Lumentum Holdings Inc. (NASDAQ:LITE) Stock Position Lifted by Woodline Partners LP

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

Several other large investors have also recently bought and sold shares of the business. UMB Bank n.a. increased its stake in Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company's stock valued at $28,000 after purchasing an additional 253 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company's stock valued at $31,000 after purchasing an additional 130 shares during the last quarter. CoreCap Advisors LLC increased its position in shares of Lumentum by 2,235.3% in the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock valued at $33,000 after buying an additional 380 shares in the last quarter. J.Safra Asset Management Corp increased its position in shares of Lumentum by 31.1% in the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company's stock valued at $43,000 after buying an additional 122 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its stake in shares of Lumentum by 27.2% during the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock worth $64,000 after buying an additional 164 shares during the last quarter. Hedge funds and other institutional investors own 94.05% of the company's stock.

Analyst Ratings Changes

LITE has been the subject of several recent research reports. Morgan Stanley dropped their target price on shares of Lumentum from $83.00 to $81.00 and set an "equal weight" rating for the company in a report on Friday, January 31st. JPMorgan Chase & Co. dropped their price target on Lumentum from $105.00 to $73.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Stifel Nicolaus raised their price target on shares of Lumentum from $95.00 to $105.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. B. Riley boosted their price objective on shares of Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a research report on Friday, February 7th. Finally, UBS Group reduced their price objective on shares of Lumentum from $96.00 to $78.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. One investment 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 stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $82.20.

Insider Buying and Selling

In related news, insider Yuen Wupen sold 4,716 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $76.87, for a total transaction of $362,518.92. Following the completion of the sale, the insider now directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 sale, the senior vice president now directly owns 31,534 shares in the company, valued at approximately $2,459,021.32. The trade was a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,298 shares of company stock valued at $1,081,764. 0.19% of the stock is currently owned by corporate insiders.

Lumentum Trading Down 0.1%

Shares of LITE traded down $0.11 during mid-day trading on Monday, reaching $75.77. The company had a trading volume of 1,133,207 shares, compared to its average volume of 1,991,249. Lumentum Holdings Inc. has a fifty-two week low of $38.29 and a fifty-two week high of $104.00. The firm has a fifty day simple moving average of $62.83 and a 200-day simple moving average of $75.42. The stock has a market cap of $5.26 billion, a price-to-earnings ratio of -9.85 and a beta of 1.18. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94.

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

Lumentum 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.