Lumentum Holdings Inc. (NASDAQ:LITE) Insider Sells $2,499,090.00 in Stock

Key Points

• Vincent Retort, an insider at Lumentum Holdings Inc., sold 22,719 shares for a total of $2,499,090.00, reducing his ownership in the company by 15.73%.
• Lumentum reported a 16% year-over-year increase in revenue, reaching $425.20 million, and beat earnings estimates with $0.57 earnings per share.
• Analysts have a consensus rating of "Moderate Buy" on Lumentum shares, with a target price averaging around $87.73, indicating optimism for future performance.

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) insider Vincent Retort sold 22,719 shares of the firm's stock in a transaction dated Tuesday, July 29th. The stock was sold at an average price of $110.00, for a total value of $2,499,090.00. Following the sale, the insider owned 121,747 shares of the company's stock, valued at $13,392,170. The trade was a 15.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Lumentum Stock Up 0.2%

NASDAQ:LITE traded up $0.23 during mid-day trading on Thursday, hitting $110.08. 2,170,297 shares of the company's stock traded hands, compared to its average volume of 1,968,061. The company has a debt-to-equity ratio of 2.91, a current ratio of 4.72 and a quick ratio of 3.53. The firm has a 50 day moving average of $89.98 and a two-hundred day moving average of $76.92. 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 posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $425.20 million during the quarter, compared to analysts' expectations of $418.18 million. During the same period in the prior year, the business earned $0.09 earnings per share. Lumentum's revenue for the quarter was up 16.0% compared to the same quarter last year. Equities analysts expect that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on LITE shares. Needham & Company LLC increased their price target on shares of Lumentum from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday, June 11th. Barclays set a $75.00 target price on shares of Lumentum and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Raymond James Financial boosted their price target on shares of Lumentum from $80.00 to $90.00 and gave the company a "strong-buy" rating in a report on Wednesday, June 4th. UBS Group dropped their price target on shares of Lumentum from $96.00 to $78.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Finally, Northland Securities set a $80.00 price objective on Lumentum in a report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $87.73.

Institutional Trading of Lumentum

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Lumentum during the 1st quarter worth approximately $25,000. Rakuten Securities Inc. raised its stake in shares of Lumentum by 164.4% in the 1st quarter. Rakuten Securities Inc. now owns 476 shares of the technology company's stock valued at $30,000 after buying an additional 296 shares in the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of Lumentum by 103.2% during the 1st quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company's stock worth $32,000 after acquiring an additional 260 shares during the period. CoreCap Advisors LLC boosted its position in shares of Lumentum by 2,235.3% during the 4th quarter. CoreCap Advisors LLC now owns 397 shares of the technology company's stock valued at $33,000 after acquiring an additional 380 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in Lumentum in the second quarter valued at about $38,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

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.

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