86,390 Shares in Lumentum Holdings Inc. (NASDAQ:LITE) Purchased by Peregrine Investment Management Inc.

Peregrine Investment Management Inc. bought a new stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 86,390 shares of the technology company’s stock, valued at approximately $7,252,000. Lumentum accounts for approximately 4.2% of Peregrine Investment Management Inc.’s investment portfolio, making the stock its 14th largest holding. Peregrine Investment Management Inc. owned 0.13% of Lumentum as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of LITE. Atom Investors LP acquired a new position in Lumentum in the third quarter valued at approximately $4,127,000. Robeco Institutional Asset Management B.V. acquired a new position in shares of Lumentum in the 4th quarter valued at $646,000. Two Sigma Advisers LP boosted its position in shares of Lumentum by 24.7% in the 3rd quarter. Two Sigma Advisers LP now owns 186,600 shares of the technology company’s stock worth $11,827,000 after purchasing an additional 37,000 shares during the last quarter. West Tower Group LLC acquired a new stake in shares of Lumentum during the third quarter worth $444,000. Finally, Zweig DiMenna Associates LLC bought a new stake in Lumentum in the fourth quarter valued at about $7,052,000. Institutional investors own 94.05% of the company’s stock.

Insider Activity

In other Lumentum news, Director Penny Herscher sold 1,625 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $81.09, for a total transaction of $131,771.25. Following the sale, the director now directly owns 6,852 shares of the company’s stock, valued at approximately $555,628.68. This represents a 19.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Wajid Ali sold 29,887 shares of Lumentum stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the transaction, the chief financial officer now directly owns 56,492 shares of the company’s stock, valued at approximately $4,805,209.52. This trade represents a 34.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,625 shares of company stock worth $6,858,010 in the last quarter. Corporate insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on LITE. Stifel Nicolaus boosted their target price on Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Morgan Stanley decreased their price objective on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. UBS Group increased their target price on shares of Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. B. Riley boosted their price target on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Finally, Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and raised their price objective for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Lumentum presently has a consensus rating of “Hold” and an average target price of $88.07.

Lumentum Price Performance

Shares of LITE opened at $77.68 on Friday. 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 Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $104.00. The stock has a market capitalization of $5.34 billion, a P/E ratio of -10.10 and a beta of 0.94. The company has a 50 day moving average of $86.50 and a 200-day moving average of $72.58.

Lumentum (NASDAQ:LITE) last announced its earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative return on equity of 7.00% and a negative net margin of 36.98%. As a group, equities research analysts forecast that Lumentum Holdings Inc. will post -0.04 EPS for the current fiscal year.

Lumentum 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.