Lumentum Holdings Inc. $LITE Shares Purchased by E. Ohman J or Asset Management AB

E. Ohman J or Asset Management AB raised its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 944.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,061 shares of the technology company’s stock after acquiring an additional 22,661 shares during the period. E. Ohman J or Asset Management AB’s holdings in Lumentum were worth $21,504,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Handelsbanken Fonder AB lifted its stake in shares of Lumentum by 84.5% in the 2nd quarter. Handelsbanken Fonder AB now owns 53,040 shares of the technology company’s stock valued at $45,512,000 after purchasing an additional 24,293 shares in the last quarter. Carolina Wealth Advisors LLC grew its holdings in shares of Lumentum by 62.5% during the 2nd quarter. Carolina Wealth Advisors LLC now owns 143 shares of the technology company’s stock worth $123,000 after purchasing an additional 55 shares during the period. Fulton Bank N.A. acquired a new stake in Lumentum during the 2nd quarter worth approximately $274,000. Bay Rivers Group acquired a new stake in Lumentum during the 2nd quarter worth approximately $414,000. Finally, Arista Wealth Management LLC purchased a new position in Lumentum in the second quarter valued at approximately $687,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Lumentum

In other Lumentum news, Director Isaac Hosojiro Harris sold 4,000 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $860.00, for a total transaction of $3,440,000.00. Following the completion of the transaction, the director directly owned 8,400 shares of the company’s stock, valued at $7,224,000. This trade represents a 32.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ian Small sold 4,954 shares of the business’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $868.07, for a total transaction of $4,300,418.78. Following the completion of the sale, the director directly owned 21,008 shares of the company’s stock, valued at $18,236,414.56. The trade was a 19.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 23,827 shares of company stock worth $22,051,069 over the last 90 days. Company insiders own 0.43% of the company’s stock.

Analyst Upgrades and Downgrades

LITE has been the subject of several research reports. TD Cowen decreased their price objective on shares of Lumentum from $995.00 to $800.00 and set a “hold” rating for the company in a research note on Monday, July 13th. Needham & Company LLC reissued a “buy” rating and issued a $1,040.00 price objective on shares of Lumentum in a research report on Tuesday, June 9th. Mizuho set a $1,100.00 target price on shares of Lumentum in a research note on Wednesday, May 6th. Barclays lifted their target price on shares of Lumentum from $750.00 to $1,000.00 and gave the company an “equal weight” rating in a report on Wednesday, May 6th. Finally, Northland Securities upped their price target on shares of Lumentum from $1,000.00 to $1,200.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 3rd. Fourteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,012.67.

Lumentum Stock Down 8.6%

Shares of NASDAQ:LITE opened at $813.51 on Tuesday. The company has a current ratio of 1.14, a quick ratio of 0.97 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $813.40 and a 200 day simple moving average of $760.16. The firm has a market cap of $63.29 billion, a PE ratio of 150.65 and a beta of 1.50. Lumentum Holdings Inc. has a 12-month low of $111.20 and a 12-month high of $1,085.68.

Lumentum Company Profile

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.