Assenagon Asset Management S.A. Buys 8,901 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Assenagon Asset Management S.A. raised its stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 27.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,334 shares of the technology company's stock after purchasing an additional 8,901 shares during the period. Assenagon Asset Management S.A. owned 0.06% of Lumentum worth $2,577,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jones Financial Companies Lllp increased its stake 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 purchasing an additional 130 shares in the last quarter. CoreCap Advisors LLC grew its holdings in shares of Lumentum by 2,235.3% during the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock valued at $33,000 after buying an additional 380 shares during the last quarter. J.Safra Asset Management Corp grew its holdings in shares of Lumentum by 31.1% during the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after buying an additional 122 shares during the last quarter. Quadrant Capital Group LLC grew its holdings in shares of Lumentum by 27.2% during the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock valued at $64,000 after buying an additional 164 shares during the last quarter. Finally, UMB Bank n.a. grew its holdings in shares of Lumentum by 132.9% during 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. 94.05% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Lumentum news, CFO Wajid Ali sold 2,222 shares of the business's stock in a transaction that occurred on 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 now owns 47,460 shares of the company's stock, valued at $3,966,706.80. The trade was a 4.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alan S. Lowe sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total transaction of $835,800.00. Following the completion of the transaction, the director now directly owns 270,471 shares of the company's stock, valued at approximately $22,605,966.18. This represents a 3.57% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,520 shares of company stock valued at $2,103,278 in the last quarter. Corporate insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on LITE shares. Northland Capmk upgraded shares of Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Jefferies Financial Group initiated coverage on shares of Lumentum in a report on Friday, February 21st. They set a "buy" rating on the stock. Barclays set a $75.00 price target on shares of Lumentum and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Morgan Stanley boosted their target price on shares of Lumentum from $70.00 to $76.00 and gave the company an "equal weight" rating in a research note on Wednesday, June 4th. Finally, Raymond James boosted their target price on shares of Lumentum from $80.00 to $90.00 and gave the company a "strong-buy" rating in a research note on Wednesday, June 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $84.93.

Lumentum Stock Performance

Lumentum stock opened at $85.78 on Tuesday. The firm's 50 day simple moving average is $68.60 and its 200 day simple moving average is $74.84. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The firm has a market capitalization of $5.95 billion, a PE ratio of -11.15 and a beta of 1.28. Lumentum Holdings Inc. has a 1-year low of $38.29 and a 1-year high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.50 by $0.07. The business had revenue of $425.20 million for the quarter, compared to analyst estimates 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 was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.09 EPS. As a group, analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

About Lumentum

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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