Emerald Advisers LLC Grows Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Emerald Advisers LLC raised its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 12.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 425,079 shares of the technology company's stock after purchasing an additional 46,544 shares during the period. Lumentum makes up approximately 1.4% of Emerald Advisers LLC's holdings, making the stock its 17th largest holding. Emerald Advisers LLC owned approximately 0.62% of Lumentum worth $35,685,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in LITE. J.Safra Asset Management Corp increased its position in shares of Lumentum by 31.1% during the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after purchasing an additional 122 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock worth $31,000 after buying an additional 130 shares in the last quarter. Crossmark Global Holdings Inc. grew its position in Lumentum by 4.0% during the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock valued at $365,000 after acquiring an additional 168 shares during the last quarter. Manchester Capital Management LLC raised its stake in shares of Lumentum by 22.6% during the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock worth $86,000 after acquiring an additional 190 shares in the last quarter. Finally, Synovus Financial Corp lifted its holdings in shares of Lumentum by 1.5% in the 3rd quarter. Synovus Financial Corp now owns 13,225 shares of the technology company's stock worth $838,000 after acquiring an additional 200 shares during the last quarter. Institutional investors own 94.05% of the company's stock.

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Wall Street Analysts Forecast Growth

Several equities analysts recently commented on LITE shares. Barclays raised shares of Lumentum from an "underweight" rating to an "overweight" rating and increased their target price for the company from $80.00 to $125.00 in a report on Friday, January 17th. Rosenblatt Securities reaffirmed a "buy" rating and set a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. UBS Group lifted their price objective on Lumentum from $93.00 to $96.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. Needham & Company LLC restated a "buy" rating and set a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Finally, BNP Paribas upgraded Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target on the stock in a research report on Tuesday, March 11th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $87.40.

Insider Activity

In other 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 sale, the chief financial officer now owns 51,976 shares in the company, valued at $4,071,799.84. This represents a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.19% of the company's stock.

Lumentum Stock Down 3.2 %

LITE traded down $2.13 during midday trading on Thursday, reaching $63.98. The company's stock had a trading volume of 1,835,194 shares, compared to its average volume of 1,699,755. Lumentum Holdings Inc. has a 1 year low of $38.29 and a 1 year high of $104.00. The stock's 50-day moving average is $75.92 and its 200-day moving average is $75.88. The firm has a market capitalization of $4.43 billion, a price-to-earnings ratio of -8.32 and a beta of 1.03. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share 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%. As a group, research analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Lumentum Profile

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.