Lumentum (NASDAQ:LITE – Free Report) had its price target decreased by Needham & Company LLC from $60.00 to $55.00 in a research note released on Monday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.
LITE has been the topic of several other research reports. Raymond James lifted their price objective on Lumentum from $51.50 to $58.00 and gave the stock an outperform rating in a report on Monday, April 1st. Stifel Nicolaus reiterated a buy rating and issued a $62.00 price objective on shares of Lumentum in a research report on Monday, April 1st. Barclays cut their price objective on Lumentum from $40.00 to $38.00 and set an underweight rating for the company in a research report on Tuesday, May 7th. Susquehanna dropped their target price on Lumentum from $65.00 to $60.00 and set a positive rating for the company in a research report on Friday, February 9th. Finally, StockNews.com upgraded Lumentum to a sell rating in a research report on Monday, May 6th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and an average target price of $52.25.
Lumentum Stock Down 1.1 %
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently modified their holdings of the company. Headlands Technologies LLC bought a new stake in Lumentum during the third quarter worth about $26,000. Ramirez Asset Management Inc. acquired a new position in Lumentum in the 3rd quarter valued at $32,000. Neo Ivy Capital Management acquired a new position in Lumentum in the 3rd quarter valued at $32,000. Principal Securities Inc. bought a new position in shares of Lumentum in the 4th quarter valued at $55,000. Finally, CENTRAL TRUST Co increased its stake in shares of Lumentum by 714.3% in the 1st quarter. CENTRAL TRUST Co now owns 1,140 shares of the technology company’s stock valued at $54,000 after purchasing an additional 1,000 shares during the last quarter. 94.05% of the stock is 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.
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