2,462 Shares in Lumentum Holdings Inc. (NASDAQ:LITE) Acquired by Net Worth Advisory Group

Net Worth Advisory Group acquired a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) during the fourth quarter, Holdings Channel.com reports. The fund acquired 2,462 shares of the technology company’s stock, valued at approximately $207,000.

Other institutional investors have also added to or reduced their stakes in the company. J.Safra Asset Management Corp increased its stake in shares of Lumentum by 31.1% in the 4th quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock valued at $43,000 after purchasing an additional 122 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after buying an additional 130 shares in the last quarter. Crossmark Global Holdings Inc. boosted its stake in Lumentum by 4.0% in the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company’s stock valued at $365,000 after buying an additional 168 shares in the last quarter. Manchester Capital Management LLC grew its position in Lumentum by 22.6% in the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company’s stock valued at $86,000 after acquiring an additional 190 shares during the last quarter. Finally, Synovus Financial Corp raised its stake in Lumentum by 1.5% during the third quarter. Synovus Financial Corp now owns 13,225 shares of the technology company’s stock worth $838,000 after acquiring an additional 200 shares in the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now owns 51,976 shares in the company, valued at $4,071,799.84. The trade was a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

Lumentum Trading Up 8.1 %

Shares of LITE stock opened at $62.05 on Wednesday. Lumentum Holdings Inc. has a 1-year low of $38.29 and a 1-year high of $104.00. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The stock has a market cap of $4.29 billion, a price-to-earnings ratio of -8.07 and a beta of 1.03. The stock has a 50-day moving average of $80.68 and a 200-day moving average of $75.25.

Lumentum (NASDAQ:LITE) last released its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. On average, equities research analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Jefferies Financial Group initiated coverage on shares of Lumentum in a research note on Friday, February 21st. They issued a “buy” rating on the stock. Northland Securities raised their target price on shares of Lumentum from $60.00 to $70.00 and gave the company a “market perform” rating in a research report on Friday, February 7th. Rosenblatt Securities reiterated a “buy” rating and set a $110.00 price target on shares of Lumentum in a report on Friday, February 7th. Needham & Company LLC reiterated a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research note on Friday, February 7th. Finally, BNP Paribas upgraded Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price objective on the stock in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Lumentum currently has an average rating of “Moderate Buy” and an average target price of $88.33.

Lumentum Company 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.