AI Squared Management Ltd Purchases New Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Key Points

• AI Squared Management Ltd acquired 25,100 shares of Lumentum Holdings Inc., valued at approximately $1.57 million, making it the fund's 13th largest holding.
• Insider sales have occurred recently, including Yuen Wupen selling 4,716 shares and Vincent Retort selling 22,719 shares, resulting in significant decreases in their ownership.
• Several analysts have revised their ratings and price targets for Lumentum, with Morgan Stanley maintaining a "positive" rating and Raymond James increasing their target price to $90.00.

AI Squared Management Ltd bought a new position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 25,100 shares of the technology company's stock, valued at approximately $1,565,000. Lumentum makes up about 1.5% of AI Squared Management Ltd's holdings, making the stock its 13th biggest position.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Skandinaviska Enskilda Banken AB publ purchased a new position in Lumentum in the first quarter worth about $25,000. Rakuten Securities Inc. grew its position in Lumentum by 164.4% in the 1st quarter. Rakuten Securities Inc. now owns 476 shares of the technology company's stock valued at $30,000 after acquiring an additional 296 shares during the last quarter. Golden State Wealth Management LLC grew its position in shares of Lumentum by 103.2% during the 1st quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock worth $32,000 after buying an additional 260 shares in the last quarter. CoreCap Advisors LLC lifted its stake in shares of Lumentum by 2,235.3% during the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock worth $33,000 after purchasing an additional 380 shares during the last quarter. Finally, UMB Bank n.a. raised its stake 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 buying an additional 448 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company's stock.

Lumentum Stock Performance

NASDAQ LITE traded up $0.09 during trading on Monday, reaching $116.36. The company's stock had a trading volume of 2,038,767 shares, compared to its average volume of 2,483,964. The company has a current ratio of 4.72, a quick ratio of 3.53 and a debt-to-equity ratio of 2.91. The firm has a market capitalization of $8.08 billion, a price-to-earnings ratio of -18.05 and a beta of 1.33. Lumentum Holdings Inc. has a 12 month low of $43.28 and a 12 month high of $119.41. The firm has a 50 day moving average price of $94.82 and a 200 day moving average price of $77.59.

Insider Buying and Selling at Lumentum

In other news, insider Yuen Wupen sold 4,716 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $76.87, for a total transaction of $362,518.92. Following the completion of the sale, the insider directly owned 82,957 shares in the company, valued at $6,376,904.59. This represents a 5.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Jae Kim sold 4,577 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $77.98, for a total transaction of $356,914.46. Following the completion of the sale, the senior vice president owned 31,534 shares of the company's stock, valued at $2,459,021.32. The trade was a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 90,009 shares of company stock worth $8,320,743 over the last 90 days. 0.19% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Wolfe Research initiated coverage on Lumentum in a report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Needham & Company LLC lifted their target price on Lumentum from $100.00 to $105.00 and gave the company a "buy" rating in a research report on Wednesday, June 11th. B. Riley boosted their target price on Lumentum from $65.00 to $73.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 4th. Barclays set a $75.00 price objective on Lumentum and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, Susquehanna upped their target price on Lumentum from $95.00 to $125.00 and gave the company a "positive" rating in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $88.20.

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.