Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. cut its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) by 60.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,013 shares of the technology company's stock after selling 24,289 shares during the quarter. Raymond James Financial Services Advisors Inc.'s holdings in Lumentum were worth $839,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. IMA Wealth Inc. grew its position in shares of Lumentum by 1.0% during the second quarter. IMA Wealth Inc. now owns 25,682 shares of the technology company's stock worth $1,457,000 after buying an additional 266 shares in the last quarter. First Manhattan CO. LLC. boosted its holdings in Lumentum by 3.4% in the first quarter. First Manhattan CO. LLC. now owns 9,020 shares of the technology company's stock valued at $487,000 after purchasing an additional 300 shares in the last quarter. Prudential Financial Inc. boosted its holdings in Lumentum by 3.3% in the first quarter. Prudential Financial Inc. now owns 9,561 shares of the technology company's stock valued at $516,000 after purchasing an additional 306 shares in the last quarter. Arizona State Retirement System boosted its holdings in Lumentum by 1.7% in the third quarter. Arizona State Retirement System now owns 19,561 shares of the technology company's stock valued at $884,000 after purchasing an additional 321 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its holdings in Lumentum by 0.9% in the third quarter. Public Employees Retirement System of Ohio now owns 35,911 shares of the technology company's stock valued at $2,462,000 after purchasing an additional 323 shares in the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on LITE. Barclays upped their price target on Lumentum from $40.00 to $45.00 and gave the company an "underweight" rating in a report on Tuesday, January 16th. Rosenblatt Securities increased their price objective on Lumentum from $60.00 to $65.00 and gave the company a "buy" rating in a report on Friday, February 9th. B. Riley decreased their price objective on Lumentum from $42.00 to $41.00 and set a "neutral" rating for the company in a report on Friday, February 9th. Craig Hallum raised Lumentum from a "hold" rating to a "buy" rating in a report on Friday, December 22nd. Finally, Stifel Nicolaus reissued a "buy" rating and issued a $62.00 price objective on shares of Lumentum in a report on Monday, April 1st. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Lumentum presently has a consensus rating of "Hold" and a consensus target price of $51.79.

Lumentum Stock Performance

Shares of Lumentum stock traded up $1.50 during trading hours on Tuesday, hitting $43.31. 1,540,670 shares of the company were exchanged, compared to its average volume of 1,455,142. Lumentum Holdings Inc. has a 1 year low of $35.35 and a 1 year high of $65.16. The company has a current ratio of 3.13, a quick ratio of 2.42 and a debt-to-equity ratio of 1.96. The business has a 50-day moving average of $48.13 and a 200-day moving average of $47.13. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of -10.99 and a beta of 1.09.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings results on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.07). Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. The company had revenue of $366.80 million for the quarter, compared to analysts' expectations of $363.44 million. As a group, analysts expect that Lumentum Holdings Inc. will post -0.61 EPS for the current fiscal year.

Insiders Place Their Bets

In other Lumentum news, CAO Matthew Joseph Sepe sold 9,903 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $49.23, for a total value of $487,524.69. Following the completion of the transaction, the chief accounting officer now owns 33,188 shares in the company, valued at $1,633,845.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.60% of the stock is currently owned by company insiders.

Lumentum 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.