Lumentum (NASDAQ:LITE) Shares Up 1.4% – Here’s What Happened

Shares of Lumentum Holdings Inc. (NASDAQ:LITE) traded up 1.4% during trading on Thursday . The stock traded as high as $881.79 and last traded at $838.06. 4,056,986 shares were traded during mid-day trading, a decline of 29% from the average session volume of 5,716,496 shares. The stock had previously closed at $826.26.

Wall Street Analysts Forecast Growth

LITE has been the topic of a number of analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $1,200.00 price objective on shares of Lumentum in a research note on Wednesday, May 6th. Susquehanna increased their price target on Lumentum from $550.00 to $1,100.00 and gave the stock a “positive” rating in a report on Monday, April 20th. Morgan Stanley boosted their price objective on Lumentum from $710.00 to $900.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. TD Cowen cut their target price on Lumentum from $995.00 to $800.00 and set a “hold” rating on the stock in a research report on Monday, July 13th. Finally, Barclays raised their target price on Lumentum from $750.00 to $1,000.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. Fourteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, Lumentum presently has an average rating of “Moderate Buy” and a consensus target price of $1,012.67.

Lumentum Stock Performance

The company’s 50 day moving average price is $814.98 and its 200-day moving average price is $749.34. The stock has a market cap of $65.20 billion, a P/E ratio of 155.20 and a beta of 1.50. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.97 and a current ratio of 1.14.

Lumentum (NASDAQ:LITE) last posted its earnings results on Tuesday, May 5th. The technology company reported $2.37 EPS for the quarter, topping the consensus estimate of $2.27 by $0.10. Lumentum had a net margin of 17.61% and a return on equity of 24.81%. The firm had revenue of $808.40 million for the quarter, compared to analysts’ expectations of $810.21 million. During the same quarter last year, the firm earned $0.57 EPS. The company’s quarterly revenue was up 90.1% compared to the same quarter last year. Equities analysts forecast that Lumentum Holdings Inc. will post 6.42 EPS for the current fiscal year.

Insider Activity

In related news, Director Brian Lillie sold 11,951 shares of Lumentum stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $981.64, for a total value of $11,731,579.64. Following the sale, the director owned 13,959 shares of the company’s stock, valued at approximately $13,702,712.76. The trade was a 46.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Isaac Hosojiro Harris sold 4,000 shares of the firm’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $860.00, for a total value of $3,440,000.00. Following the completion of the sale, the director directly owned 8,400 shares of the company’s stock, valued at $7,224,000. This represents a 32.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 41,260 shares of company stock worth $38,859,220. 0.43% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Sound Portfolio Advisors LLC purchased a new stake in shares of Lumentum during the second quarter worth $429,000. Private Advisory Group LLC bought a new stake in shares of Lumentum during the 2nd quarter valued at $2,075,000. Focus Partners Advisor Solutions LLC bought a new position in Lumentum in the 2nd quarter worth about $1,143,000. State of Wyoming purchased a new position in Lumentum during the 2nd quarter valued at about $571,000. Finally, GSA Capital Partners LLP bought a new stake in shares of Lumentum during the second quarter valued at about $268,000. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

About Lumentum

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.