Lumentum Holdings (LITE) Received its Third Buy in a Row


After Northland Securities and B.Riley FBR gave Lumentum Holdings (NASDAQ: LITE) a Buy rating last month, the company received another Buy, this time from Rosenblatt Securities. Analyst Jun Zhang maintained a Buy rating on Lumentum Holdings today and set a price target of $80. The company’s shares closed yesterday at $53.67.

According to TipRanks.com, Zhang is a 3-star analyst with an average return of 2.7% and a 55.4% success rate. Zhang covers the Consumer Goods sector, focusing on stocks such as Applied Optoelectronics, Viavi Solutions, and NeoPhotonics.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Lumentum Holdings with a $67.16 average price target, a 25.1% upside from current levels. In a report issued on July 1, Northland Securities also maintained a Buy rating on the stock with a $71.25 price target.

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Lumentum Holdings’ market cap is currently $4.1B and has a P/E ratio of 237.48. The company has a Price to Book ratio of 2.72.

Based on the recent corporate insider activity of 44 insiders, corporate insider sentiment is negative on the stock.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Lumentum Holdings, Inc. engages in the manufacture of optical and photonic products enabling optical networking and commercial laser. It operates through the Optical Communications (OpComms) and Commercial Lasers business segments. The OpComms segment includes modules and subsystems to support and maintain customers in the Telecom and Datacom markets.

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