Shares of Lumentum Holdings Inc. (NASDAQ:LITE) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $29.98 and last traded at $29.78, with a volume of 1,234,823 shares changing hands. The stock had previously closed at $27.49.

Several analysts recently issued reports on LITE shares. Northland Securities boosted their price target on Lumentum Holdings from $30.00 to $33.00 and gave the company an “outperform” rating in a research note on Monday, March 28th. Drexel Hamilton started coverage on Lumentum Holdings in a research note on Friday, April 8th. They issued a “hold” rating for the company. B. Riley restated a “buy” rating and issued a $31.50 price target on shares of Lumentum Holdings in a research note on Tuesday, May 3rd. Zacks Investment Research downgraded Lumentum Holdings from a “buy” rating to a “hold” rating in a research note on Thursday, May 5th. Finally, JPMorgan Chase & Co. upgraded Lumentum Holdings from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $25.00 to $28.00 in a research note on Thursday, May 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $28.81.

The firm’s 50 day moving average price is $24.88 and its 200-day moving average price is $24.12. The company’s market capitalization is $1.79 billion.

Lumentum Holdings (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, May 4th. The company reported $0.32 EPS for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.01. The business had revenue of $230.40 million for the quarter, compared to analysts’ expectations of $226.81 million. The business’s revenue was up 16.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.11 earnings per share. Analysts anticipate that Lumentum Holdings Inc. will post $1.25 earnings per share for the current year.

In related news, Director Harold L. Covert sold 7,376 shares of the stock in a transaction that occurred on Wednesday, May 11th. The stock was sold at an average price of $23.70, for a total transaction of $174,811.20. Following the completion of the sale, the director now directly owns 6,558 shares of the company’s stock, valued at $155,424.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Several hedge funds have modified their holdings of the stock. Principal Financial Group Inc. acquired a new stake in shares of Lumentum Holdings during the fourth quarter worth approximately $6,838,000. Marshall Wace LLP acquired a new stake in shares of Lumentum Holdings during the fourth quarter worth approximately $7,126,000. Dimensional Fund Advisors LP acquired a new stake in shares of Lumentum Holdings during the fourth quarter worth approximately $12,841,000. Finally, Employees Retirement System of Texas acquired a new stake in shares of Lumentum Holdings during the fourth quarter worth approximately $5,236,000.

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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.