Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. trimmed its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 3.2% during the fourth quarter, Holdings Channel reports. The firm owned 77,730 shares of the technology company’s stock after selling 2,556 shares during the quarter. Corebridge Financial Inc.’s holdings in Lumentum were worth $6,525,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Atreides Management LP boosted its position in shares of Lumentum by 28.5% during the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after buying an additional 375,389 shares during the period. Point72 Hong Kong Ltd bought a new stake in Lumentum in the third quarter worth about $17,981,000. Proficio Capital Partners LLC acquired a new stake in Lumentum during the fourth quarter valued at approximately $13,421,000. Lightrock Netherlands B.V. acquired a new stake in shares of Lumentum during the 4th quarter valued at $12,668,000. Finally, Fisher Asset Management LLC lifted its holdings in shares of Lumentum by 18.8% during the fourth quarter. Fisher Asset Management LLC now owns 687,311 shares of the technology company’s stock valued at $57,700,000 after purchasing an additional 108,740 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $110.00 target price on shares of Lumentum in a research report on Friday, February 7th. Morgan Stanley cut their target price on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and raised their target price for the stock from $80.00 to $125.00 in a research report on Friday, January 17th. UBS Group upped their price target on Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Finally, BNP Paribas raised Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price objective for the company in a research note on Tuesday, March 11th. Two analysts have rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.40.

Lumentum Stock Down 2.2 %

LITE opened at $62.58 on Friday. The company has a market capitalization of $4.33 billion, a PE ratio of -8.14 and a beta of 1.03. 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 fifty-two week low of $38.29 and a fifty-two week high of $104.00. The business has a 50-day moving average of $75.28 and a 200-day moving average of $75.96.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. Equities research analysts forecast that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Insider Activity

In other news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.19% of the stock is owned by insiders.

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.