Victory Capital Management Inc. Has $798,000 Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Victory Capital Management Inc. cut its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 9.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,596 shares of the technology company’s stock after selling 1,248 shares during the quarter. Victory Capital Management Inc.’s holdings in Lumentum were worth $798,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Swedbank AB acquired a new stake in Lumentum during the first quarter worth about $71,025,000. International Assets Investment Management LLC grew its position in Lumentum by 6,238.0% during the third quarter. International Assets Investment Management LLC now owns 21,169 shares of the technology company’s stock worth $1,342,000 after buying an additional 20,835 shares in the last quarter. DigitalBridge Group Inc. lifted its stake in Lumentum by 10.9% during the second quarter. DigitalBridge Group Inc. now owns 554,529 shares of the technology company’s stock worth $28,237,000 after purchasing an additional 54,703 shares during the period. JB Capital LLC lifted its stake in Lumentum by 85.0% during the second quarter. JB Capital LLC now owns 31,069 shares of the technology company’s stock worth $1,582,000 after purchasing an additional 14,271 shares during the period. Finally, Versor Investments LP bought a new position in Lumentum during the second quarter worth about $631,000. 94.05% of the stock is owned by institutional investors and hedge funds.

Lumentum Stock Performance

NASDAQ:LITE opened at $83.77 on Thursday. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The firm has a 50 day moving average of $70.61 and a 200-day moving average of $57.60. Lumentum Holdings Inc. has a 1 year low of $38.28 and a 1 year high of $91.21. The stock has a market capitalization of $5.75 billion, a P/E ratio of -10.06 and a beta of 0.88.

Insider Buying and Selling

In related news, insider Vincent Retort sold 41,710 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the transaction, the insider now owns 147,515 shares in the company, valued at $13,205,542.80. The trade was a 22.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total transaction of $715,867.20. Following the completion of the transaction, the chief accounting officer now owns 21,138 shares of the company’s stock, valued at $1,851,688.80. This trade represents a 27.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 71,910 shares of company stock worth $6,339,239 in the last quarter. Insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

LITE has been the subject of a number of analyst reports. Jefferies Financial Group raised their price target on shares of Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Raymond James raised their price target on shares of Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Rosenblatt Securities raised their price target on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Needham & Company LLC raised their price target on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Finally, Craig Hallum raised their price target on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $74.85.

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.