Lumentum (NASDAQ:LITE) Shares Pass Below 50 Day Moving Average - Time to Sell?

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) shares crossed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $84.29 and traded as low as $83.23. Lumentum shares last traded at $85.19, with a volume of 1,114,538 shares changing hands.

Analysts Set New Price Targets

Several brokerages have recently weighed in on LITE. Rosenblatt Securities upped their price objective on shares of Lumentum from $69.00 to $110.00 and gave the company a "buy" rating in a report on Friday, November 8th. Needham & Company LLC reaffirmed a "buy" rating and set a $110.00 price target on shares of Lumentum in a research note on Thursday. Susquehanna raised their price objective on Lumentum from $80.00 to $115.00 and gave the company a "positive" rating in a research note on Friday, November 8th. Raymond James upped their target price on Lumentum from $70.00 to $100.00 and gave the stock an "outperform" rating in a research report on Friday, November 8th. Finally, Northland Securities lifted 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. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, Lumentum presently has an average rating of "Hold" and an average target price of $78.46.

Lumentum Stock Performance

The company's 50 day simple moving average is $84.72 and its 200 day simple moving average is $66.56. The stock has a market cap of $5.85 billion, a PE ratio of -10.29 and a beta of 0.94. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP boosted its holdings in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company's stock worth $28,000 after acquiring an additional 201 shares during the period. Capital Performance Advisors LLP purchased a new stake in Lumentum during the 3rd quarter worth about $33,000. Nomura Asset Management Co. Ltd. boosted its stake in Lumentum by 67.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company's stock worth $42,000 after purchasing an additional 270 shares during the period. Point72 DIFC Ltd purchased a new position in Lumentum during the 2nd quarter valued at about $36,000. Finally, GAMMA Investing LLC grew its holdings in Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company's stock valued at $57,000 after buying an additional 524 shares in the last quarter. Institutional investors own 94.05% of the company's stock.

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.