CloudAlpha Capital Management Limited Hong Kong Acquires New Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

CloudAlpha Capital Management Limited Hong Kong bought a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 105,000 shares of the technology company's stock, valued at approximately $5,504,000. Lumentum comprises 0.5% of CloudAlpha Capital Management Limited Hong Kong's portfolio, making the stock its 25th biggest position. CloudAlpha Capital Management Limited Hong Kong owned about 0.16% of Lumentum at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LITE. HighTower Advisors LLC lifted its position in Lumentum by 6.7% during the first quarter. HighTower Advisors LLC now owns 5,729 shares of the technology company's stock valued at $557,000 after purchasing an additional 358 shares during the last quarter. Private Advisor Group LLC lifted its position in Lumentum by 23.3% during the first quarter. Private Advisor Group LLC now owns 5,083 shares of the technology company's stock valued at $496,000 after purchasing an additional 960 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Lumentum by 10.4% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,461 shares of the technology company's stock valued at $2,583,000 after purchasing an additional 2,490 shares during the last quarter. Great West Life Assurance Co. Can lifted its position in Lumentum by 7.4% during the first quarter. Great West Life Assurance Co. Can now owns 39,147 shares of the technology company's stock valued at $3,926,000 after purchasing an additional 2,686 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Lumentum by 7.2% during the first quarter. Dimensional Fund Advisors LP now owns 805,662 shares of the technology company's stock valued at $78,633,000 after purchasing an additional 53,978 shares during the last quarter. Institutional investors own 94.05% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. B. Riley lowered their price objective on shares of Lumentum from $42.00 to $41.00 and set a "neutral" rating for the company in a research report on Friday, February 9th. Rosenblatt Securities raised their target price on shares of Lumentum from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, February 9th. Needham & Company LLC restated a "buy" rating and issued a $50.00 target price on shares of Lumentum in a report on Friday, February 9th. Craig Hallum upgraded shares of Lumentum from a "hold" rating to a "buy" rating in a report on Friday, December 22nd. Finally, Barclays raised their price target on shares of Lumentum from $40.00 to $45.00 and gave the stock an "underweight" rating in a research note on Tuesday, January 16th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $51.79.

Lumentum Stock Down 3.1 %

Shares of NASDAQ:LITE traded down $1.33 during trading on Wednesday, reaching $41.98. The stock had a trading volume of 728,935 shares, compared to its average volume of 1,445,328. Lumentum Holdings Inc. has a one year low of $35.35 and a one year high of $65.16. The company has a market capitalization of $2.83 billion, a P/E ratio of -10.65 and a beta of 1.09. 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 firm's 50-day simple moving average is $47.80 and its 200 day simple moving average is $47.09.

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

Insider Activity

In related news, CAO Matthew Joseph Sepe sold 9,903 shares of Lumentum stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $49.23, for a total value of $487,524.69. Following the completion of the sale, the chief accounting officer now directly owns 33,188 shares in the company, valued at approximately $1,633,845.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.60% 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.