Insider Selling: Lumentum Holdings Inc. (NASDAQ:LITE) CAO Sells 8,172 Shares of Stock

Lumentum Holdings Inc. (NASDAQ:LITE) 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 value of $715,867.20. Following the transaction, the chief accounting officer now owns 21,138 shares of the company’s stock, valued at $1,851,688.80. This trade represents a 27.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Lumentum Price Performance

Shares of NASDAQ LITE opened at $81.45 on Friday. The stock has a fifty day simple moving average of $66.35 and a two-hundred day simple moving average of $55.39. Lumentum Holdings Inc. has a 1-year low of $38.28 and a 1-year high of $89.70. The firm has a market cap of $5.60 billion, a price-to-earnings ratio of -9.84, a price-to-earnings-growth ratio of 8.98 and a beta of 0.88. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. The firm had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. During the same period last year, the company earned $0.12 earnings per share. The business’s revenue for the quarter was down 16.9% on a year-over-year basis. Analysts anticipate that Lumentum Holdings Inc. will post 0.17 earnings per share for the current year.

Hedge Funds Weigh In On Lumentum

Large investors have recently made changes to their positions in the stock. 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 bought a new position in shares of Lumentum in the third quarter worth $33,000. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after acquiring an additional 270 shares during the period. Point72 DIFC Ltd bought a new position in shares of Lumentum in the second quarter worth $36,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Lumentum by 141.6% in the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after acquiring an additional 524 shares during the period. 94.05% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on LITE shares. 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 upped their target price on Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a report on Thursday, August 15th. Rosenblatt Securities upped their target price on Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 8th. Northland Securities upped their target price on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a report on Friday, November 8th. Finally, Needham & Company LLC upped their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Lumentum currently has a consensus rating of “Hold” and a consensus 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.