Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 30.2% during the third quarter, Holdings Channel reports. The fund owned 157,159 shares of the technology company’s stock after selling 68,000 shares during the quarter. Principal Financial Group Inc.’s holdings in Lumentum were worth $9,961,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LITE. Point72 DIFC Ltd acquired a new stake in shares of Lumentum during the 2nd quarter worth about $36,000. GAMMA Investing LLC raised its holdings in Lumentum by 141.6% in the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after acquiring an additional 524 shares during the last quarter. Signaturefd LLC lifted its stake in shares of Lumentum by 93.9% during the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after purchasing an additional 554 shares during the period. EntryPoint Capital LLC acquired a new stake in shares of Lumentum during the first quarter worth $112,000. Finally, nVerses Capital LLC grew its position in shares of Lumentum by 416.7% in the second quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock valued at $158,000 after purchasing an additional 2,500 shares during the period. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Insiders Place Their Bets

In related news, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $87.17, for a total value of $1,307,550.00. Following the completion of the transaction, the director now directly owns 8,761 shares in the company, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total value of $715,867.20. Following the completion of the sale, the chief accounting officer now directly owns 21,138 shares of the company’s stock, valued at approximately $1,851,688.80. This represents a 27.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.19% of the stock is currently owned by company insiders.

Lumentum Trading Down 1.1 %

NASDAQ LITE opened at $80.54 on Tuesday. The company’s fifty day simple moving average is $66.94 and its 200-day simple moving average is $55.81. The stock has a market cap of $5.53 billion, a P/E ratio of -9.73, a PEG ratio of 8.30 and a beta of 0.88. Lumentum Holdings Inc. has a 52 week low of $38.28 and a 52 week high of $89.70. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87.

Analysts Set New Price Targets

Several research firms have commented on LITE. Needham & Company LLC lifted their price target on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Rosenblatt Securities lifted their price target on shares of Lumentum from $69.00 to $110.00 and gave the company a “buy” rating in a report on Friday, November 8th. B. Riley upped their price objective on Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Northland Securities boosted their target price on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Finally, Barclays raised their price target on shares of Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a report on Monday, November 11th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $74.85.

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.