Lumentum Holdings Inc. (NASDAQ:LITE) Shares Purchased by Synovus Financial Corp

Synovus Financial Corp boosted its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 1.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 13,225 shares of the technology company’s stock after buying an additional 200 shares during the quarter. Synovus Financial Corp’s holdings in Lumentum were worth $838,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Lumentum by 30.5% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 11,824 shares of the technology company’s stock valued at $602,000 after acquiring an additional 2,762 shares in the last quarter. Legacy Capital Group California Inc. acquired a new stake in shares of Lumentum during the second quarter worth $346,000. JB Capital LLC grew its holdings in shares of Lumentum by 85.0% during the second quarter. JB Capital LLC now owns 31,069 shares of the technology company’s stock valued at $1,582,000 after buying an additional 14,271 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. increased its position in shares of Lumentum by 17.8% in the 2nd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,154,805 shares of the technology company’s stock valued at $58,803,000 after acquiring an additional 174,828 shares during the period. Finally, Keynote Financial Services LLC raised its stake in Lumentum by 8.9% in the 2nd quarter. Keynote Financial Services LLC now owns 8,308 shares of the technology company’s stock worth $423,000 after acquiring an additional 678 shares during the last quarter. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Lumentum news, Director Harold L. Covert sold 15,000 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the transaction, the director now directly owns 8,761 shares of the company’s stock, valued at $763,696.37. This trade represents a 63.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Wajid Ali sold 29,887 shares of Lumentum stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the sale, the chief financial officer now owns 56,492 shares in the company, valued at approximately $4,805,209.52. This trade represents a 34.60 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 101,797 shares of company stock worth $8,881,428. 0.19% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have weighed in on the company. Barclays boosted their price target on Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a research note on Monday, November 11th. Susquehanna upped their target price on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research report on Friday, November 8th. Morgan Stanley raised their price target on shares of Lumentum from $61.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 14th. Raymond James upped their price objective on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Finally, Rosenblatt Securities increased their price objective on shares of Lumentum from $69.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $74.85.

Lumentum Stock Up 0.3 %

LITE opened at $93.18 on Tuesday. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $96.25. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36. The stock has a market capitalization of $6.40 billion, a price-to-earnings ratio of -11.25 and a beta of 0.95. The company has a fifty day moving average of $77.94 and a two-hundred day moving average of $61.94.

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.