Lumentum Holdings Inc. $LITE Shares Sold by Edgestream Partners L.P.

Key Points

• Edgestream Partners cut its Lumentum stake by 27.9% in the first quarter, selling 4,307 shares and retaining 11,139 shares worth approximately $7.8 million. Institutional investors and hedge funds collectively own 94.05% of the company.
• Lumentum reported quarterly earnings of $2.37 per share, beating estimates by $0.10, while revenue reached $808.4 million and rose 90.1% year over year. Shares opened at $602.35, down 7.6%, with the stock trading well below its 50-day average.
• Analyst sentiment remains positive: 14 analysts rate Lumentum a Buy and seven rate it Hold, resulting in a “Moderate Buy” consensus and an average price target of $1,012.67.

Edgestream Partners L.P. trimmed its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 27.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,139 shares of the technology company's stock after selling 4,307 shares during the quarter. Edgestream Partners L.P.'s holdings in Lumentum were worth $7,828,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in LITE. Arrowstreet Capital Limited Partnership boosted its holdings in Lumentum by 8,579.2% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,563,210 shares of the technology company's stock worth $254,350,000 after acquiring an additional 1,545,199 shares in the last quarter. Norges Bank acquired a new position in shares of Lumentum during the fourth quarter valued at about $474,495,000. Value Aligned Research Advisors LLC acquired a new position in shares of Lumentum during the fourth quarter valued at about $432,062,000. Situational Awareness LP raised its position in shares of Lumentum by 210.9% in the 4th quarter. Situational Awareness LP now owns 1,298,400 shares of the technology company's stock valued at $478,577,000 after purchasing an additional 880,800 shares during the last quarter. Finally, Aspex Management HK Ltd purchased a new position in shares of Lumentum in the 4th quarter valued at approximately $251,363,000. 94.05% of the stock is owned by institutional investors and hedge funds.

Lumentum Stock Down 7.6%

LITE stock opened at $602.35 on Thursday. The firm's fifty day simple moving average is $831.15 and its 200-day simple moving average is $734.30. The company has a market capitalization of $46.86 billion, a P/E ratio of 111.55 and a beta of 1.48. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.14 and a quick ratio of 0.97. Lumentum Holdings Inc. has a 12 month low of $101.61 and a 12 month high of $1,085.68.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The technology company reported $2.37 earnings per share for the quarter, topping analysts' consensus estimates of $2.27 by $0.10. The firm had revenue of $808.40 million for the quarter, compared to analyst estimates of $810.21 million. Lumentum had a net margin of 17.61% and a return on equity of 24.81%. The business's quarterly revenue was up 90.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.57 earnings per share. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. As a group, equities research analysts forecast that Lumentum Holdings Inc. will post 6.42 earnings per share for the current year.

Insider Activity at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,487 shares of Lumentum stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $953.95, for a total transaction of $2,372,473.65. Following the completion of the transaction, the chief financial officer owned 60,951 shares in the company, valued at approximately $58,144,206.45. This trade represents a 3.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ian Small sold 4,954 shares of the business's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $868.07, for a total value of $4,300,418.78. Following the completion of the transaction, the director directly owned 21,008 shares of the company's stock, valued at approximately $18,236,414.56. This trade represents a 19.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 41,260 shares of company stock worth $38,859,220 in the last three months. Company insiders own 0.43% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on LITE shares. Needham & Company LLC reissued a "buy" rating and set a $1,040.00 target price on shares of Lumentum in a research report on Tuesday, June 9th. Rosenblatt Securities raised their target price on Lumentum from $900.00 to $1,300.00 and gave the stock a "buy" rating in a research note on Wednesday, May 6th. Loop Capital lifted their price target on Lumentum from $900.00 to $1,400.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. Citic Securities lifted their price target on Lumentum from $620.00 to $1,186.00 in a research report on Monday, May 11th. Finally, Jefferies Financial Group reiterated a "buy" rating and set a $1,200.00 price target on shares of Lumentum in a research note on Wednesday, May 6th. Fourteen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $1,012.67.

Lumentum Company Profile

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.

Want to see what other hedge funds are holding LITE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lumentum Holdings Inc. (NASDAQ:LITE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.