Sora Investors LLC Trims Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Sora Investors LLC cut its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 42.9% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 200,000 shares of the technology company’s stock after selling 150,000 shares during the quarter. Lumentum comprises 2.2% of Sora Investors LLC’s holdings, making the stock its 18th largest holding. Sora Investors LLC’s holdings in Lumentum were worth $12,676,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Lumentum by 30.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 11,824 shares of the technology company’s stock valued at $602,000 after purchasing an additional 2,762 shares in the last quarter. Mcdonald Partners LLC raised its position in 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 acquiring an additional 318 shares during the period. Leeward Investments LLC MA increased its stake in shares of Lumentum by 5.6% in the 2nd quarter. Leeward Investments LLC MA now owns 377,152 shares of the technology company’s stock worth $19,205,000 after purchasing an additional 20,046 shares in the last quarter. Legacy Capital Group California Inc. purchased a new position in Lumentum during the second quarter valued at $346,000. Finally, JB Capital LLC grew its stake in shares of Lumentum by 85.0% during the 2nd quarter. JB Capital LLC now owns 31,069 shares of the technology company’s stock valued at $1,582,000 after acquiring an additional 14,271 shares during the period. 94.05% of the stock is currently owned by institutional investors.

Lumentum Stock Performance

Shares of Lumentum stock opened at $92.64 on Friday. The stock has a market capitalization of $6.36 billion, a price-to-earnings ratio of -11.19 and a beta of 0.95. Lumentum Holdings Inc. has a 12 month low of $38.28 and a 12 month high of $95.92. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The business has a 50-day moving average of $74.38 and a 200 day moving average of $59.51.

Insider Buying and Selling

In other news, insider Vincent Retort sold 41,710 shares of the company’s stock in a transaction that occurred on 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 owns 147,515 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this link. Also, CFO Wajid Ali sold 29,887 shares of Lumentum stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $85.06, for a total value of $2,542,188.22. Following the completion of the sale, the chief financial officer now owns 56,492 shares in the company, valued at approximately $4,805,209.52. This trade represents a 34.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,797 shares of company stock worth $8,881,428. Company insiders own 0.19% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Rosenblatt Securities boosted their target price on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Barclays upped their target price on shares of Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Bank of America raised their price objective on Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research note on Thursday, August 15th. Jefferies Financial Group upped their price target on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Finally, Raymond James upped their price objective on Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Three investment 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 has an average rating of “Hold” and a consensus price target 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.