55,572 Shares in Lumentum Holdings Inc. (NASDAQ:LITE) Bought by Edgestream Partners L.P.

Edgestream Partners L.P. purchased a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 55,572 shares of the technology company's stock, valued at approximately $3,464,000. Edgestream Partners L.P. owned 0.08% of Lumentum at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Rakuten Securities Inc. lifted its holdings in shares of Lumentum by 164.4% during the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company's stock worth $30,000 after purchasing an additional 296 shares during the period. Jones Financial Companies Lllp lifted its holdings in Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after acquiring an additional 130 shares during the period. Golden State Wealth Management LLC lifted its holdings in Lumentum by 103.2% in the first quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock valued at $32,000 after acquiring an additional 260 shares during the period. CoreCap Advisors LLC lifted its holdings in 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 acquiring an additional 380 shares during the period. Finally, UMB Bank n.a. lifted its holdings in Lumentum by 132.9% in the first quarter. UMB Bank n.a. now owns 785 shares of the technology company's stock valued at $49,000 after acquiring an additional 448 shares during the period. 94.05% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have commented on LITE. Stifel Nicolaus raised their target price on Lumentum from $85.00 to $100.00 and gave the company a "buy" rating in a report on Thursday, June 5th. Rosenblatt Securities restated a "buy" rating and issued a $105.00 price target on shares of Lumentum in a research report on Thursday, June 12th. Wolfe Research initiated coverage on Lumentum in a research report on Tuesday, July 8th. They issued an "outperform" rating for the company. JPMorgan Chase & Co. raised their price target on Lumentum from $87.00 to $100.00 and gave the company an "overweight" rating in a research report on Thursday, June 12th. Finally, B. Riley raised their price target on Lumentum from $65.00 to $73.00 and gave the company a "neutral" rating in a research report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Lumentum presently has a consensus rating of "Moderate Buy" and an average price target of $85.53.

Insiders Place Their Bets

In other news, SVP Jae Kim sold 4,577 shares of Lumentum stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $77.98, for a total value of $356,914.46. Following the transaction, the senior vice president directly owned 31,534 shares of the company's stock, valued at $2,459,021.32. The trade was a 12.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Wajid Ali sold 2,222 shares of Lumentum stock in a transaction dated 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 directly owned 47,460 shares in the company, valued at $3,966,706.80. This represents a 4.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,520 shares of company stock worth $5,742,078 over the last 90 days. Corporate insiders own 0.19% of the company's stock.

Lumentum Stock Up 1.5%

LITE opened at $99.63 on Thursday. The company has a debt-to-equity ratio of 2.91, a current ratio of 4.72 and a quick ratio of 3.53. The stock has a market capitalization of $6.91 billion, a price-to-earnings ratio of -15.45 and a beta of 1.34. The business has a 50-day moving average of $83.93 and a two-hundred day moving average of $75.64. Lumentum Holdings Inc. has a 12 month low of $38.29 and a 12 month high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.50 by $0.07. The company had revenue of $425.20 million during the quarter, compared to analysts' expectations of $418.18 million. Lumentum had a negative return on equity of 8.69% and a negative net margin of 29.87%. The firm's revenue was up 16.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.09 EPS. On average, research analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

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.

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