Hood River Capital Management LLC Buys New Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Hood River Capital Management LLC purchased a new stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 390,832 shares of the technology company's stock, valued at approximately $32,810,000. Hood River Capital Management LLC owned approximately 0.57% of Lumentum as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Symmetry Investments LP lifted its holdings in shares of Lumentum by 744.2% in the fourth quarter. Symmetry Investments LP now owns 96,235 shares of the technology company's stock valued at $8,079,000 after purchasing an additional 84,835 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in Lumentum by 8.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 838,289 shares of the technology company's stock valued at $70,374,000 after acquiring an additional 62,937 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Lumentum by 97.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 114,288 shares of the technology company's stock worth $9,595,000 after acquiring an additional 56,464 shares during the last quarter. Dark Forest Capital Management LP purchased a new position in Lumentum during the 4th quarter worth $469,000. Finally, TD Waterhouse Canada Inc. grew its stake in shares of Lumentum by 56.1% in the 4th quarter. TD Waterhouse Canada Inc. now owns 2,051 shares of the technology company's stock worth $172,000 after acquiring an additional 737 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Northland Capmk upgraded shares of Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. UBS Group boosted their target price on Lumentum from $93.00 to $96.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. 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 report on Friday, January 31st. Raymond James raised Lumentum from an "outperform" rating to a "strong-buy" rating and cut their price objective for the stock from $96.00 to $82.00 in a research report on Monday, March 24th. Finally, B. Riley raised their target price on Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $82.60.

Lumentum Stock Performance

LITE stock traded up $1.23 during midday trading on Friday, reaching $60.00. 1,466,852 shares of the company's stock traded hands, compared to its average volume of 1,895,599. The firm has a market capitalization of $4.15 billion, a PE ratio of -7.80 and a beta of 1.14. The company has a 50-day moving average price of $61.91 and a two-hundred day moving average price of $74.94. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. As a group, equities analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Insider Activity

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the sale, the chief financial officer now owns 51,976 shares in the company, valued at approximately $4,071,799.84. This trade represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.19% of the stock is owned by company insiders.

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.