9,213 Shares in Lumentum Holdings Inc. (NASDAQ:LITE) Acquired by Friedenthal Financial

Friedenthal Financial purchased a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 9,213 shares of the technology company's stock, valued at approximately $773,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Atreides Management LP raised its stake in Lumentum by 28.5% in the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company's stock valued at $107,177,000 after purchasing an additional 375,389 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Lumentum in the third quarter valued at about $17,981,000. Pinnacle Associates Ltd. lifted its stake in shares of Lumentum by 50.4% in 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. Dimensional Fund Advisors LP boosted its position in Lumentum by 8.3% during the second quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company's stock worth $86,760,000 after acquiring an additional 130,838 shares during the last quarter. Finally, Castleark Management LLC purchased a new stake in Lumentum during the 3rd quarter valued at about $6,205,000. Hedge funds and other institutional investors own 94.05% of the company's stock.

Lumentum Trading Down 0.8 %

NASDAQ LITE traded down $0.64 on Monday, reaching $83.74. The stock had a trading volume of 1,995,829 shares, compared to its average volume of 1,545,873. 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 stock has a fifty day moving average price of $85.49 and a two-hundred day moving average price of $67.30. Lumentum Holdings Inc. has a 12-month low of $38.28 and a 12-month high of $96.25. The firm has a market capitalization of $5.75 billion, a price-to-earnings ratio of -10.11 and a beta of 0.94.

Insider Activity at Lumentum

In related news, insider Vincent Retort sold 41,710 shares of the company's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the sale, the insider now directly owns 147,515 shares of the company's stock, valued at $13,205,542.80. This represents a 22.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Harold L. Covert sold 15,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the sale, the director now owns 8,761 shares in the company, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

LITE has been the topic of several recent research reports. Raymond James boosted their target price on Lumentum from $70.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Morgan Stanley boosted their price objective on Lumentum from $76.00 to $83.00 and gave the stock an "equal weight" rating in a research note on Tuesday, December 17th. Needham & Company LLC reaffirmed a "buy" rating and issued a $110.00 target price on shares of Lumentum in a research note on Thursday. Northland Securities boosted their price target on shares of Lumentum from $45.00 to $60.00 and gave the company a "market perform" rating in a research report on Friday, November 8th. Finally, Rosenblatt Securities raised their price objective on shares of Lumentum from $69.00 to $110.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $78.46.

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.