5 Stocks Jim Cramer Talked About & Commented On SpaceX’s IPO

3. Lumentum Holdings Inc. (NASDAQ:LITE)

Number of Hedge Fund Holders: 97

Lumentum Holdings Inc. (NASDAQ:LITE) is an optical and photonic products manufacturer. Its shares are up by more than 1,400% over the past year and by 114% year-to-date. BNP Paribas and Craig Hallum discussed the firm in March. The former raised the share price target to $1,040 from an earlier $625 and kept an Outperform rating, while the latter bumped it to $900 from $600 and kept a Buy rating. BNP Paribas discussed Lumentum Holdings Inc. (NASDAQ:LITE)’s EMP chipsets and commented that it had raised its estimates to account for the firm’s progress in the optical chip industry. Cramer mentioned the firm at the tail end of the show. He outlined the firm’s presence in the data center industry and mentioned NVIDIA’s investment. NVIDIA had announced that it would invest $4 billion in Lumentum Holdings Inc. (NASDAQ:LITE) on March 2nd, and the stock had closed 11.7% higher on that day. The CNBC TV host added that the optical products company was seeking to replace copper in the data center sector:

“There’s a company called Lumentum, it’s a very good company. It does fiber, it’s in the data center, and this is a company that was dramatically lower when, again, NVIDIA took a stake in it. It just shows you we’re back again to what’s strong in the data center. This company will be replacing copper. It’s a very important company. And the stake that NVIDIA gave them is a real vote of confidence and I just think that people have to realize, that when, Lumentum took off from March 30th, it was an amazing buy. . .there’s a lot of companies getting into data centers, and as long as you open a new data center you gotta start using Lumentum. And I think it’s important. . .and so these are the companies of the data center of tomorrow, and here they go again.”