DigitalBridge Group Inc. Lowers Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

DigitalBridge Group Inc. decreased its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 21.2% in the 4th 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 investment portfolio, making the stock its 15th largest holding. DigitalBridge Group Inc. owned about 0.55% of Lumentum worth $31,756,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of LITE. Woodline Partners LP lifted its position in Lumentum by 377.7% in the 4th quarter. Woodline Partners LP now owns 282,055 shares of the technology company's stock valued at $23,679,000 after acquiring an additional 223,011 shares in the last quarter. Two Sigma Advisers LP grew its holdings in Lumentum by 30.5% during the fourth quarter. Two Sigma Advisers LP now owns 243,600 shares of the technology company's stock valued at $20,450,000 after purchasing an additional 57,000 shares during the period. Tairen Capital Ltd grew its stake in shares of Lumentum by 1,510.5% during the 4th quarter. Tairen Capital Ltd now owns 191,646 shares of the technology company's stock worth $16,089,000 after acquiring an additional 179,746 shares during the period. Tidal Investments LLC boosted its position in Lumentum by 3.1% during the fourth quarter. Tidal Investments LLC now owns 19,243 shares of the technology company's stock worth $1,615,000 after purchasing an additional 574 shares during the period. Finally, Teza Capital Management LLC grew its stake in Lumentum by 102.2% in the 4th quarter. Teza Capital Management LLC now owns 31,911 shares of the technology company's stock valued at $2,679,000 after buying an additional 16,128 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Stock Down 2.1%

Shares of NASDAQ:LITE traded down $1.67 during midday trading on Thursday, reaching $76.23. The company's stock had a trading volume of 787,645 shares, compared to its average volume of 1,986,550. Lumentum Holdings Inc. has a 12-month low of $38.29 and a 12-month high of $104.00. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The firm has a 50 day moving average of $63.41 and a 200-day moving average of $75.40. The firm has a market capitalization of $5.29 billion, a P/E ratio of -9.91 and a beta of 1.18.

Lumentum (NASDAQ:LITE - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, topping the consensus estimate 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 return on equity of 7.25% and a negative net margin of 36.98%. The company's revenue for the quarter was up 16.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.09 earnings per share. On average, research analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Analysts Set New Price Targets

LITE has been the subject of a number of recent analyst reports. UBS Group reduced their target price on Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Jefferies Financial Group began coverage on Lumentum in a research report on Friday, February 21st. They set a "buy" rating on the stock. Rosenblatt Securities upped their price objective on shares of Lumentum from $85.00 to $94.00 and gave the company a "buy" rating in a research note on Wednesday, May 7th. B. Riley increased their target price on Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Finally, 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. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $82.20.

Insider Buying and Selling

In other news, SVP Jae Kim sold 4,577 shares of the company's stock in a transaction 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 in the company, valued at $2,459,021.32. This represents 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, insider Yuen Wupen sold 4,716 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $76.87, for a total value of $362,518.92. Following the transaction, the insider now owns 82,957 shares of the company's stock, valued at approximately $6,376,904.59. This trade represents a 5.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 14,298 shares of company stock worth $1,081,764 in the last three months. Insiders own 0.19% of the company's stock.

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.