Lumentum Holdings Inc. (NASDAQ:LITE – Get Free Report) shares saw unusually-strong trading volume on Monday . Approximately 1,529,050 shares were traded during trading, a decline of 2% from the previous session’s volume of 1,560,279 shares.The stock last traded at $80.96 and had previously closed at $95.65.
Analysts Set New Price Targets
Several equities research analysts recently commented on the company. Morgan Stanley increased their price target on Lumentum from $76.00 to $83.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th. Rosenblatt Securities raised their target price on Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Needham & Company LLC reissued a “buy” rating and set a $110.00 price target on shares of Lumentum in a research report on Thursday, January 9th. Northland Securities raised their price objective on shares of Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research report on Friday, November 8th. Finally, Susquehanna boosted their target price on shares of Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $81.92.
Read Our Latest Report on Lumentum
Lumentum Stock Performance
Lumentum (NASDAQ:LITE – Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.48). Lumentum had a negative net margin of 40.70% and a negative return on equity of 6.79%. The firm had revenue of $336.90 million during the quarter, compared to analysts’ expectations of $326.94 million. During the same quarter in the prior year, the firm posted ($0.10) EPS. Analysts predict that Lumentum Holdings Inc. will post -0.02 earnings per share for the current fiscal year.
Insider Activity
In other news, insider Vincent Retort sold 41,710 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $89.52, for a total value of $3,733,879.20. Following the sale, the insider now directly owns 147,515 shares in the company, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total value of $715,867.20. Following the transaction, the chief accounting officer now directly owns 21,138 shares of the company’s stock, valued at $1,851,688.80. The trade was a 27.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 101,797 shares of company stock valued at $8,881,428. 0.19% of the stock is currently owned by company insiders.
Institutional Trading of Lumentum
Hedge funds have recently added to or reduced their stakes in the company. Atreides Management LP increased its position in shares of Lumentum by 28.5% in the 3rd quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after purchasing an additional 375,389 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in Lumentum in the third quarter valued at $17,981,000. Pinnacle Associates Ltd. lifted its holdings in Lumentum by 50.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 407,789 shares of the technology company’s stock worth $25,846,000 after buying an additional 136,659 shares during the last quarter. Castleark Management LLC acquired a new position in shares of Lumentum during the 3rd quarter worth about $6,205,000. Finally, Emerald Advisers LLC increased its holdings in shares of Lumentum by 29.1% in the 3rd quarter. Emerald Advisers LLC now owns 378,535 shares of the technology company’s stock valued at $23,992,000 after acquiring an additional 85,353 shares during the last quarter. Institutional investors and hedge funds 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.
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