105,000 Shares in Lumentum Holdings Inc. (NASDAQ:LITE) Bought by CloudAlpha Capital Management Limited Hong Kong

CloudAlpha Capital Management Limited Hong Kong bought a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 105,000 shares of the technology company’s stock, valued at approximately $5,504,000. Lumentum makes up about 0.5% of CloudAlpha Capital Management Limited Hong Kong’s investment portfolio, making the stock its 25th largest holding. CloudAlpha Capital Management Limited Hong Kong owned 0.16% of Lumentum at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Alliancebernstein L.P. grew its stake in shares of Lumentum by 4.0% during the second quarter. Alliancebernstein L.P. now owns 3,833,164 shares of the technology company’s stock worth $217,455,000 after purchasing an additional 146,014 shares in the last quarter. Earnest Partners LLC lifted its position in Lumentum by 26.2% in the third quarter. Earnest Partners LLC now owns 1,624,514 shares of the technology company’s stock valued at $73,396,000 after acquiring an additional 337,096 shares during the last quarter. Millennium Management LLC lifted its position in Lumentum by 50.8% in the fourth quarter. Millennium Management LLC now owns 1,202,143 shares of the technology company’s stock valued at $62,716,000 after acquiring an additional 405,140 shares during the last quarter. Geode Capital Management LLC lifted its position in Lumentum by 3.0% in the first quarter. Geode Capital Management LLC now owns 1,017,174 shares of the technology company’s stock valued at $54,938,000 after acquiring an additional 29,836 shares during the last quarter. Finally, Northern Trust Corp lifted its position in Lumentum by 9.9% in the third quarter. Northern Trust Corp now owns 820,489 shares of the technology company’s stock valued at $37,070,000 after acquiring an additional 73,935 shares during the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Insider Buying and Selling

In related news, CAO Matthew Joseph Sepe sold 9,903 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $49.23, for a total transaction of $487,524.69. Following the sale, the chief accounting officer now owns 33,188 shares in the company, valued at $1,633,845.24. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on LITE shares. Rosenblatt Securities boosted their price target on shares of Lumentum from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Stifel Nicolaus reissued a “buy” rating and issued a $62.00 price target on shares of Lumentum in a research report on Monday, April 1st. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price target on shares of Lumentum in a research report on Friday, February 9th. Raymond James boosted their price target on shares of Lumentum from $51.50 to $58.00 and gave the company an “outperform” rating in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. reduced their target price on shares of Lumentum from $62.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, April 11th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Lumentum presently has an average rating of “Hold” and an average target price of $51.79.

Lumentum Trading Down 3.1 %

Shares of LITE stock traded down $1.33 during trading hours on Wednesday, hitting $41.98. The company’s stock had a trading volume of 728,933 shares, compared to its average volume of 1,445,328. The business has a fifty day moving average of $48.13 and a 200-day moving average of $47.13. Lumentum Holdings Inc. has a twelve month low of $35.35 and a twelve month high of $65.16. The company has a quick ratio of 2.42, a current ratio of 3.13 and a debt-to-equity ratio of 1.96.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, February 8th. The technology company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The business had revenue of $366.80 million during the quarter, compared to analyst estimates of $363.44 million. Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. On average, equities analysts expect that Lumentum Holdings Inc. will post -0.61 EPS for the current fiscal year.

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.