Lumentum (NASDAQ:LITE) Shares Down 4.3% on Insider Selling

Lumentum Holdings Inc. (NASDAQ:LITE)’s share price traded down 4.3% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $82.61 and last traded at $83.28. 400,135 shares traded hands during trading, a decline of 73% from the average session volume of 1,488,146 shares. The stock had previously closed at $86.98.

Specifically, Director Julia Suzanne Johnson sold 2,058 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $85.82, for a total value of $176,617.56. Following the completion of the transaction, the director now directly owns 23,287 shares of the company’s stock, valued at $1,998,490.34. This trade represents a 8.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Vincent Retort sold 41,710 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $89.52, for a total value of $3,733,879.20. Following the sale, the insider now owns 147,515 shares in the company, valued at approximately $13,205,542.80. The trade was a 22.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, Director Harold L. Covert sold 3,345 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $81.78, for a total value of $273,554.10. Following the completion of the transaction, the director now owns 8,729 shares in the company, valued at $713,857.62. This trade represents a 27.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

A number of brokerages recently commented on LITE. Morgan Stanley increased their price objective on shares of Lumentum from $61.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, November 14th. Raymond James increased their price target on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. lifted their price objective on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Susquehanna increased their target price on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Finally, Barclays boosted their price target on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a report on Monday, November 11th. Three analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Lumentum presently has an average rating of “Hold” and an average target price of $74.85.

Lumentum Price Performance

The company has a 50-day moving average of $70.04 and a two-hundred day moving average of $57.30. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The stock has a market capitalization of $5.72 billion, a PE ratio of -10.50 and a beta of 0.88.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Quarry LP raised its stake in Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after purchasing an additional 201 shares during the period. Capital Performance Advisors LLP acquired a new stake in shares of Lumentum during the 3rd quarter worth $33,000. Point72 DIFC Ltd purchased a new position in shares of Lumentum in the 2nd quarter worth $36,000. Nomura Asset Management Co. Ltd. boosted its holdings in Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after acquiring an additional 270 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Lumentum by 141.6% during the third quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after acquiring an additional 524 shares during the period. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

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.