Smith Group Asset Management LLC Sells 2,755 Shares of Lumentum Holdings Inc. $LITE

Key Points

• Smith Group Asset Management cut its Lumentum stake by 71.5% in the first quarter, selling 2,755 shares and retaining 1,096 shares valued at approximately $770,000. Institutional investors collectively own 94.05% of the company.
• Lumentum insiders sold 41,260 shares worth approximately $38.9 million over the past 90 days, including transactions by an insider and a director conducted under pre-arranged Rule 10b5-1 plans.
• Analysts remain broadly positive, with 14 Buy ratings and seven Holds, producing a “Moderate Buy” consensus and average price target of $1,012.67. Lumentum also reported quarterly EPS of $2.37, exceeding estimates, while revenue rose 90.1% year over year.

Smith Group Asset Management LLC trimmed its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 71.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,096 shares of the technology company's stock after selling 2,755 shares during the quarter. Smith Group Asset Management LLC's holdings in Lumentum were worth $770,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Sachetta LLC lifted its holdings in shares of Lumentum by 118.8% in the 1st quarter. Sachetta LLC now owns 35 shares of the technology company's stock worth $25,000 after acquiring an additional 19 shares during the last quarter. Hilton Head Capital Partners LLC bought a new position in Lumentum during the 1st quarter valued at about $25,000. Abel Hall LLC raised its position in Lumentum by 5.5% in the 1st quarter. Abel Hall LLC now owns 693 shares of the technology company's stock worth $487,000 after purchasing an additional 36 shares during the period. Checchi Capital Advisers LLC raised its position in Lumentum by 5.1% in the 1st quarter. Checchi Capital Advisers LLC now owns 790 shares of the technology company's stock worth $555,000 after purchasing an additional 38 shares during the period. Finally, 180 Wealth Advisors LLC lifted its stake in Lumentum by 2.9% in the first quarter. 180 Wealth Advisors LLC now owns 1,553 shares of the technology company's stock worth $1,092,000 after purchasing an additional 44 shares during the last quarter. Institutional investors own 94.05% of the company's stock.

Insider Buying and Selling at Lumentum

In other news, insider Vincent Retort sold 3,183 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $953.95, for a total transaction of $3,036,422.85. Following the transaction, the insider owned 89,563 shares of the company's stock, valued at approximately $85,438,623.85. This represents a 3.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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 Brian Lillie sold 11,951 shares of the firm's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $981.64, for a total value of $11,731,579.64. Following the transaction, the director owned 13,959 shares in the company, valued at approximately $13,702,712.76. This represents a 46.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 41,260 shares of company stock worth $38,859,220. Insiders own 0.43% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Stifel Nicolaus boosted their target price on Lumentum from $800.00 to $1,100.00 and gave the company a "buy" rating in a research report on Tuesday, May 5th. Susquehanna increased their price target on Lumentum from $550.00 to $1,100.00 and gave the stock a "positive" rating in a report on Monday, April 20th. BNP Paribas Exane raised their price target on Lumentum from $1,040.00 to $1,300.00 in a research note on Wednesday, May 6th. Raymond James Financial restated an "outperform" rating and set a $1,014.00 price objective on shares of Lumentum in a report on Wednesday, May 6th. Finally, B. Riley Financial reaffirmed a "buy" rating on shares of Lumentum in a research report on Friday, May 1st. Fourteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, Lumentum currently has a consensus rating of "Moderate Buy" and an average price target of $1,012.67.

Lumentum Stock Performance

Lumentum stock opened at $651.93 on Wednesday. The company has a 50 day moving average price of $836.46 and a 200-day moving average price of $732.51. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.97 and a current ratio of 1.14. Lumentum Holdings Inc. has a fifty-two week low of $101.61 and a fifty-two week high of $1,085.68. The company has a market capitalization of $50.72 billion, a PE ratio of 120.73 and a beta of 1.48.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The technology company reported $2.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.27 by $0.10. The firm had revenue of $808.40 million during the quarter, compared to analyst estimates of $810.21 million. Lumentum had a return on equity of 24.81% and a net margin of 17.61%.Lumentum's quarterly revenue was up 90.1% on a year-over-year basis. During the same quarter in the previous 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 analysts forecast that Lumentum Holdings Inc. will post 6.42 earnings per share for the current year.

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.

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