XTX Topco Ltd Purchases Shares of 19,230 Lumentum Holdings Inc. (NASDAQ:LITE)

Key Points

• XTX Topco Ltd has acquired a new position in Lumentum Holdings Inc. worth approximately $1.20 million, purchasing 19,230 shares during the first quarter.
• Insider trading activity included the sale of 22,719 shares by insider Vincent Retort for roughly $2.5 million, representing a significant decrease in their ownership.
• Research analysts have recently raised their price targets for Lumentum, with some forecasting a target price as high as $125.00, signaling a positive outlook for the company.

XTX Topco Ltd purchased a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 19,230 shares of the technology company's stock, valued at approximately $1,199,000.

A number of other institutional investors also recently modified their holdings of LITE. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Lumentum during the 1st quarter worth $25,000. Rakuten Securities Inc. increased its holdings in Lumentum by 164.4% in the 1st quarter. Rakuten Securities Inc. now owns 476 shares of the technology company's stock worth $30,000 after purchasing an additional 296 shares in the last quarter. Golden State Wealth Management LLC increased its stake in shares of Lumentum by 103.2% in the first quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock valued at $32,000 after buying an additional 260 shares during the period. CoreCap Advisors LLC raised its stake in shares of Lumentum by 2,235.3% during the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock valued at $33,000 after acquiring an additional 380 shares during the last quarter. Finally, UMB Bank n.a. lifted its holdings in Lumentum by 132.9% during the 1st quarter. UMB Bank n.a. now owns 785 shares of the technology company's stock worth $49,000 after buying an additional 448 shares during the period. Institutional investors own 94.05% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on LITE. Wolfe Research started coverage on shares of Lumentum in a research report on Tuesday, July 8th. They issued an "outperform" rating on the stock. B. Riley lifted their price objective on shares of Lumentum from $65.00 to $73.00 and gave the company a "neutral" rating in a report on Wednesday, June 4th. Morgan Stanley upped their price target on Lumentum from $76.00 to $85.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. UBS Group decreased their price objective on shares of Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. lifted their target price on Lumentum from $100.00 to $123.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $87.73.

Lumentum Stock Performance

Shares of NASDAQ:LITE traded down $3.40 during midday trading on Friday, reaching $106.68. 2,431,701 shares of the company traded hands, compared to its average volume of 2,147,211. The firm's fifty day moving average price is $91.28 and its two-hundred day moving average price is $77.09. The firm has a market capitalization of $7.40 billion, a price-to-earnings ratio of -16.54 and a beta of 1.33. 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 12 month low of $38.28 and a 12 month high of $114.12.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.50 by $0.07. The firm had revenue of $425.20 million during the quarter, compared to the consensus estimate of $418.18 million. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. The business's quarterly revenue was up 16.0% compared to the same quarter last year. During the same period last year, the firm earned $0.09 EPS. On average, equities analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Wajid Ali sold 2,222 shares of the business's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total value of $185,714.76. Following the completion of the sale, the chief financial officer owned 47,460 shares in the company, valued at $3,966,706.80. The trade was a 4.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Alan S. Lowe sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $93.47, for a total transaction of $1,869,400.00. Following the completion of the sale, the director 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 disclosure for this sale can be found here. Insiders sold a total of 89,768 shares of company stock valued at $8,294,633 over the last three months. Corporate insiders own 0.19% of the company's stock.

About Lumentum

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.