Cinctive Capital Management LP Purchases New Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Cinctive Capital Management LP bought a new stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 13,921 shares of the technology company's stock, valued at approximately $882,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Signaturefd LLC boosted its holdings in Lumentum by 13.8% during the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company's stock valued at $83,000 after purchasing an additional 158 shares in the last quarter. Mcdonald Partners LLC grew its holdings in Lumentum by 1.6% during the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company's stock worth $1,010,000 after acquiring an additional 318 shares during the period. Arizona State Retirement System grew its holdings 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 buying an additional 455 shares during the period. Capital Performance Advisors LLP acquired a new position in shares of Lumentum in the 3rd quarter valued at $33,000. Finally, GAMMA Investing LLC boosted its stake in Lumentum by 141.6% in the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company's stock worth $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 Up 7.0 %

Lumentum stock traded up $6.20 during midday trading on Wednesday, hitting $94.90. 3,231,512 shares of the stock were exchanged, compared to its average volume of 1,496,487. The stock has a market capitalization of $6.52 billion, a price-to-earnings ratio of -11.34 and a beta of 0.95. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $95.92. The business's 50-day moving average price is $73.15 and its 200-day moving average price is $59.03.

Insiders Place Their Bets

In other news, Director Penny Herscher sold 1,625 shares of the business's stock in a transaction that occurred 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 sale, the director now owns 6,852 shares of the company's stock, valued at $555,628.68. The trade was a 19.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Harold L. Covert sold 3,345 shares of the business's stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $81.78, for a total transaction of $273,554.10. Following the completion of the sale, the director now directly owns 8,729 shares in the company, valued at approximately $713,857.62. This trade represents a 27.70 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 101,797 shares of company stock valued at $8,881,428. Company insiders own 0.19% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Susquehanna boosted their price target on shares of Lumentum from $80.00 to $115.00 and gave the stock a "positive" rating in a research report on Friday, November 8th. Rosenblatt Securities upped their target price on shares of Lumentum from $69.00 to $110.00 and gave the company a "buy" rating in a report on Friday, November 8th. Needham & Company LLC upped their target price on shares of Lumentum from $65.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, August 15th. Barclays upped their target price on shares of Lumentum from $40.00 to $80.00 and gave the company an "underweight" rating in a report on Monday, November 11th. Finally, JPMorgan Chase & Co. upped their target price on shares of Lumentum from $57.00 to $65.00 and gave the company an "overweight" rating in a report on Monday, August 12th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock 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.