Needham Investment Management LLC Cuts Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Needham Investment Management LLC cut its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 85.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,000 shares of the technology company's stock after selling 85,000 shares during the period. Needham Investment Management LLC's holdings in Lumentum were worth $951,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Atom Investors LP acquired a new position in Lumentum during the third quarter valued at approximately $4,127,000. West Tower Group LLC acquired a new stake in shares of Lumentum in the third quarter valued at approximately $444,000. Quest Partners LLC lifted its position in shares of Lumentum by 776,400.0% in the third quarter. Quest Partners LLC now owns 7,765 shares of the technology company's stock valued at $492,000 after buying an additional 7,764 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Lumentum by 6,238.0% in the third quarter. International Assets Investment Management LLC now owns 21,169 shares of the technology company's stock valued at $1,342,000 after buying an additional 20,835 shares during the last quarter. Finally, DigitalBridge Group Inc. lifted its position in shares of Lumentum by 10.9% in the second quarter. DigitalBridge Group Inc. now owns 554,529 shares of the technology company's stock valued at $28,237,000 after buying an additional 54,703 shares during the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on LITE shares. Raymond James lifted their price target on Lumentum from $70.00 to $100.00 and gave the stock an "outperform" rating in a report on Friday, November 8th. Jefferies Financial Group lifted their price target on Lumentum from $53.00 to $65.00 and gave the company a "buy" rating in a research note on Thursday, August 15th. JPMorgan Chase & Co. lifted their price target on Lumentum from $57.00 to $65.00 and gave the company an "overweight" rating in a research note on Monday, August 12th. Bank of America raised their price objective on Lumentum from $45.00 to $50.00 and gave the company an "underperform" rating in a report on Thursday, August 15th. Finally, Craig Hallum raised their price objective on Lumentum from $65.00 to $70.00 and gave the company a "buy" rating in a report on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $74.85.

Insider Activity

In other news, CAO Matthew Joseph Sepe sold 8,172 shares of Lumentum stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total transaction of $715,867.20. Following the completion of the transaction, the chief accounting officer now directly owns 21,138 shares in the company, valued at $1,851,688.80. This trade represents a 27.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Vincent Retort sold 41,710 shares of Lumentum stock in a transaction dated 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 transaction, the insider now owns 147,515 shares of the company's stock, valued at $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 101,797 shares of company stock worth $8,881,428 over the last quarter. 0.19% of the stock is currently owned by corporate insiders.

Lumentum Stock Up 7.3 %

Shares of NASDAQ LITE traded up $6.48 during trading on Wednesday, hitting $95.18. 2,347,780 shares of the company traded hands, compared to its average volume of 1,492,195. The business's fifty day moving average is $73.15 and its 200 day moving average is $59.03. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $95.92. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of -11.34 and a beta of 0.95.

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.