Lumentum Holdings Inc. $LITE Shares Newly Acquired by Glaxis Capital Management LLC

Glaxis Capital Management LLC acquired a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) in the 3rd quarter, Holdings Channel reports. The fund acquired 1,300 shares of the technology company’s stock, valued at approximately $1,263,000. Lumentum makes up 3.0% of Glaxis Capital Management LLC’s investment portfolio, making the stock its 12th biggest position.

A number of other hedge funds have also modified their holdings of LITE. Burkett Financial Services LLC acquired a new stake in Lumentum in the 3rd quarter valued at approximately $28,000. Putney Financial Group LLC acquired a new position in Lumentum during the 3rd quarter worth approximately $28,000. Signature Equity Partners LLC boosted its position in Lumentum by 220.0% during the 3rd quarter. Signature Equity Partners LLC now owns 32 shares of the technology company’s stock worth $31,000 after acquiring an additional 22 shares during the last quarter. Sachetta LLC boosted its position in Lumentum by 118.8% during the 1st quarter. Sachetta LLC now owns 35 shares of the technology company’s stock worth $25,000 after acquiring an additional 19 shares during the last quarter. Finally, Latitude Advisors LLC bought a new position in shares of Lumentum during the 3rd quarter worth approximately $40,000. 94.05% of the stock is currently owned by institutional investors.

Lumentum Stock Down 18.7%

LITE stock opened at $509.70 on Friday. The company has a quick ratio of 1.40, a current ratio of 1.61 and a debt-to-equity ratio of 0.01. The business has a 50 day moving average price of $902.48 and a two-hundred day moving average price of $800.69. The company has a market cap of $46.23 billion, a price-to-earnings ratio of -6.47 and a beta of 1.64. Lumentum Holdings Inc. has a twelve month low of $215.35 and a twelve month high of $1,143.00.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Monday, November 2nd. The technology company reported $4.57 earnings per share for the quarter, topping the consensus estimate of $4.22 by $0.35. Lumentum had a positive return on equity of 28.85% and a negative net margin of 175.82%. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the previous year, the firm earned $1.10 EPS. The business’s quarterly revenue was up 136.5% on a year-over-year basis. Analysts anticipate that Lumentum Holdings Inc. will post 19.80 EPS for the current fiscal year.

Trending Headlines about Lumentum

Here are the key news stories impacting Lumentum this week:

• Positive Sentiment: The proposed Marvell acquisition could combine complementary technologies and support revenue growth and better gross margins over time. Marvell’s Deal to Acquire Lumentum Could Be a Game Changer for the Stock
• Neutral Sentiment: The deal is an all-stock transaction, with Lumentum holders set to receive 4.5 Marvell shares per Lumentum share. That structure means the value of the consideration can fluctuate with Marvell’s stock. Lumentum declines, continues retreat after all-stock Marvell deal
• Negative Sentiment: The immediate pressure appears largely sector-driven: AI optical stocks fell for a second session, with selling persisting even as companies in the group reported strong results. One report said Lumentum’s decline had no clear company-specific catalyst. AI optical stocks slide Lumentum Drops in a Single Session With No Clear Catalyst
• Negative Sentiment: Several firms issued more cautious views: Rosenblatt lowered expectations, TD Cowen published a pessimistic forecast, and B. Riley downgraded its rating. Rosenblatt Securities Lowers Expectations TD Cowen Issues Pessimistic Forecast B. Riley Lowers Lumentum Rating
• Negative Sentiment: A law firm is investigating the proposed Marvell deal’s price and process, adding another source of transaction uncertainty. Investor alert on proposed sale investigation

Wall Street Analysts Forecast Growth

LITE has been the topic of a number of recent research reports. Bank of America lowered their price objective on shares of Lumentum from $1,100.00 to $1,000.00 and set a “neutral” rating on the stock in a report on Wednesday, August 12th. B. Riley Financial lowered shares of Lumentum from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $1,142.00 to $770.00 in a research report on Tuesday. Rosenblatt Securities reduced their target price on shares of Lumentum from $1,300.00 to $900.00 and set a “buy” rating for the company in a report on Tuesday. UBS Group set a $820.00 target price on shares of Lumentum in a research report on Wednesday, August 12th. Finally, Mizuho set a $1,132.00 price target on shares of Lumentum in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Lumentum currently has an average rating of “Moderate Buy” and an average price target of $1,081.61.

Insiders Place Their Bets

In related news, insider Vincent Retort sold 38,663 shares of the business’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $852.59, for a total transaction of $32,963,687.17. Following the transaction, the insider directly owned 78,440 shares in the company, valued at approximately $66,877,159.60. The trade was a 33.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Wajid Ali sold 24,542 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $1,048.50, for a total transaction of $25,732,287.00. Following the sale, the chief financial officer directly owned 75,074 shares in the company, valued at $78,715,089. This trade represents a 24.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 94,496 shares of company stock valued at $85,978,498 in the last ninety days. 0.28% of the stock is currently owned by insiders.

About Lumentum

Lumentum Holdings Inc is a technology company that designs and manufactures optical and photonic products for communications networks, industrial applications, and consumer electronics. Its portfolio includes optical components, modules, and subsystems used in fiber-optic networks, data centers, cloud computing infrastructure, telecommunications equipment, and high-speed connectivity systems.

The company also develops laser products for applications such as industrial processing, sensing, three-dimensional imaging, and other specialized commercial and consumer uses.