Lumentum Holdings Inc. (NASDAQ:LITE) CFO Sells $185,714.76 in Stock

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) CFO Wajid Ali sold 2,222 shares of the company's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total transaction of $185,714.76. Following the completion of the sale, the chief financial officer now directly owns 47,460 shares of the company's stock, valued at approximately $3,966,706.80. This trade represents a 4.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Lumentum Stock Down 0.2%

Shares of LITE traded down $0.18 during mid-day trading on Friday, reaching $81.46. The company's stock had a trading volume of 1,692,307 shares, compared to its average volume of 2,044,315. The business has a fifty day moving average of $64.68 and a 200 day moving average of $75.09. 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 $5.65 billion, a price-to-earnings ratio of -10.59 and a beta of 1.18. Lumentum Holdings Inc. has a 1 year low of $38.29 and a 1 year high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.07. The business had revenue of $425.20 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the company posted $0.09 earnings per share. As a group, analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lumentum

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Crestline Management LP bought a new stake in Lumentum in the fourth quarter valued at about $4,435,000. SBI Securities Co. Ltd. bought a new position in shares of Lumentum during the 4th quarter worth approximately $739,000. M&T Bank Corp grew its holdings in shares of Lumentum by 54.2% in the 4th quarter. M&T Bank Corp now owns 18,104 shares of the technology company's stock valued at $1,520,000 after acquiring an additional 6,361 shares in the last quarter. Aigen Investment Management LP grew its stake in Lumentum by 72.9% in the fourth quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company's stock valued at $1,464,000 after purchasing an additional 7,354 shares in the last quarter. Finally, Versor Investments LP bought a new position in shares of Lumentum in the fourth quarter valued at $336,000. Institutional investors and hedge funds own 94.05% of the company's stock.

Wall Street Analysts Forecast Growth

LITE has been the subject of a number of analyst reports. Northland Capmk raised shares of Lumentum from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. B. Riley raised their price objective on shares of Lumentum from $65.00 to $73.00 and gave the stock a "neutral" rating in a research note on Wednesday. Morgan Stanley raised their price objective on Lumentum from $70.00 to $76.00 and gave the company an "equal weight" rating in a report on Wednesday. Northland Securities set a $80.00 price target on shares of Lumentum in a research report on Wednesday, May 7th. Finally, Barclays set a $75.00 target price on shares of Lumentum and gave the company an "overweight" rating in a report on Wednesday, May 7th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $82.80.

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.

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