Lumentum Holdings Inc. (NASDAQ:LITE) Shares Acquired by Shellback Capital LP

Shellback Capital LP lifted its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 35.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 221,097 shares of the technology company's stock after buying an additional 58,108 shares during the period. Shellback Capital LP owned 0.33% of Lumentum worth $11,258,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LITE. Swedbank AB purchased a new stake in Lumentum in the 1st quarter valued at about $71,025,000. Vanguard Group Inc. grew its holdings in Lumentum by 6.5% in the fourth quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company's stock valued at $377,225,000 after purchasing an additional 442,177 shares during the period. Robeco Schweiz AG increased its position in Lumentum by 28.1% during the first quarter. Robeco Schweiz AG now owns 843,000 shares of the technology company's stock worth $39,916,000 after purchasing an additional 185,000 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. raised its stake in Lumentum by 17.8% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company's stock worth $58,803,000 after purchasing an additional 174,828 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Lumentum by 8.3% in 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 purchasing an additional 130,838 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on LITE. Bank of America upped their price objective on Lumentum from $45.00 to $50.00 and gave the stock an "underperform" rating in a report on Thursday, August 15th. Rosenblatt Securities lifted their price objective on Lumentum from $65.00 to $69.00 and gave the company a "buy" rating in a research note on Thursday, August 15th. Craig Hallum increased their target price on shares of Lumentum from $65.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, August 15th. Jefferies Financial Group lifted their price target on shares of Lumentum from $53.00 to $65.00 and gave the company a "buy" rating in a research report on Thursday, August 15th. Finally, Barclays increased their price objective on shares of Lumentum from $38.00 to $40.00 and gave the stock an "underweight" rating in a research report on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Lumentum has an average rating of "Hold" and an average price target of $59.08.

Lumentum Stock Down 0.3 %

NASDAQ:LITE traded down $0.21 on Friday, reaching $64.53. The stock had a trading volume of 2,313,396 shares, compared to its average volume of 1,416,083. The company has a 50-day moving average of $53.47 and a 200 day moving average of $49.54. The company has a current ratio of 5.90, a quick ratio of 4.43 and a debt-to-equity ratio of 2.61. The stock has a market cap of $4.36 billion, a P/E ratio of -12.29, a price-to-earnings-growth ratio of 4.83 and a beta of 0.88. Lumentum Holdings Inc. has a 12-month low of $35.35 and a 12-month high of $65.52.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping analysts' consensus estimates of $0.03 by $0.03. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The business had revenue of $308.30 million during the quarter, compared to the consensus estimate of $301.36 million. During the same quarter last year, the company earned $0.12 earnings per share. The business's quarterly revenue was down 16.9% compared to the same quarter last year. On average, research analysts predict that Lumentum Holdings Inc. will post 0.22 earnings per share for the current year.

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.