86,390 Shares in Lumentum Holdings Inc. (NASDAQ:LITE) Acquired by Peregrine Investment Management Inc.

Peregrine Investment Management Inc. acquired a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 86,390 shares of the technology company's stock, valued at approximately $7,252,000. Lumentum comprises approximately 4.2% of Peregrine Investment Management Inc.'s investment portfolio, making the stock its 14th biggest holding. Peregrine Investment Management Inc. owned about 0.13% of Lumentum at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in LITE. Atreides Management LP grew its holdings in Lumentum by 28.5% in the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company's stock valued at $107,177,000 after buying an additional 375,389 shares in the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Lumentum during the 3rd quarter worth $17,981,000. Lightrock Netherlands B.V. purchased a new position in shares of Lumentum during the 4th quarter worth $12,668,000. Pinnacle Associates Ltd. grew its holdings in shares of Lumentum by 50.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company's stock worth $25,846,000 after purchasing an additional 136,659 shares during the period. Finally, Castleark Management LLC purchased a new position in Lumentum during the 3rd quarter valued at about $6,205,000. 94.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. B. Riley raised their target price on Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Rosenblatt Securities restated a "buy" rating and set a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Susquehanna raised their target price on Lumentum from $80.00 to $115.00 and gave the company a "positive" rating in a report on Friday, November 8th. Needham & Company LLC restated a "buy" rating and set a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Finally, Stifel Nicolaus increased their price target on Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Lumentum presently has a consensus rating of "Hold" and an average price target of $88.07.

Lumentum Stock Down 3.7 %

Shares of NASDAQ LITE traded down $2.93 during midday trading on Wednesday, hitting $77.29. 1,730,334 shares of the company's stock were exchanged, compared to its average volume of 2,400,553. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $104.00. The company has a market cap of $5.35 billion, a PE ratio of -10.05 and a beta of 0.94. The firm's fifty day simple moving average is $86.12 and its 200-day simple moving average is $73.19.

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 the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Research analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Insider Transactions at Lumentum

In other news, insider Vincent Retort sold 41,710 shares of the firm's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the sale, the insider now owns 147,515 shares of the company's stock, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Julia Suzanne Johnson sold 2,058 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $85.82, for a total value of $176,617.56. Following the transaction, the director now owns 23,287 shares in the company, valued at $1,998,490.34. This represents a 8.12 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 73,655 shares of company stock valued at $6,452,685. Corporate insiders own 0.19% of the company's stock.

Lumentum Company Profile

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.