Insider Selling: Lumentum Holdings Inc. (NASDAQ:LITE) Insider Sells 41,710 Shares of Stock

Lumentum Holdings Inc. (NASDAQ:LITE) insider Vincent Retort sold 41,710 shares of Lumentum 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 transaction, the insider now owns 147,515 shares in the company, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Lumentum Stock Performance

Shares of LITE stock opened at $83.77 on Friday. The firm has a 50 day moving average of $71.12 and a two-hundred day moving average of $57.78. The stock has a market capitalization of $5.75 billion, a PE ratio of -10.12 and a beta of 0.88. 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 52 week low of $38.28 and a 52 week high of $91.21.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Signaturefd LLC raised its position in Lumentum by 13.8% in the 3rd quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock valued at $83,000 after purchasing an additional 158 shares in the last quarter. Synovus Financial Corp raised its holdings in Lumentum by 1.5% in the third quarter. Synovus Financial Corp now owns 13,225 shares of the technology company’s stock valued at $838,000 after acquiring an additional 200 shares in the last quarter. Quarry LP lifted its stake in Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after acquiring an additional 270 shares during the last quarter. Finally, Mcdonald Partners LLC increased its position in shares of Lumentum by 1.6% in the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock valued at $1,010,000 after purchasing an additional 318 shares during the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on LITE. JPMorgan Chase & Co. lifted their target price on shares of Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Needham & Company LLC upped their price objective on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. Raymond James raised their target price on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Morgan Stanley upped their price target on Lumentum from $61.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, November 14th. Finally, Craig Hallum raised their price objective on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $74.85.

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.