Lumentum Holdings Inc. (NASDAQ:LITE) Shares Bought by Rakuten Securities Inc.

Rakuten Securities Inc. lifted its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 164.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 476 shares of the technology company’s stock after buying an additional 296 shares during the period. Rakuten Securities Inc.’s holdings in Lumentum were worth $30,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of LITE. Empowered Funds LLC purchased a new position in Lumentum in the fourth quarter worth $626,000. TCW Group Inc. purchased a new position in shares of Lumentum in the 4th quarter valued at about $1,627,000. P.A.W. Capital Corp acquired a new stake in shares of Lumentum in the fourth quarter valued at about $1,007,000. Valliance Asset Management Ltd acquired a new stake in shares of Lumentum in the fourth quarter valued at about $2,099,000. Finally, Proficio Capital Partners LLC purchased a new stake in Lumentum during the fourth quarter worth about $13,421,000. 94.05% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Northland Securities set a $80.00 price target on shares of Lumentum in a research report on Wednesday, May 7th. Morgan Stanley raised their price objective on Lumentum from $70.00 to $76.00 and gave the company an “equal weight” rating in a research note on Wednesday, June 4th. Barclays set a $75.00 target price on Lumentum and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. UBS Group lowered their target price on Lumentum from $96.00 to $78.00 and set a “neutral” rating on the stock in a report on Wednesday, May 7th. Finally, BNP Paribas raised Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price target for the company in a research note on Tuesday, March 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Lumentum currently has an average rating of “Moderate Buy” and a consensus target price of $84.93.

Lumentum Stock Performance

Shares of LITE opened at $88.46 on Thursday. Lumentum Holdings Inc. has a 1 year low of $38.29 and a 1 year high of $104.00. The company’s 50 day simple moving average is $69.70 and its 200 day simple moving average is $75.01. The company has a market capitalization of $6.14 billion, a price-to-earnings ratio of -13.71 and a beta of 1.28. The company has a debt-to-equity ratio of 2.91, a quick ratio of 3.53 and a current ratio of 4.72.

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 analyst estimates of $418.18 million. Lumentum had a negative return on equity of 8.69% and a negative net margin of 29.87%. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.09 EPS. On average, sell-side analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current year.

Insider Transactions at Lumentum

In related news, CFO Wajid Ali sold 2,222 shares of the stock in a transaction 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 of the company’s stock, valued at approximately $3,966,706.80. This trade represents a 4.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Yuen Wupen sold 4,426 shares of the business’s stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $71.80, for a total value of $317,786.80. Following the sale, the insider now directly owns 92,099 shares of the company’s stock, valued at approximately $6,612,708.20. This trade represents a 4.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,520 shares of company stock worth $2,103,278 in the last three months. Company 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.