Wajid Ali Sells 2,222 Shares of Lumentum Holdings Inc. (NASDAQ:LITE) Stock

Lumentum Holdings Inc. (NASDAQ:LITE) CFO Wajid Ali sold 2,222 shares of Lumentum stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total value of $185,714.76. Following the completion of the transaction, the chief financial officer now owns 47,460 shares of the company’s stock, valued at approximately $3,966,706.80. The trade was a 4.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Lumentum Price Performance

NASDAQ LITE opened at $81.46 on Friday. The stock has a market capitalization of $5.65 billion, a P/E ratio of -10.59 and a beta of 1.28. Lumentum Holdings Inc. has a 1 year low of $38.29 and a 1 year high of $104.00. The business’s fifty day moving average is $65.04 and its two-hundred day moving average is $75.03. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.07. The company had revenue of $425.20 million for the quarter, compared to analysts’ expectations of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The firm’s revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.09 earnings per share. On average, research analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lumentum

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Crestline Management LP purchased a new position in shares of Lumentum during the 4th quarter valued at $4,435,000. SBI Securities Co. Ltd. purchased a new position in shares of Lumentum during the 4th quarter valued at $739,000. M&T Bank Corp grew its holdings in shares of Lumentum by 54.2% during the 4th quarter. M&T Bank Corp now owns 18,104 shares of the technology company’s stock valued at $1,520,000 after acquiring an additional 6,361 shares in the last quarter. Aigen Investment Management LP grew its holdings in shares of Lumentum by 72.9% during the 4th quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company’s stock valued at $1,464,000 after acquiring an additional 7,354 shares in the last quarter. Finally, Versor Investments LP purchased a new position in shares of Lumentum during the 4th quarter valued at $336,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on LITE shares. Jefferies Financial Group started coverage on Lumentum in a report on Friday, February 21st. They set a “buy” rating on the stock. Northland Securities set a $80.00 price target on Lumentum in a report on Wednesday, May 7th. B. Riley lifted their price target on Lumentum from $65.00 to $73.00 and gave the company a “neutral” rating in a report on Wednesday. Morgan Stanley lifted their price target on Lumentum from $70.00 to $76.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Rosenblatt Securities lifted their price target on Lumentum from $94.00 to $105.00 and gave the company a “buy” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $82.80.

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.