Lumentum Holdings Inc. (NASDAQ:LITE) Insider Sells $3,733,879.20 in Stock

Lumentum Holdings Inc. (NASDAQ:LITE) insider Vincent Retort sold 41,710 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the completion of the sale, the insider now directly owns 147,515 shares of the company’s stock, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Lumentum Stock Down 3.7 %

NASDAQ:LITE opened at $83.77 on Thursday. The firm has a market cap of $5.75 billion, a P/E ratio of -10.12 and a beta of 0.88. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The firm has a 50-day simple moving average of $70.61 and a two-hundred day simple moving average of $57.60. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $91.21.

Institutional Trading of Lumentum

Several institutional investors have recently added to or reduced their stakes in the business. Quarry LP grew its stake in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares during the period. Capital Performance Advisors LLP bought a new position in shares of Lumentum during the 3rd quarter valued at approximately $33,000. Nomura Asset Management Co. Ltd. increased its stake in shares of Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after purchasing an additional 270 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in Lumentum in the 2nd quarter worth $36,000. Finally, GAMMA Investing LLC grew its position in shares of Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after purchasing an additional 524 shares in the last quarter. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on LITE. JPMorgan Chase & Co. raised their price objective on shares of Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Barclays raised their target price on Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday, November 11th. B. Riley upped their price target on Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Susquehanna raised their price objective on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research report on Friday, November 8th. Finally, Craig Hallum upped their target price on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company 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.