Fintel reports that on August 18, 2023, Rosenblatt upgraded their outlook for Lumentum Holdings (NASDAQ:LITE) from Neutral to Buy.

Analyst Price Forecast Suggests 21.55% Upside

As of August 2, 2023, the average one-year price target for Lumentum Holdings is 56.16. The forecasts range from a low of 40.40 to a high of $70.35. The average price target represents an increase of 21.55% from its latest reported closing price of 46.20.

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The projected annual revenue for Lumentum Holdings is 2,227MM, an increase of 26.03%. The projected annual non-GAAP EPS is 6.12.

What is the Fund Sentiment?

There are 817 funds or institutions reporting positions in Lumentum Holdings. This is a decrease of 48 owner(s) or 5.55% in the last quarter. Average portfolio weight of all funds dedicated to LITE is 0.19%, a decrease of 6.27%. Total shares owned by institutions increased in the last three months by 7.54% to 75,667K shares. The put/call ratio of LITE is 0.94, indicating a bullish outlook.

What are Other Shareholders Doing?

Alliancebernstein holds 3,833K shares representing 5.58% ownership of the company. In it’s prior filing, the firm reported owning 3,687K shares, representing an increase of 3.81%. The firm increased its portfolio allocation in LITE by 4.01% over the last quarter.

Ameriprise Financial holds 2,681K shares representing 3.90% ownership of the company. In it’s prior filing, the firm reported owning 3,101K shares, representing a decrease of 15.67%. The firm decreased its portfolio allocation in LITE by 84.16% over the last quarter.

Wellington Management Group Llp holds 2,527K shares representing 3.68% ownership of the company. In it’s prior filing, the firm reported owning 5,025K shares, representing a decrease of 98.86%. The firm decreased its portfolio allocation in LITE by 92.89% over the last quarter.

IJH – iShares Core S&P Mid-Cap ETF holds 2,113K shares representing 3.08% ownership of the company. In it’s prior filing, the firm reported owning 2,106K shares, representing an increase of 0.33%. The firm decreased its portfolio allocation in LITE by 0.58% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 2,009K shares representing 2.92% ownership of the company. In it’s prior filing, the firm reported owning 1,966K shares, representing an increase of 2.16%. The firm decreased its portfolio allocation in LITE by 2.30% over the last quarter.

Lumentum Holdings Background Information
(This description is provided by the company.)

Lumentum is a market-leading designer and manufacturer of innovative optical and photonic products enabling optical networking and laser applications worldwide. Lumentum optical components and subsystems are part of virtually every type of telecom, enterprise, and data center network. Lumentum lasers enable advanced manufacturing techniques and diverse applications including next-generation 3D sensing capabilities. Lumentum is headquartered in San Jose, California with R&D, manufacturing, and sales offices worldwide.

This article originally appeared on Fintel

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