Insider Selling: Lumentum Holdings Inc. (NASDAQ:LITE) Director Sells $273,554.10 in Stock

Lumentum Holdings Inc. (NASDAQ:LITE) Director Harold L. Covert sold 3,345 shares of Lumentum stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $81.78, for a total value of $273,554.10. Following the sale, the director now directly owns 8,729 shares in the company, valued at $713,857.62. The trade was a 27.70 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Lumentum Stock Up 4.1 %

Lumentum stock opened at $89.09 on Monday. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $90.51. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The firm has a market capitalization of $6.12 billion, a price-to-earnings ratio of -10.76 and a beta of 0.88. The company’s 50 day simple moving average is $69.43 and its 200 day simple moving average is $56.99.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Jefferies Financial Group lifted their price target on Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Rosenblatt Securities boosted their price target on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Needham & Company LLC raised their price objective on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Susquehanna boosted their target price on shares of Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a report on Friday, November 8th. Finally, Northland Securities raised their target price on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a report on Friday, November 8th. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $74.85.

Institutional Trading of Lumentum

Institutional investors have recently modified their holdings of the company. Quarry LP raised its holdings in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in Lumentum in the 3rd quarter valued at $33,000. Point72 DIFC Ltd bought a new stake in Lumentum during the 2nd quarter worth about $36,000. Nomura Asset Management Co. Ltd. boosted its stake in shares of Lumentum by 67.5% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after buying an additional 270 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after buying an additional 524 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors.

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.