Woodline Partners LP Purchases 223,011 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Woodline Partners LP raised its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 377.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 282,055 shares of the technology company's stock after purchasing an additional 223,011 shares during the period. Woodline Partners LP owned 0.41% of Lumentum worth $23,679,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. J.Safra Asset Management Corp lifted its position in Lumentum by 31.1% during 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 raised its position 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 acquiring an additional 130 shares during the period. Quadrant Capital Group LLC raised its position 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 acquiring an additional 164 shares during the period. Crossmark Global Holdings Inc. raised its position 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 acquiring an additional 168 shares during the period. Finally, Manchester Capital Management LLC raised its position 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 acquiring an additional 190 shares during the period. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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

Lumentum Stock Performance

Shares of LITE traded down $0.11 during midday trading on Friday, reaching $75.77. 1,133,207 shares of the stock were exchanged, compared to its average volume of 1,986,963. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve 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 company has a market cap of $5.26 billion, a P/E ratio of -9.85 and a beta of 1.18. The stock's 50 day simple moving average is $62.83 and its 200 day simple moving average is $75.39.

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

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on LITE shares. Raymond James cut their price target on shares of Lumentum from $82.00 to $80.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, May 7th. BNP Paribas upgraded shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 price target on the stock in a research report on Tuesday, March 11th. Needham & Company LLC cut their price target on shares of Lumentum from $110.00 to $100.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Northland Capmk upgraded shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Finally, Northland Securities set a $80.00 price target on shares of Lumentum in a research report on Wednesday, May 7th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $82.20.

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.