3,845 Shares in Lumentum Holdings Inc. (NASDAQ:LITE) Purchased by Kickstand Ventures LLC.

Key Points

• Kickstand Ventures LLC acquired a new position in Lumentum Holdings Inc. by purchasing 3,845 shares valued at approximately $240,000 in the first quarter.
• Institutional investors and hedge funds collectively own 94.05% of Lumentum's stock, indicating strong institutional interest and support for the company.
• Recent analyst ratings reflect a mix of outlooks, with target price increases from B. Riley ($73.00) and Raymond James ($90.00), while UBS Group lowered their target to $78.00, showcasing divergent views on Lumentum's performance.

Kickstand Ventures LLC. purchased a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 3,845 shares of the technology company's stock, valued at approximately $240,000.

Several other hedge funds also recently modified their holdings of LITE. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Lumentum in the 1st quarter worth approximately $260,000. Crestline Management LP purchased a new stake in Lumentum during the 4th quarter valued at about $4,435,000. UMB Bank n.a. grew its stake in shares of Lumentum by 132.9% in the first quarter. UMB Bank n.a. now owns 785 shares of the technology company's stock worth $49,000 after purchasing an additional 448 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Lumentum by 1.1% in the 1st quarter. Principal Financial Group Inc. now owns 159,154 shares of the technology company's stock worth $9,922,000 after purchasing an additional 1,660 shares during the period. Finally, Asset Management One Co. Ltd. bought a new stake in Lumentum during the 1st quarter valued at about $69,000. Institutional investors and hedge funds own 94.05% of the company's stock.

Lumentum Price Performance

Shares of LITE traded up $1.86 during trading hours on Wednesday, reaching $110.01. The company had a trading volume of 2,282,421 shares, compared to its average volume of 2,137,216. The company has a current ratio of 4.72, a quick ratio of 3.53 and a debt-to-equity ratio of 2.91. Lumentum Holdings Inc. has a 12-month low of $40.26 and a 12-month high of $114.12. The firm has a 50 day simple moving average of $92.59 and a 200-day simple moving average of $77.42. The company has a market capitalization of $7.63 billion, a price-to-earnings ratio of -17.06 and a beta of 1.33.

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

Insider Activity

In other news, insider Yuen Wupen sold 4,716 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $76.87, for a total value of $362,518.92. Following the completion of the transaction, the insider owned 82,957 shares in the company, valued at $6,376,904.59. This trade represents a 5.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Wajid Ali sold 2,222 shares of Lumentum stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total value of $185,714.76. Following the transaction, the chief financial officer directly owned 47,460 shares of the company's stock, valued at $3,966,706.80. This trade represents a 4.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 89,768 shares of company stock valued at $8,294,633 in the last 90 days. Insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on LITE shares. JPMorgan Chase & Co. increased their price objective on shares of Lumentum from $100.00 to $123.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. UBS Group decreased their price objective on Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. B. Riley upped their price target on shares of Lumentum from $65.00 to $73.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 4th. Susquehanna increased their price target on shares of Lumentum from $95.00 to $125.00 and gave the company a "positive" rating in a research note on Tuesday, July 22nd. Finally, Raymond James Financial lifted their price objective on shares of Lumentum from $80.00 to $90.00 and gave the company a "strong-buy" rating in a report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Lumentum presently has an average rating of "Moderate Buy" and a consensus price target 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.