Cinctive Capital Management LP Acquires New Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Cinctive Capital Management LP bought a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,921 shares of the technology company’s stock, valued at approximately $882,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Capital Performance Advisors LLP purchased a new stake in shares of Lumentum during the 3rd quarter worth approximately $33,000. Point72 DIFC Ltd purchased a new stake in Lumentum during the second quarter worth $36,000. GAMMA Investing LLC grew its holdings in Lumentum by 141.6% in the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after purchasing an additional 524 shares during the last quarter. Signaturefd LLC increased its position in shares of Lumentum by 93.9% in the second quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock valued at $58,000 after buying an additional 554 shares in the last quarter. Finally, nVerses Capital LLC boosted its position in shares of Lumentum by 416.7% in the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock worth $158,000 after buying an additional 2,500 shares in the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Lumentum news, Director Penny Herscher sold 1,625 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $81.09, for a total transaction of $131,771.25. Following the completion of the sale, the director now directly owns 6,852 shares in the company, valued at $555,628.68. This represents a 19.17 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Harold L. Covert sold 15,000 shares of Lumentum stock in a transaction dated Tuesday, November 12th. The shares were 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 $763,696.37. This represents a 63.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,797 shares of company stock valued at $8,881,428. Insiders own 0.19% of the company’s stock.

Lumentum Trading Up 2.7 %

Shares of LITE stock opened at $88.70 on Wednesday. The firm’s 50-day simple moving average is $72.59 and its 200-day simple moving average is $58.73. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. Lumentum Holdings Inc. has a 1-year low of $38.28 and a 1-year high of $91.21. The firm has a market cap of $6.09 billion, a P/E ratio of -10.71 and a beta of 0.95.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on LITE. Jefferies Financial Group raised their target price on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Craig Hallum raised their price objective 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. Northland Securities upped their target price on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Bank of America raised their price target on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Thursday, August 15th. Finally, Susquehanna upped 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. Three research 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. According to MarketBeat, Lumentum currently 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.