Dynamic Technology Lab Private Ltd acquired a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,331 shares of the technology company's stock, valued at approximately $615,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of LITE. Norges Bank bought a new stake in shares of Lumentum in the 4th quarter worth approximately $68,962,000. Hel Ved Capital Management Ltd bought a new stake in Lumentum in the fourth quarter worth $19,026,000. Arrowstreet Capital Limited Partnership bought a new stake in Lumentum in the fourth quarter worth $15,945,000. Proficio Capital Partners LLC purchased a new stake in shares of Lumentum in the fourth quarter worth $13,421,000. Finally, Lightrock Netherlands B.V. bought a new position in shares of Lumentum during the fourth quarter valued at $12,668,000. Hedge funds and other institutional investors own 94.05% of the company's stock.
Analyst Upgrades and Downgrades
LITE has been the topic of several recent analyst reports. Stifel Nicolaus increased their price objective on shares of Lumentum from $95.00 to $105.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Needham & Company LLC reissued a "buy" rating and set a $110.00 price target on shares of Lumentum in a research report on Friday, February 7th. Northland Securities upgraded shares of Lumentum from a "market perform" rating to an "outperform" rating in a report on Monday, April 7th. Rosenblatt Securities reiterated a "buy" rating and set a $110.00 target price on shares of Lumentum in a research note on Friday, February 7th. Finally, Morgan Stanley decreased their price target on Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a research note on Friday, January 31st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $87.40.
Read Our Latest Stock Analysis on Lumentum
Insider Buying and Selling
In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the sale, the chief financial officer now directly owns 51,976 shares of the company's stock, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.19% of the stock is currently owned by insiders.
Lumentum Stock Performance
NASDAQ:LITE traded down $3.20 during mid-day trading on Friday, hitting $51.27. 4,623,904 shares of the company traded hands, compared to its average volume of 1,860,915. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The stock's fifty day moving average price is $67.62 and its 200-day moving average price is $75.90. The firm has a market cap of $3.55 billion, a price-to-earnings ratio of -6.67 and a beta of 1.14. Lumentum Holdings Inc. has a one year low of $38.29 and a one year high of $104.00.
Lumentum (NASDAQ:LITE - Get Free Report) last released its earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing analysts' consensus estimates 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 anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.
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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