DigitalBridge Group Inc. Sells 102,053 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

DigitalBridge Group Inc. lowered its stake in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 21.2% during the fourth quarter, according to the company in its most recent 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 quarter. Lumentum comprises approximately 2.3% of DigitalBridge Group Inc.'s holdings, making the stock its 15th largest holding. DigitalBridge Group Inc. owned 0.55% of Lumentum worth $31,756,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the stock. J.Safra Asset Management Corp lifted its stake in shares of Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after purchasing an additional 122 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Lumentum by 54.2% in the 4th 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 during the period. Quadrant Capital Group LLC lifted its stake in shares of Lumentum by 27.2% in the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock valued at $64,000 after purchasing an additional 164 shares during the period. Crossmark Global Holdings Inc. lifted its stake in shares of Lumentum by 4.0% in the 4th quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company's stock valued at $365,000 after purchasing an additional 168 shares during the period. Finally, Manchester Capital Management LLC lifted its stake in shares of Lumentum by 22.6% in the 4th quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock valued at $86,000 after purchasing an additional 190 shares during the period. Institutional investors and hedge funds own 94.05% of the company's stock.

Insider Buying and Selling

In other news, insider Yuen Wupen sold 4,426 shares of the company's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $71.80, for a total transaction of $317,786.80. Following the sale, the insider now directly owns 92,099 shares in the company, valued at $6,612,708.20. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Jae Kim sold 4,577 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $77.98, for a total value of $356,914.46. Following the completion of the sale, the senior vice president now directly owns 31,534 shares of the company's stock, valued at approximately $2,459,021.32. This represents a 12.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,298 shares of company stock valued at $1,081,764 over the last 90 days. 0.19% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on LITE shares. UBS Group dropped their price objective on Lumentum from $96.00 to $78.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Needham & Company LLC decreased their price objective on Lumentum from $110.00 to $100.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Raymond James decreased 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, May 7th. Finally, Jefferies Financial Group began coverage on Lumentum in a report on Friday, February 21st. They issued a "buy" rating for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $82.20.

Lumentum Stock Performance

Lumentum stock traded down $0.47 during midday trading on Wednesday, reaching $77.90. 1,529,097 shares of the company's stock were exchanged, compared to its average volume of 1,987,207. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76. The firm has a market cap of $5.41 billion, a price-to-earnings ratio of -10.13 and a beta of 1.18. The stock's 50-day simple moving average is $63.19 and its 200 day simple moving average is $75.39.

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

Lumentum 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.