Insider Selling: Lumentum Holdings Inc. (NASDAQ:LITE) CFO Sells $185,714.76 in Stock

Lumentum Holdings Inc. (NASDAQ:LITE) CFO Wajid Ali sold 2,222 shares of the company’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total value of $185,714.76. Following the transaction, the chief financial officer now directly owns 47,460 shares in the company, valued at approximately $3,966,706.80. This trade represents a 4.47% 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.

Lumentum Stock Performance

Shares of Lumentum stock opened at $81.46 on Monday. The firm has a market capitalization of $5.65 billion, a P/E ratio of -10.59 and a beta of 1.28. 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 business’s fifty day simple moving average is $65.04 and its 200 day simple moving average is $74.96. Lumentum Holdings Inc. has a 12 month low of $38.29 and a 12 month high of $104.00.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.07. The company had revenue of $425.20 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.09 EPS. As a group, analysts anticipate that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Wall Street Analysts Forecast Growth

LITE has been the subject of several recent research reports. Morgan Stanley boosted their price objective on Lumentum from $70.00 to $76.00 and gave the company an “equal weight” rating in a report on Wednesday, June 4th. Raymond James boosted their price target on shares of Lumentum from $80.00 to $90.00 and gave the company a “strong-buy” rating in a research note on Wednesday, June 4th. UBS Group dropped their price objective on shares of Lumentum from $96.00 to $78.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 7th. Northland Capmk upgraded shares of Lumentum from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Finally, Jefferies Financial Group initiated coverage on shares of Lumentum in a report on Friday, February 21st. They issued a “buy” rating on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $82.80.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of LITE. PointState Capital LP bought a new stake in shares of Lumentum in the 1st quarter worth approximately $213,503,000. Capital World Investors increased its position in Lumentum by 108.3% in the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock worth $302,231,000 after buying an additional 1,871,572 shares during the last quarter. Analog Century Management LP purchased a new stake in Lumentum in the first quarter worth $60,348,000. Norges Bank bought a new stake in shares of Lumentum in the fourth quarter valued at $68,962,000. Finally, Nuveen Asset Management LLC lifted its position in shares of Lumentum by 98.9% during the 4th quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company’s stock valued at $103,122,000 after buying an additional 610,938 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

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.