7,000 Shares in Lumentum Holdings Inc. (NASDAQ:LITE) Acquired by West Tower Group LLC

West Tower Group LLC bought a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,000 shares of the technology company's stock, valued at approximately $444,000. Lumentum comprises 0.9% of West Tower Group LLC's portfolio, making the stock its 28th biggest position.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LITE. Capital Performance Advisors LLP bought a new position in Lumentum during the third quarter valued at $33,000. Point72 DIFC Ltd bought a new position in Lumentum during the second quarter valued at $36,000. GAMMA Investing LLC lifted its position in Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company's stock valued at $57,000 after purchasing an additional 524 shares during the last quarter. Signaturefd LLC lifted its position in Lumentum by 93.9% during the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company's stock valued at $58,000 after purchasing an additional 554 shares during the last quarter. Finally, nVerses Capital LLC lifted its position in Lumentum by 416.7% during the second quarter. nVerses Capital LLC now owns 3,100 shares of the technology company's stock valued at $158,000 after purchasing an additional 2,500 shares during the last quarter. Institutional investors own 94.05% of the company's stock.

Insider Buying and Selling

In other news, Director Penny Herscher sold 1,625 shares of the business's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the completion of the sale, the director now owns 6,852 shares in the company, valued at approximately $555,628.68. The trade was a 19.17 % decrease in their position. The transaction 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 business's 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 completion of the sale, the insider now owns 147,515 shares of the company's stock, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 71,910 shares of company stock valued at $6,339,239 in the last 90 days. Company insiders own 0.19% of the company's stock.

Lumentum Trading Down 0.3 %

LITE stock traded down $0.22 during trading on Tuesday, hitting $86.98. The company had a trading volume of 1,144,386 shares, compared to its average volume of 1,493,729. The firm has a market capitalization of $5.98 billion, a P/E ratio of -10.49 and a beta of 0.88. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $91.21. The company has a 50 day simple moving average of $70.04 and a 200-day simple moving average of $57.30. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87.

Wall Street Analysts Forecast Growth

Several research firms have commented on LITE. Jefferies Financial Group increased their price objective 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. Susquehanna raised their target price on shares of Lumentum from $80.00 to $115.00 and gave the stock a "positive" rating in a report on Friday, November 8th. Needham & Company LLC raised their target price on shares of Lumentum from $65.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday, August 15th. Morgan Stanley raised their target price on shares of Lumentum from $61.00 to $76.00 and gave the stock an "equal weight" rating in a report on Thursday, November 14th. Finally, Barclays raised their target price on shares of Lumentum from $40.00 to $80.00 and gave the stock an "underweight" rating in a report on Monday, November 11th. Three 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, Lumentum has a consensus rating of "Hold" and an average target price of $74.85.

Lumentum Company 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.