Lumentum Holdings Inc. (NASDAQ:LITE) Director Alan S. Lowe Sells 10,000 Shares

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) Director Alan S. Lowe sold 10,000 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 $835,800.00. Following the completion of the transaction, the director now owns 270,471 shares of the company's stock, valued at approximately $22,605,966.18. This trade represents a 3.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Lumentum Trading Down 0.2%

NASDAQ LITE traded down $0.18 on Friday, reaching $81.46. 1,692,307 shares of the company were exchanged, compared to its average volume of 2,044,315. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The business's fifty day moving average price is $64.68 and its 200 day moving average price is $75.09. The stock has a market capitalization of $5.65 billion, a P/E ratio of -10.59 and a beta of 1.18. Lumentum Holdings Inc. has a fifty-two week low of $38.29 and a fifty-two week high of $104.00.

Lumentum (NASDAQ:LITE - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.50 by $0.07. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The business had revenue of $425.20 million for the quarter, compared to analyst estimates of $418.18 million. During the same quarter in the previous year, the firm earned $0.09 EPS. The company's quarterly revenue was up 16.0% compared to the same quarter last year. Analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Hedge Funds Weigh In On Lumentum

Hedge funds have recently modified their holdings of the business. Advisors Preferred LLC purchased a new stake in Lumentum in the 4th quarter valued at about $865,000. Empowered Funds LLC purchased a new position in Lumentum during the fourth quarter worth about $626,000. Lightrock Netherlands B.V. acquired a new stake in shares of Lumentum during the fourth quarter valued at about $12,668,000. Louisiana State Employees Retirement System raised its stake in shares of Lumentum by 1.6% in the 4th quarter. Louisiana State Employees Retirement System now owns 19,100 shares of the technology company's stock valued at $1,603,000 after acquiring an additional 300 shares during the period. Finally, Legato Capital Management LLC acquired a new position in shares of Lumentum in the 4th quarter worth approximately $1,188,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on LITE shares. Needham & Company LLC cut their price objective on Lumentum from $110.00 to $100.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Stifel Nicolaus boosted their price target on shares of Lumentum from $85.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday. Northland Capmk raised shares of Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. B. Riley lifted their target price on shares of Lumentum from $65.00 to $73.00 and gave the company a "neutral" rating in a research report on Wednesday. Finally, Rosenblatt Securities upped their price target on shares of Lumentum from $94.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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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