Lumentum Holdings Inc. (NASDAQ:LITE) CFO Wajid Ali Sells 2,222 Shares

Lumentum Holdings Inc. (NASDAQ:LITE) CFO Wajid Ali sold 2,222 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total transaction of $185,714.76. Following the transaction, the chief financial officer now owns 47,460 shares of the company’s stock, valued at approximately $3,966,706.80. This trade represents a 4.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Lumentum Stock Performance

Shares of LITE opened at $81.46 on Friday. The company’s 50 day moving average price is $65.04 and its 200 day moving average price is $75.08. Lumentum Holdings Inc. has a 52 week low of $38.29 and a 52 week high of $104.00. The company has a market capitalization of $5.65 billion, a PE ratio of -10.59 and a beta of 1.18. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The firm had revenue of $425.20 million for the quarter, compared to the consensus estimate of $418.18 million. During the same period in the previous year, the firm posted $0.09 earnings per share. The firm’s revenue was up 16.0% on a year-over-year basis. Research analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Analysts Set New Price Targets

LITE has been the topic of several analyst reports. Stifel Nicolaus lifted their target price on shares of Lumentum from $85.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday. Rosenblatt Securities lifted their target price on shares of Lumentum from $94.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday. Jefferies Financial Group initiated coverage on shares of Lumentum in a research report on Friday, February 21st. They issued a “buy” rating on the stock. BNP Paribas raised shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 target price on the stock in a research report on Tuesday, March 11th. Finally, Morgan Stanley lifted their target price on shares of Lumentum from $70.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $82.80.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Advisors Preferred LLC acquired a new stake in Lumentum in the fourth quarter valued at approximately $865,000. Empowered Funds LLC acquired a new stake in Lumentum in the fourth quarter valued at approximately $626,000. Lightrock Netherlands B.V. acquired a new stake in Lumentum in the fourth quarter valued at approximately $12,668,000. Louisiana State Employees Retirement System lifted its stake in Lumentum by 1.6% in the fourth quarter. Louisiana State Employees Retirement System now owns 19,100 shares of the technology company’s stock valued at $1,603,000 after acquiring an additional 300 shares during the last quarter. Finally, Legato Capital Management LLC acquired a new stake in Lumentum in the fourth quarter valued at approximately $1,188,000. 94.05% of the stock is owned by hedge funds and other 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.