Insider Selling: Lumentum Holdings Inc. (NASDAQ:LITE) Director Sells 3,345 Shares of Stock

Lumentum Holdings Inc. (NASDAQ:LITE) Director Harold L. Covert sold 3,345 shares of Lumentum stock in a transaction dated Wednesday, November 20th. The stock was 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 directly owns 8,729 shares of the company’s stock, valued at approximately $713,857.62. This trade represents a 27.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Lumentum Trading Up 4.1 %

Shares of LITE stock opened at $89.09 on Monday. 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 has a market capitalization of $6.12 billion, a price-to-earnings ratio of -10.76 and a beta of 0.88. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $90.51. The company has a 50-day simple moving average of $69.43 and a two-hundred day simple moving average of $56.99.

Analysts Set New Price Targets

A number of brokerages recently commented on LITE. B. Riley boosted their target price on Lumentum from $40.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. JPMorgan Chase & Co. upped their target price on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Bank of America lifted their price target on shares of Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Thursday, August 15th. Craig Hallum upped 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, Raymond James raised their price objective on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, Lumentum presently has a consensus rating of “Hold” and an average price target of $74.85.

Hedge Funds Weigh In On Lumentum

Several institutional investors have recently modified their holdings of LITE. Swedbank AB purchased a new position in Lumentum in the first quarter worth $71,025,000. Atreides Management LP boosted its holdings in shares of Lumentum by 28.5% in the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after buying an additional 375,389 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Lumentum in the 3rd quarter worth about $17,981,000. Van Lanschot Kempen Investment Management N.V. grew its position in Lumentum by 17.8% during the second quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock valued at $58,803,000 after buying an additional 174,828 shares during the period. Finally, Pinnacle Associates Ltd. increased its holdings in Lumentum by 50.4% during the third quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock worth $25,846,000 after buying an additional 136,659 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

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.