Yuen Wupen Sells 290 Shares of Lumentum Holdings Inc. (NASDAQ:LITE) Stock

Lumentum Holdings Inc. (NASDAQ:LITE) insider Yuen Wupen sold 290 shares of Lumentum stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $77.98, for a total transaction of $22,614.20. Following the transaction, the insider now directly owns 81,297 shares in the company, valued at $6,339,540.06. This trade represents a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Yuen Wupen also recently made the following trade(s):

• On Monday, May 19th, Yuen Wupen sold 289 shares of Lumentum stock. The stock was sold at an average price of $75.88, for a total transaction of $21,929.32.
• On Thursday, May 15th, Yuen Wupen sold 4,716 shares of Lumentum stock. The stock was sold at an average price of $76.87, for a total transaction of $362,518.92.
• On Tuesday, May 13th, Yuen Wupen sold 4,426 shares of Lumentum stock. The stock was sold at an average price of $71.80, for a total transaction of $317,786.80.

Lumentum Stock Performance

NASDAQ:LITE opened at $77.11 on Wednesday. The stock has a market cap of $5.35 billion, a P/E ratio of -10.03 and a beta of 1.18. The firm’s fifty day simple moving average is $62.23 and its 200 day simple moving average is $75.23. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.07. The business had revenue of $425.20 million for the quarter, compared to analysts’ expectations of $418.18 million. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The firm’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.09 earnings per share. As a group, research analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Analysts Set New Price Targets

Several research firms have commented on LITE. Rosenblatt Securities lifted their price target on shares of Lumentum from $85.00 to $94.00 and gave the stock a “buy” rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. cut their target price on shares of Lumentum from $105.00 to $73.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. BNP Paribas upgraded shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 target price on the stock in a report on Tuesday, March 11th. Raymond James cut their target price on shares of Lumentum from $82.00 to $80.00 and set a “strong-buy” rating on the stock in a report on Wednesday, May 7th. Finally, Stifel Nicolaus raised their target price on shares of Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, February 7th. One research analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Lumentum currently has an average rating of “Moderate Buy” and a consensus target price of $82.20.

Hedge Funds Weigh In On Lumentum

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Empowered Funds LLC lifted its position in Lumentum by 9.1% during the first quarter. Empowered Funds LLC now owns 8,139 shares of the technology company’s stock valued at $507,000 after buying an additional 680 shares during the period. United Services Automobile Association purchased a new position in Lumentum during the first quarter valued at $279,000. Scientech Research LLC lifted its position in Lumentum by 37.4% during the first quarter. Scientech Research LLC now owns 13,266 shares of the technology company’s stock valued at $827,000 after buying an additional 3,613 shares during the period. Petrus Trust Company LTA purchased a new position in Lumentum during the first quarter valued at $428,000. Finally, PointState Capital LP purchased a new position in Lumentum during the first quarter valued at $213,503,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

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.