Atreides Management LP Raises Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Atreides Management LP raised its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 28.5% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 1,691,017 shares of the technology company's stock after buying an additional 375,389 shares during the period. Lumentum comprises approximately 2.7% of Atreides Management LP's holdings, making the stock its 10th largest holding. Atreides Management LP owned about 2.46% of Lumentum worth $107,177,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Signaturefd LLC boosted its position in shares of Lumentum by 13.8% in the 3rd quarter. Signaturefd LLC now owns 1,302 shares of the technology company's stock worth $83,000 after purchasing an additional 158 shares during the last quarter. Mcdonald Partners LLC increased its stake in shares of Lumentum by 1.6% in the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company's stock valued at $1,010,000 after acquiring an additional 318 shares during the last quarter. Arizona State Retirement System raised its position in shares of Lumentum by 2.5% in the 2nd quarter. Arizona State Retirement System now owns 18,868 shares of the technology company's stock valued at $961,000 after acquiring an additional 455 shares during the period. Capital Performance Advisors LLP bought a new position in Lumentum during the 3rd quarter worth approximately $33,000. Finally, GAMMA Investing LLC grew its holdings in Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company's stock valued at $57,000 after purchasing an additional 524 shares during the period. 94.05% of the stock is owned by institutional investors and hedge funds.

Lumentum Stock Down 0.7 %

Lumentum stock traded down $0.60 during mid-day trading on Monday, reaching $86.37. The company's stock had a trading volume of 1,004,235 shares, compared to its average volume of 1,487,600. The business's 50 day simple moving average is $72.09 and its 200 day simple moving average is $58.45. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. Lumentum Holdings Inc. has a 12 month low of $38.28 and a 12 month high of $91.21. The company has a market capitalization of $5.93 billion, a price-to-earnings ratio of -10.50 and a beta of 0.88.

Insider Activity

In other news, Director Penny Herscher sold 1,625 shares of the business's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $81.09, for a total transaction of $131,771.25. Following the transaction, the director now directly owns 6,852 shares in the company, valued at $555,628.68. The trade was a 19.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the firm's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total transaction of $715,867.20. Following the completion of the sale, the chief accounting officer now owns 21,138 shares of the company's stock, valued at $1,851,688.80. This trade represents a 27.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 71,910 shares of company stock worth $6,339,239 in the last quarter. Corporate insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on LITE. Craig Hallum increased their target price on shares of Lumentum from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, August 15th. JPMorgan Chase & Co. lifted their target price on Lumentum from $57.00 to $65.00 and gave the stock an "overweight" rating in a report on Monday, August 12th. Needham & Company LLC increased their price target on Lumentum from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, August 15th. Jefferies Financial Group raised their price target on Lumentum from $53.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, August 15th. Finally, Barclays boosted their price objective on Lumentum from $40.00 to $80.00 and gave the company an "underweight" rating in a research report on Monday, November 11th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Lumentum has a consensus rating of "Hold" and a consensus target price of $74.85.

About Lumentum

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.