Stock Traders Purchase Large Volume of Lumentum Call Options (NASDAQ:LITE)

Lumentum Holdings Inc. (NASDAQ:LITE) saw some unusual options trading on Thursday. Investors purchased 12,054 call options on the company. This is an increase of 769% compared to the average volume of 1,387 call options.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on LITE shares. Susquehanna increased their price objective on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Raymond James raised their target price on Lumentum from $94.00 to $96.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and raised their target price for the company from $80.00 to $125.00 in a report on Friday, January 17th. Finally, Jefferies Financial Group started coverage on Lumentum in a report on Friday, February 21st. They issued a “buy” rating on the stock. Two analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $88.07.

Insider Buying and Selling at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at $4,071,799.84. This represents a 4.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lumentum

Institutional investors and hedge funds have recently modified their holdings of the business. J.Safra Asset Management Corp lifted its holdings in shares of Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock worth $43,000 after purchasing an additional 122 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after purchasing an additional 130 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Lumentum by 13.8% in the 3rd quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock worth $83,000 after purchasing an additional 158 shares in the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of Lumentum by 27.2% in the 4th quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company’s stock worth $64,000 after purchasing an additional 164 shares in the last quarter. Finally, Crossmark Global Holdings Inc. raised its position in Lumentum by 4.0% in the 4th quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company’s stock valued at $365,000 after buying an additional 168 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors.

Lumentum Trading Down 1.9 %

NASDAQ:LITE traded down $1.37 on Thursday, reaching $71.13. 1,000,671 shares of the stock traded hands, compared to its average volume of 2,382,778. The firm has a market capitalization of $4.92 billion, a price-to-earnings ratio of -9.25 and a beta of 0.94. Lumentum has a 1-year low of $38.28 and a 1-year high of $104.00. The company’s 50 day moving average is $84.23 and its 200-day moving average is $74.31. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. Equities research analysts anticipate that Lumentum will post 0.03 EPS for the current fiscal year.

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.