Lumentum Holdings Inc. $LITE Shares Sold by Legal & General Group Plc

Key Points

• Legal & General Group Plc cut its Lumentum stake by 29.4% in the fourth quarter, selling 79,317 shares and ending with 190,503 shares worth about $70.2 million. Despite that sale, institutional ownership remains very high at 94.05%.
• Analysts remain broadly positive on Lumentum, with a consensus rating of “Moderate Buy” and an average price target of $1,012.43. Recent target hikes from firms including UBS, Craig Hallum, Morgan Stanley and Mizuho pushed expectations higher.
• Insiders have also been selling shares, including CFO Wajid Ali and insider Yuen Wupen, both under pre-arranged 10b5-1 plans tied to tax withholding on equity awards. In the last 90 days, insiders sold 35,844 shares worth about $34.0 million.

Legal & General Group Plc lessened its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 29.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 190,503 shares of the technology company's stock after selling 79,317 shares during the quarter. Legal & General Group Plc owned about 0.27% of Lumentum worth $70,217,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in LITE. EverSource Wealth Advisors LLC increased its stake in shares of Lumentum by 363.9% during the third quarter. EverSource Wealth Advisors LLC now owns 167 shares of the technology company's stock valued at $27,000 after acquiring an additional 131 shares during the period. V Square Quantitative Management LLC acquired a new position in shares of Lumentum during the fourth quarter valued at approximately $28,000. Danske Bank A S acquired a new position in shares of Lumentum during the third quarter valued at approximately $33,000. Chesapeake Asset Management LLC acquired a new position in shares of Lumentum during the fourth quarter valued at approximately $37,000. Finally, BOCHK Asset Management Ltd acquired a new position in Lumentum in the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 94.05% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on LITE. Raymond James Financial restated an "outperform" rating and issued a $1,014.00 price target on shares of Lumentum in a research report on Wednesday, May 6th. UBS Group lifted their price target on shares of Lumentum from $455.00 to $960.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 6th. Craig Hallum lifted their price target on shares of Lumentum from $900.00 to $1,150.00 in a research report on Wednesday, May 6th. Morgan Stanley lifted their price target on shares of Lumentum from $710.00 to $900.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 6th. Finally, Mizuho set a $1,100.00 price target on shares of Lumentum in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Lumentum has a consensus rating of "Moderate Buy" and an average target price of $1,012.43.

Insider Buying and Selling at Lumentum

In other news, CFO Wajid Ali sold 2,487 shares of the business's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $953.95, for a total transaction of $2,372,473.65. Following the transaction, the chief financial officer directly owned 60,951 shares in the company, valued at $58,144,206.45. The trade was a 3.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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, insider Yuen Wupen sold 3,210 shares of the business's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $953.95, for a total transaction of $3,062,179.50. Following the transaction, the insider owned 81,488 shares in the company, valued at approximately $77,735,477.60. This represents a 3.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders sold a total of 35,844 shares of company stock worth $34,003,107 over the last 90 days. 0.43% of the stock is currently owned by insiders.

Lumentum Trading Down 0.7%

Lumentum stock opened at $854.96 on Friday. The company's fifty day simple moving average is $862.40 and its 200-day simple moving average is $583.63. The company has a quick ratio of 0.97, a current ratio of 1.14 and a debt-to-equity ratio of 0.01. Lumentum Holdings Inc. has a 12 month low of $71.04 and a 12 month high of $1,085.68. The stock has a market cap of $66.52 billion, a P/E ratio of 158.33 and a beta of 1.53.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The technology company reported $2.37 EPS for the quarter, beating the consensus estimate of $2.27 by $0.10. Lumentum had a net margin of 17.61% and a return on equity of 24.81%. The business had revenue of $808.40 million for the quarter, compared to analysts' expectations of $810.21 million. During the same period in the previous year, the company posted $0.57 EPS. Lumentum's revenue was up 90.1% on a year-over-year basis. Lumentum has set its Q4 2026 guidance at 2.850-3.050 EPS. As a group, sell-side analysts forecast that Lumentum Holdings Inc. will post 6.49 EPS for the current fiscal year.

Lumentum 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.

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