Alpha DNA Investment Management LLC acquired a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,074 shares of the technology company's stock, valued at approximately $426,000.
Several other hedge funds have also recently added to or reduced their stakes in LITE. Alliancebernstein L.P. increased its stake in shares of Lumentum by 1.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,711,956 shares of the technology company's stock worth $143,719,000 after purchasing an additional 23,136 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Lumentum by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 1,195,605 shares of the technology company's stock worth $100,402,000 after purchasing an additional 9,442 shares during the last quarter. Norges Bank purchased a new stake in shares of Lumentum during the fourth quarter worth about $68,962,000. Fisher Asset Management LLC raised its position in shares of Lumentum by 18.8% in the fourth quarter. Fisher Asset Management LLC now owns 687,311 shares of the technology company's stock valued at $57,700,000 after buying an additional 108,740 shares during the last quarter. Finally, Emerald Advisers LLC boosted its position in Lumentum by 12.3% during the fourth quarter. Emerald Advisers LLC now owns 425,079 shares of the technology company's stock worth $35,685,000 after acquiring an additional 46,544 shares during the last quarter. 94.05% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
LITE has been the topic of several recent analyst reports. B. Riley increased their target price on Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. JPMorgan Chase & Co. lowered their target price on shares of Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Needham & Company LLC reaffirmed a "buy" rating and set a $110.00 price target on shares of Lumentum in a research note on Friday, February 7th. Morgan Stanley lowered their price objective on shares of Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday, January 31st. Finally, Northland Securities upgraded Lumentum from a "market perform" rating to an "outperform" rating in a report on Monday, April 7th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Lumentum has an average rating of "Moderate Buy" and a consensus price target of $82.60.
Check Out Our Latest Report on Lumentum
Insider Buying and Selling
In related news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the completion of the sale, the chief financial officer now owns 51,976 shares in the company, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.19% of the company's stock.
Lumentum Stock Up 6.6 %
NASDAQ LITE traded up $3.64 on Thursday, reaching $58.81. The company had a trading volume of 576,374 shares, compared to its average volume of 1,882,938. The firm has a market capitalization of $4.07 billion, a PE ratio of -7.65 and a beta of 1.14. The firm has a 50-day moving average of $62.70 and a 200-day moving average of $75.05. Lumentum Holdings Inc. has a 1 year low of $38.29 and a 1 year high of $104.00. 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 (NASDAQ:LITE - Get Free Report) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) 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%. On average, equities research analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.
Lumentum 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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