Lumentum Holdings Inc. (NASDAQ:LITE) CAO Sells $715,867.20 in Stock

Lumentum Holdings Inc. (NASDAQ:LITE) CAO Matthew Joseph Sepe sold 8,172 shares of Lumentum stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $87.60, for a total value of $715,867.20. Following the completion of the sale, the chief accounting officer now directly owns 21,138 shares in the company, valued at approximately $1,851,688.80. This represents a 27.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Lumentum Trading Down 4.3 %

Shares of NASDAQ:LITE opened at $81.45 on Friday. Lumentum Holdings Inc. has a 12-month low of $38.28 and a 12-month high of $89.70. The stock has a market cap of $5.60 billion, a PE ratio of -9.84, a P/E/G ratio of 8.98 and a beta of 0.88. The business has a 50 day moving average of $66.35 and a 200-day moving average of $55.48. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Wednesday, August 14th. The technology company reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. Lumentum had a negative return on equity of 6.79% and a negative net margin of 40.70%. The company had revenue of $308.30 million during the quarter, compared to analysts’ expectations of $301.36 million. During the same quarter in the previous year, the company posted $0.12 earnings per share. The business’s revenue was down 16.9% on a year-over-year basis. As a group, equities research analysts forecast that Lumentum Holdings Inc. will post 0.17 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Bank of America lifted their target price on Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Thursday, August 15th. Needham & Company LLC lifted their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Craig Hallum lifted their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Jefferies Financial Group boosted their price target on Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Finally, Morgan Stanley boosted their price target on Lumentum from $61.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Thursday. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $74.85.

Institutional Investors Weigh In On Lumentum

A number of institutional investors have recently made changes to their positions in LITE. Janney Montgomery Scott LLC boosted its stake in shares of Lumentum by 1.8% in the first quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock valued at $691,000 after buying an additional 260 shares during the period. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Lumentum by 11.0% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 9,062 shares of the technology company’s stock valued at $429,000 after buying an additional 901 shares during the period. Entropy Technologies LP boosted its stake in shares of Lumentum by 83.3% in the first quarter. Entropy Technologies LP now owns 7,161 shares of the technology company’s stock valued at $339,000 after buying an additional 3,254 shares during the period. State Board of Administration of Florida Retirement System boosted its stake in shares of Lumentum by 2.2% in the first quarter. State Board of Administration of Florida Retirement System now owns 79,009 shares of the technology company’s stock valued at $3,741,000 after buying an additional 1,706 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Lumentum by 0.3% in the first quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock valued at $341,786,000 after buying an additional 22,088 shares during the period. Institutional investors own 94.05% of the company’s stock.

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.