Atreides Management LP Acquires 375,389 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Atreides Management LP grew its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 28.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,691,017 shares of the technology company’s stock after purchasing an additional 375,389 shares during the period. Lumentum comprises about 2.7% of Atreides Management LP’s holdings, making the stock its 10th largest position. Atreides Management LP owned approximately 2.46% of Lumentum worth $107,177,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Point72 Hong Kong Ltd acquired a new position in Lumentum in the 3rd quarter worth about $17,981,000. Eventide Asset Management LLC acquired a new position in Lumentum in the 3rd quarter worth about $1,675,000. Goodman Financial Corp increased its position in Lumentum by 1.3% in the 3rd quarter. Goodman Financial Corp now owns 259,618 shares of the technology company’s stock worth $16,455,000 after purchasing an additional 3,355 shares during the last quarter. West Tower Group LLC acquired a new position in Lumentum in the 3rd quarter worth about $444,000. Finally, Charles Schwab Investment Management Inc. increased its position in Lumentum by 5.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock worth $46,784,000 after purchasing an additional 37,109 shares during the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

Lumentum Price Performance

Shares of NASDAQ:LITE opened at $86.97 on Monday. The business has a 50 day moving average price of $72.09 and a 200 day moving average price of $58.36. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $91.21. The company has a market cap of $5.97 billion, a price-to-earnings ratio of -10.50 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.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on LITE shares. Raymond James upped their price target on Lumentum from $70.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Needham & Company LLC upped their price target on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Bank of America upped their price target on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Thursday, August 15th. Northland Securities upped their price target on Lumentum from $45.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, November 8th. Finally, Susquehanna upped their price target on Lumentum from $80.00 to $115.00 and gave the stock a “positive” rating in a research note on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Lumentum currently has an average rating of “Hold” and an average price target of $74.85.

Insider Buying and Selling at Lumentum

In other Lumentum news, Director Penny Herscher sold 1,625 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $81.09, for a total value of $131,771.25. Following the completion of the transaction, the director now owns 6,852 shares of the company’s stock, valued at $555,628.68. This represents a 19.17 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Vincent Retort sold 41,710 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $89.52, for a total value of $3,733,879.20. Following the completion of the transaction, the insider now directly owns 147,515 shares of the company’s stock, valued at approximately $13,205,542.80. This trade represents a 22.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 71,910 shares of company stock valued at $6,339,239 in the last quarter. Corporate insiders own 0.19% of the company’s stock.

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.