DigitalBridge Group Inc. Has $31.76 Million Stock Position in Lumentum Holdings Inc. (NASDAQ:LITE)

DigitalBridge Group Inc. reduced its holdings in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 21.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 378,273 shares of the technology company's stock after selling 102,053 shares during the period. Lumentum makes up about 2.3% of DigitalBridge Group Inc.'s investment portfolio, making the stock its 14th largest position. DigitalBridge Group Inc. owned about 0.55% of Lumentum worth $31,756,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Collar Capital Management LLC acquired a new stake in Lumentum during the fourth quarter worth about $1,618,000. Concentric Capital Strategies LP acquired a new stake in shares of Lumentum during the 4th quarter worth approximately $3,093,000. CoreCap Advisors LLC raised its stake in shares of Lumentum by 2,235.3% in the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock valued at $33,000 after purchasing an additional 380 shares in the last quarter. Crestline Management LP bought a new position in Lumentum in the fourth quarter worth $4,435,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Lumentum during the fourth quarter worth $6,732,000. 94.05% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of Lumentum stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the sale, the chief financial officer now owns 51,976 shares of the company's stock, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.19% of the company's stock.

Lumentum Trading Down 1.2 %

Shares of NASDAQ:LITE traded down $0.79 during midday trading on Friday, hitting $64.87. The company had a trading volume of 2,324,278 shares, compared to its average volume of 1,934,147. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. Lumentum Holdings Inc. has a 12 month low of $38.29 and a 12 month high of $104.00. The firm has a fifty day simple moving average of $60.21 and a 200 day simple moving average of $74.61. The stock has a market cap of $4.49 billion, a price-to-earnings ratio of -8.44 and a beta of 1.18.

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on LITE shares. Morgan Stanley decreased their target price on shares of Lumentum from $83.00 to $81.00 and set an "equal weight" rating on the stock in a research report on Friday, January 31st. Raymond James cut their price objective on Lumentum from $82.00 to $80.00 and set a "strong-buy" rating for the company in a report on Wednesday. Rosenblatt Securities upped their price objective on shares of Lumentum from $85.00 to $94.00 and gave the stock a "buy" rating in a research note on Wednesday. B. Riley increased their price target on Lumentum from $62.00 to $75.00 and gave the stock a "neutral" rating in a research report on Friday, February 7th. Finally, Northland Securities set a $80.00 target price on Lumentum in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $82.20.

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.