Atom Investors LP acquired a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 65,108 shares of the technology company's stock, valued at approximately $4,127,000. Atom Investors LP owned approximately 0.09% of Lumentum at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of LITE. Atreides Management LP raised its holdings in shares of Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company's stock worth $107,177,000 after acquiring an additional 375,389 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in Lumentum during the 3rd quarter worth about $17,981,000. Van Lanschot Kempen Investment Management N.V. lifted its holdings in Lumentum by 17.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company's stock valued at $58,803,000 after purchasing an additional 174,828 shares in the last quarter. Pinnacle Associates Ltd. grew its holdings in shares of Lumentum by 50.4% during the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company's stock worth $25,846,000 after buying an additional 136,659 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Lumentum by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company's stock valued at $86,760,000 after buying an additional 130,838 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts have commented on LITE shares. Barclays lifted their target price on shares of Lumentum from $40.00 to $80.00 and gave the stock an "underweight" rating in a research note on Monday, November 11th. Jefferies Financial Group lifted their price objective on Lumentum from $53.00 to $65.00 and gave the company a "buy" rating in a research report on Thursday, August 15th. Northland Securities increased their target price on Lumentum from $45.00 to $60.00 and gave the stock a "market perform" rating in a research report on Friday, November 8th. Raymond James lifted their price target on Lumentum from $70.00 to $100.00 and gave the company an "outperform" rating in a report on Friday, November 8th. Finally, B. Riley increased their price objective on shares of Lumentum from $40.00 to $50.00 and gave the stock a "neutral" rating in a report on Thursday, August 15th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $74.85.
Check Out Our Latest Stock Analysis on LITE
Insider Buying and Selling at Lumentum
In other Lumentum news, Director Penny Herscher sold 1,625 shares of the business's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the transaction, the director now owns 6,852 shares in the company, valued at $555,628.68. The trade was a 19.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Vincent Retort sold 41,710 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the sale, the insider now owns 147,515 shares of the company's stock, valued at $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 71,910 shares of company stock valued at $6,339,239 over the last three months. 0.19% of the stock is owned by company insiders.
Lumentum Trading Down 0.7 %
Shares of LITE stock traded down $0.60 during mid-day trading on Monday, reaching $86.37. The company's stock had a trading volume of 1,007,040 shares, compared to its average volume of 1,489,317. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The firm has a market capitalization of $5.93 billion, a PE ratio of -10.50 and a beta of 0.88. The company's 50 day simple moving average is $72.09 and its 200-day simple moving average is $58.45. Lumentum Holdings Inc. has a 12-month low of $38.28 and a 12-month high of $91.21.
About Lumentum
(
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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