicolaus raised their target price on Lumentum Holdings from $31.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, August 10th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Lumentum Holdings in a research report on Monday, August 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $35.00 price target on shares of Lumentum Holdings in a research report on Wednesday, June 15th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $33.35.

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Lumentum Holdings (NASDAQ:LITE) opened at 37.25 on Wednesday. The stock’s 50 day moving average price is $31.76 and its 200-day moving average price is $26.58. Lumentum Holdings has a 12 month low of $13.97 and a 12 month high of $37.40. The stock’s market cap is $2.22 billion.
Lumentum Holdings (NASDAQ:LITE) last issued its earnings results on Tuesday, August 9th. The company reported $0.41 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.05. The business had revenue of $241.70 million for the quarter, compared to analyst estimates of $238.52 million. During the same period last year, the business posted $0.15 EPS. Lumentum Holdings’s revenue was up 15.7% on a year-over-year basis. Equities research analysts predict that Lumentum Holdings will post $1.84 EPS for the current year.
Several hedge funds have bought and sold shares of LITE. Ladenburg Thalmann Financial Services Inc. increased its stake in Lumentum Holdings by 27.4% in the first quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,812 shares of the company’s stock worth $102,000 after buying an additional 821 shares during the period. Legal & General Group Plc increased its stake in Lumentum Holdings by 133.1% in the first quarter. Legal & General Group Plc now owns 4,109 shares of the company’s stock worth $111,000 after buying an additional 2,346 shares during the period. LaSalle Street Capital Management LLC increased its stake in Lumentum Holdings by 3.2% in the second quarter. LaSalle Street Capital Management LLC now owns 9,441 shares of the company’s stock worth $228,000 after buying an additional 292 shares during the period. AMP Capital Investors Ltd acquired a new stake in Lumentum Holdings during the first quarter worth $277,000. Finally, Miles Capital Inc. acquired a new stake in Lumentum Holdings during the first quarter worth $278,000.
Lumentum Holdings Inc (Lumentum) is a provider of optical and photonic products. The Company’s products are used in a range of end markets, including data communications (Datacom) and telecommunications (Telecom) networking, and industrial and commercial lasers (commercial lasers) for manufacturing, inspection and life-sciences applications.

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