AlphaQuest LLC Sells 2,004 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

AlphaQuest LLC lessened its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 25.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,761 shares of the technology company’s stock after selling 2,004 shares during the period. AlphaQuest LLC’s holdings in Lumentum were worth $484,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. UMB Bank n.a. increased its stake in Lumentum by 301.2% during the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after acquiring an additional 253 shares during the period. Jones Financial Companies Lllp boosted its holdings in shares of Lumentum by 54.2% in the 4th quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after purchasing an additional 130 shares in the last quarter. Quarry LP boosted its holdings in shares of Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares in the last quarter. J.Safra Asset Management Corp boosted its holdings 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 in the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in shares of Lumentum by 67.5% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after purchasing an additional 270 shares in the last quarter. Institutional investors own 94.05% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on LITE shares. B. Riley raised their target price on Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a report on Friday, February 7th. BNP Paribas raised Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 target price on the stock in a report on Tuesday. Raymond James raised their target price on Lumentum from $94.00 to $96.00 and gave the company an “outperform” rating in a report on Friday, February 7th. Rosenblatt Securities reissued a “buy” rating and set a $110.00 price objective on shares of Lumentum in a report on Friday, February 7th. Finally, UBS Group raised their price objective on Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Lumentum has a consensus rating of “Moderate Buy” and a consensus price target of $88.33.

Insider Buying and Selling at Lumentum

In other news, CFO Wajid Ali sold 2,172 shares of the company’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 of the company’s stock, valued at approximately $4,071,799.84. This represents a 4.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.19% of the company’s stock.

Lumentum Trading Up 3.2 %

Shares of LITE stock opened at $64.02 on Thursday. The company’s fifty day simple moving average is $80.28 and its two-hundred day simple moving average is $75.17. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. Lumentum Holdings Inc. has a 1 year low of $38.29 and a 1 year high of $104.00. The stock has a market capitalization of $4.43 billion, a price-to-earnings ratio of -8.33 and a beta of 1.03.

Lumentum (NASDAQ:LITE) last issued its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) 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%. As a group, analysts anticipate that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

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.