Lumentum Holdings Inc. (NASDAQ:LITE) Director Sells $273,554.10 in Stock

Lumentum Holdings Inc. (NASDAQ:LITE) Director Harold L. Covert sold 3,345 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $81.78, for a total value of $273,554.10. Following the completion of the transaction, the director now owns 8,729 shares in the company, valued at approximately $713,857.62. This trade represents a 27.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Lumentum Trading Up 4.1 %

Shares of NASDAQ LITE traded up $3.48 during trading on Friday, reaching $89.09. The stock had a trading volume of 2,309,649 shares, compared to its average volume of 1,487,331. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $90.51. 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 business’s 50-day moving average price is $68.76 and its 200-day moving average price is $56.47. The company has a market cap of $6.12 billion, a P/E ratio of -10.76 and a beta of 0.88.

Institutional Investors Weigh In On Lumentum

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in Lumentum by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock worth $341,786,000 after purchasing an additional 22,088 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Lumentum by 8.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,703,969 shares of the technology company’s stock worth $86,760,000 after purchasing an additional 130,838 shares in the last quarter. Atreides Management LP grew its stake in Lumentum by 28.5% during the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after purchasing an additional 375,389 shares in the last quarter. Earnest Partners LLC grew its stake in Lumentum by 6.0% during the 1st quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock worth $80,027,000 after purchasing an additional 95,428 shares in the last quarter. Finally, Swedbank AB acquired a new position in Lumentum during the 1st quarter worth $71,025,000. 94.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

LITE has been the topic of several research reports. Barclays raised their target price on 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 lifted their price objective on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research report on Thursday, August 15th. B. Riley lifted their price objective on Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. lifted their price objective on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Finally, Northland Securities lifted their price objective on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Lumentum has a consensus rating of “Hold” and a consensus 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.