Peregrine Investment Management Inc. Purchases 2,780 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Peregrine Investment Management Inc. grew its position in Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 89,170 shares of the technology company's stock after purchasing an additional 2,780 shares during the period. Lumentum comprises about 4.1% of Peregrine Investment Management Inc.'s holdings, making the stock its 13th largest position. Peregrine Investment Management Inc. owned approximately 0.13% of Lumentum worth $5,559,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Jones Financial Companies Lllp boosted its stake in Lumentum by 54.2% during the 4th 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 period. Quadrant Capital Group LLC boosted its stake in Lumentum by 27.2% during the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock valued at $64,000 after purchasing an additional 164 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in Lumentum by 1.3% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 14,130 shares of the technology company's stock valued at $881,000 after purchasing an additional 176 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Lumentum by 1.4% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,173 shares of the technology company's stock valued at $1,274,000 after purchasing an additional 206 shares during the period. Finally, Thrivent Financial for Lutherans boosted its stake in Lumentum by 1.3% during the 4th quarter. Thrivent Financial for Lutherans now owns 16,165 shares of the technology company's stock valued at $1,357,000 after purchasing an additional 213 shares during the period. 94.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently weighed in on LITE shares. Stifel Nicolaus increased their target price on Lumentum from $85.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, June 5th. JPMorgan Chase & Co. increased their target price on Lumentum from $87.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, June 12th. Morgan Stanley increased their target price on Lumentum from $76.00 to $85.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Northland Securities set a $80.00 target price on Lumentum in a research note on Wednesday, May 7th. Finally, Needham & Company LLC raised their price objective on Lumentum from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $85.53.

Insiders Place Their Bets

In other Lumentum news, Director Alan S. Lowe sold 20,000 shares of the business's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $93.47, for a total value of $1,869,400.00. Following the completion of the transaction, the director directly owned 230,471 shares of the company's stock, valued at approximately $21,542,124.37. The trade was a 7.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Yuen Wupen sold 4,716 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $76.87, for a total value of $362,518.92. Following the completion of the transaction, the insider directly owned 82,957 shares of the company's stock, valued at approximately $6,376,904.59. The trade was a 5.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,520 shares of company stock valued at $5,742,078 in the last three months. Insiders own 0.19% of the company's stock.

Lumentum Trading Up 1.5%

Shares of Lumentum stock traded up $1.49 during trading on Wednesday, reaching $99.63. 2,048,527 shares of the company were exchanged, compared to its average volume of 2,160,155. The company has a quick ratio of 3.53, a current ratio of 4.72 and a debt-to-equity ratio of 2.91. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00. The business has a 50-day moving average price of $83.93 and a 200-day moving average price of $75.64. The firm has a market capitalization of $6.91 billion, a price-to-earnings ratio of -15.45 and a beta of 1.34.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its 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 return on equity of 8.69% and a negative net margin of 29.87%. The firm had revenue of $425.20 million during the quarter, compared to analysts' expectations of $418.18 million. During the same period in the previous year, the firm earned $0.09 earnings per share. The company's revenue was up 16.0% on a year-over-year basis. 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.