Envestnet Portfolio Solutions Inc. Buys 556 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Envestnet Portfolio Solutions Inc. boosted its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 14.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 4,383 shares of the technology company’s stock after purchasing an additional 556 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Lumentum were worth $368,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. J.Safra Asset Management Corp boosted its holdings in shares of Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock valued at $43,000 after buying an additional 122 shares in the last quarter. Jones Financial Companies Lllp lifted its position in Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after acquiring an additional 130 shares during the last quarter. Crossmark Global Holdings Inc. boosted its stake in Lumentum by 4.0% in the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company’s stock valued at $365,000 after acquiring an additional 168 shares in the last quarter. Manchester Capital Management LLC grew its holdings in Lumentum by 22.6% in the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company’s stock worth $86,000 after purchasing an additional 190 shares during the last quarter. Finally, Synovus Financial Corp increased its position in shares of Lumentum by 1.5% during the third quarter. Synovus Financial Corp now owns 13,225 shares of the technology company’s stock worth $838,000 after purchasing an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Insiders Place Their Bets

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the sale, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at approximately $4,071,799.84. This trade represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Jefferies Financial Group started coverage on Lumentum in a research note on Friday, February 21st. They set a “buy” rating on the stock. Morgan Stanley cut their price objective on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st. Northland Securities lifted their target price on shares of Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research note on Friday, February 7th. Stifel Nicolaus upped their price target on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, BNP Paribas upgraded shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price objective for the company in a research note on Tuesday, March 11th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Lumentum currently has an average rating of “Moderate Buy” and a consensus price target of $87.40.

Lumentum Stock Down 7.0 %

Lumentum stock opened at $66.11 on Thursday. The business’s 50-day moving average price is $76.43 and its 200 day moving average price is $75.97. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The firm has a market cap of $4.57 billion, a price-to-earnings ratio of -8.60 and a beta of 1.03. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00.

Lumentum (NASDAQ:LITE) last posted its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. As a group, sell-side analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

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.