Insider Selling: Lumentum Holdings Inc. (NASDAQ:LITE) CAO Sells 8,172 Shares of Stock

Lumentum Holdings Inc. (NASDAQ:LITE) CAO Matthew Joseph Sepe sold 8,172 shares of the stock in a transaction dated 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 sale, the chief accounting officer now directly owns 21,138 shares in the company, valued at approximately $1,851,688.80. This trade represents a 27.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Lumentum Stock Performance

Shares of NASDAQ:LITE traded down $1.84 during trading hours on Friday, hitting $83.29. 209,000 shares of the company’s stock traded hands, compared to its average volume of 1,467,911. Lumentum Holdings Inc. has a 52 week low of $38.28 and a 52 week high of $89.70. 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 company’s fifty day simple moving average is $65.76 and its two-hundred day simple moving average is $55.13.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. The company had revenue of $308.30 million during the quarter, compared to analyst estimates of $301.36 million. During the same quarter last year, the firm posted $0.12 EPS. The business’s revenue for the quarter was down 16.9% on a year-over-year basis. Research analysts forecast that Lumentum Holdings Inc. will post 0.17 EPS for the current year.

Hedge Funds Weigh In On Lumentum

Large investors have recently made changes to their positions in the business. Signaturefd LLC boosted its holdings in shares of Lumentum by 13.8% in the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock worth $83,000 after buying an additional 158 shares during the period. Janney Montgomery Scott LLC boosted its holdings in shares of Lumentum by 1.8% in the first quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock worth $691,000 after buying an additional 260 shares during the period. Mcdonald Partners LLC boosted its holdings in shares of Lumentum by 1.6% in the second quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock worth $1,010,000 after buying an additional 318 shares during the period. Arizona State Retirement System boosted its holdings in shares of Lumentum by 2.5% in the second quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock worth $961,000 after buying an additional 455 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in shares of Lumentum in the third quarter worth about $33,000. Institutional investors own 94.05% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on LITE shares. B. Riley increased their price objective on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. increased 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. Rosenblatt Securities increased their price objective on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Craig Hallum increased their price objective on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Finally, Barclays increased their price objective on shares of Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a report on Monday. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $74.85.

Lumentum Company 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.