Parametrica Management Ltd Buys Shares of 2,469 Lumentum Holdings Inc. (NASDAQ:LITE)

Parametrica Management Ltd purchased a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,469 shares of the technology company’s stock, valued at approximately $207,000.

A number of other hedge funds have also modified their holdings of LITE. Atreides Management LP lifted its position in Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after buying an additional 375,389 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Lumentum by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,186,163 shares of the technology company’s stock worth $75,198,000 after acquiring an additional 15,799 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Lumentum by 5.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock worth $46,784,000 after purchasing an additional 37,109 shares during the period. Fisher Asset Management LLC increased its holdings in Lumentum by 18.8% in the 4th 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. Finally, Emerald Advisers LLC raised its position in Lumentum by 12.3% in the fourth quarter. Emerald Advisers LLC now owns 425,079 shares of the technology company’s stock valued at $35,685,000 after purchasing an additional 46,544 shares during the period. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on LITE. UBS Group raised their price target on Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Stifel Nicolaus raised their target price on Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a report on Friday, February 7th. Rosenblatt Securities reiterated a “buy” rating and set a $110.00 price target on shares of Lumentum in a research note on Friday, February 7th. B. Riley raised their price objective on shares of Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Finally, Raymond James upgraded shares of Lumentum from an “outperform” rating to a “strong-buy” rating and dropped their price objective for the company from $96.00 to $82.00 in a report on Monday. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $87.40.

Lumentum Stock Performance

Shares of LITE opened at $71.07 on Wednesday. The company has a market capitalization of $4.92 billion, a price-to-earnings ratio of -9.24 and a beta of 1.03. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The stock has a 50 day moving average price of $76.87 and a 200 day moving average price of $76.04.

Lumentum (NASDAQ:LITE) last issued its earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) 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%. Research analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Insider Activity at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the sale, the chief financial officer now directly owns 51,976 shares of the company’s stock, valued at $4,071,799.84. This represents a 4.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.