Geode Capital Management LLC Acquires 15,799 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Geode Capital Management LLC grew its stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 1.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,186,163 shares of the technology company's stock after acquiring an additional 15,799 shares during the quarter. Geode Capital Management LLC owned 1.73% of Lumentum worth $75,198,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its holdings in shares of Lumentum by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company's stock valued at $86,760,000 after acquiring an additional 130,838 shares during the last quarter. Atreides Management LP increased its position in Lumentum by 28.5% during the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company's stock valued at $107,177,000 after acquiring an additional 375,389 shares during the last quarter. Divisar Capital Management LLC lifted its holdings in Lumentum by 5.8% in the second quarter. Divisar Capital Management LLC now owns 961,574 shares of the technology company's stock valued at $48,963,000 after acquiring an additional 52,300 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Lumentum by 5.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company's stock worth $46,784,000 after purchasing an additional 37,109 shares during the last quarter. Finally, DigitalBridge Group Inc. grew its stake in shares of Lumentum by 10.9% during the 2nd quarter. DigitalBridge Group Inc. now owns 554,529 shares of the technology company's stock valued at $28,237,000 after purchasing an additional 54,703 shares during the period. 94.05% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Penny Herscher sold 1,625 shares of Lumentum stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $81.09, for a total value of $131,771.25. Following the sale, the director now directly owns 6,852 shares of the company's stock, valued at approximately $555,628.68. The trade was a 19.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the transaction, the insider now directly owns 147,515 shares of the company's stock, valued at approximately $13,205,542.80. The trade was a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is owned by insiders.

Lumentum Price Performance

LITE stock traded up $1.52 during midday trading on Friday, hitting $85.08. The company's stock had a trading volume of 2,115,245 shares, compared to its average volume of 1,506,097. 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 12 month low of $38.28 and a 12 month high of $96.25. The company has a 50 day moving average of $79.34 and a two-hundred day moving average of $62.83. The firm has a market capitalization of $5.84 billion, a price-to-earnings ratio of -10.28 and a beta of 0.95.

Wall Street Analysts Forecast Growth

LITE has been the topic of a number of research reports. Barclays raised their price objective on shares of Lumentum from $40.00 to $80.00 and gave the stock an "underweight" rating in a report on Monday, November 11th. Susquehanna lifted their price target on shares of Lumentum from $80.00 to $115.00 and gave the stock a "positive" rating in a research note on Friday, November 8th. Northland Securities upped their price objective on Lumentum from $45.00 to $60.00 and gave the stock a "market perform" rating in a research note on Friday, November 8th. Raymond James lifted their target price on Lumentum from $70.00 to $100.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. Finally, Rosenblatt Securities upped their price target on 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 assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $75.38.

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.