Proficio Capital Partners LLC acquired a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 6,331 shares of the technology company's stock, valued at approximately $531,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. J.Safra Asset Management Corp boosted its stake in Lumentum by 31.1% during the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after buying an additional 122 shares during the period. Jones Financial Companies Lllp boosted its position in shares of Lumentum by 54.2% during the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after acquiring an additional 130 shares during the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of Lumentum by 4.0% during the 4th quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock valued at $365,000 after acquiring an additional 168 shares during the last quarter. Manchester Capital Management LLC grew its holdings in shares of Lumentum by 22.6% during the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock worth $86,000 after purchasing an additional 190 shares in the last quarter. Finally, Synovus Financial Corp grew its stake in Lumentum by 1.5% in the 3rd quarter. Synovus Financial Corp now owns 13,225 shares of the technology company's stock worth $838,000 after buying an additional 200 shares in the last quarter. Institutional investors own 94.05% of the company's stock.
Insider Activity at Lumentum
In related news, CFO Wajid Ali sold 2,172 shares of the company's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.19% of the stock is currently owned by insiders.
Lumentum Price Performance
Shares of LITE stock traded down $2.13 on Thursday, hitting $63.98. 1,835,192 shares of the stock traded hands, compared to its average volume of 1,699,532. The firm has a market cap of $4.43 billion, a price-to-earnings ratio of -8.32 and a beta of 1.03. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. The firm has a 50 day simple moving average of $76.43 and a two-hundred day simple moving average of $75.97. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00.
Lumentum (NASDAQ:LITE - Get Free Report) last issued its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. As a group, equities research analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of research analysts recently commented on LITE shares. BNP Paribas raised Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 target price on the stock in a research note on Tuesday, March 11th. Barclays raised Lumentum from an "underweight" rating to an "overweight" rating and raised their price objective for the company from $80.00 to $125.00 in a research note on Friday, January 17th. B. Riley boosted their price objective on shares of Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Stifel Nicolaus raised their price objective on shares of Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Finally, Needham & Company LLC restated a "buy" rating and set a $110.00 price target on shares of Lumentum in a research report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Lumentum presently has an average rating of "Moderate Buy" and a consensus target price of $87.40.
Read Our Latest Report on LITE
Lumentum Company Profile
(
Free Report)
Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.
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