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

After Susquehanna and Rosenblatt Securities gave Lumentum Holdings (NASDAQ: LITE) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Alex Henderson reiterated a Buy rating on Lumentum Holdings today and set a price target of $125.00. The company’s shares closed last Tuesday at $90.59.

According to TipRanks.com, Henderson is a top 100 analyst with an average return of 24.6% and a 60.2% success rate. Henderson covers the Technology sector, focusing on stocks such as SailPoint Technologies Holdings, CrowdStrike Holdings, and CyberArk Software.

Currently, the analyst consensus on Lumentum Holdings is a Strong Buy with an average price target of $116.25, which is a 24.9% upside from current levels. In a report released yesterday, Rosenblatt Securities also reiterated a Buy rating on the stock with a $115.00 price target.

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The company has a one-year high of $108.90 and a one-year low of $65.67. Currently, Lumentum Holdings has an average volume of 1.07M.

Based on the recent corporate insider activity of 79 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of LITE in relation to earlier this year.

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 provision of optical and photonic products. It operates through the Optical Communications (OpComms) and Commercial Lasers segments. The OpComms segment includes a range of components, modules, and subsystems to support customers including carrier networks of access (local), metro (intracity), long-haul (city-to-city and worldwide), and submarine (undersea) applications. The Commercial Lasers segment focuses in serving customers in markets and applications such as sheet metal processing, general manufacturing, biotechnology, graphics and imaging, remote sensing, and precision machining such as drilling in printed circuit boards, wafer singulation, glass cutting, and solar cell scribing. The company was founded on February 10, 2015 and is headquartered in Milpitas, CA.

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