Lumentum (NASDAQ:LITE) Shares Up 6.2% – Time to Buy?

Lumentum Holdings Inc. (NASDAQ:LITE)’s share price shot up 6.2% on Friday . The company traded as high as $928.48 and last traded at $890.17. 5,730,677 shares changed hands during mid-day trading, an increase of 0% from the average session volume of 5,716,166 shares. The stock had previously closed at $838.06.

Analyst Ratings Changes

A number of research analysts recently issued reports on LITE shares. B. Riley Financial reiterated a “buy” rating on shares of Lumentum in a research note on Friday, May 1st. UBS Group upped their price target on shares of Lumentum from $455.00 to $960.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Rosenblatt Securities raised their price target on Lumentum from $900.00 to $1,300.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Mizuho set a $1,100.00 price objective on Lumentum in a research note on Wednesday, May 6th. Finally, Zacks Research cut Lumentum from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Fourteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, Lumentum currently has an average rating of “Moderate Buy” and a consensus price target of $1,012.67.

Lumentum Trading Up 6.2%

The company has a current ratio of 1.14, a quick ratio of 0.97 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $69.26 billion, a P/E ratio of 164.85 and a beta of 1.50. The business’s fifty day simple moving average is $814.53 and its two-hundred day simple moving average is $752.96.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings data on Tuesday, May 5th. The technology company reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.27 by $0.10. Lumentum had a net margin of 17.61% and a return on equity of 24.81%. The company had revenue of $808.40 million for the quarter, compared to the consensus estimate of $810.21 million. During the same quarter in the previous year, the firm posted $0.57 EPS. The business’s revenue was up 90.1% compared to the same quarter last year. As a group, analysts forecast that Lumentum Holdings Inc. will post 6.42 earnings per share for the current year.

Insider Activity

In other Lumentum news, Director Brian Lillie sold 11,951 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $981.64, for a total value of $11,731,579.64. Following the completion of the transaction, the director owned 13,959 shares of the company’s stock, valued at $13,702,712.76. This represents a 46.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ian Small sold 4,954 shares of Lumentum stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $868.07, for a total value of $4,300,418.78. Following the sale, the director directly owned 21,008 shares in the company, valued at $18,236,414.56. The trade was a 19.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 37,760 shares of company stock valued at $35,670,125. Corporate insiders own 0.43% of the company’s stock.

Hedge Funds Weigh In On Lumentum

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Hilltop National Bank grew its position in shares of Lumentum by 26.8% in the 2nd quarter. Hilltop National Bank now owns 71 shares of the technology company’s stock valued at $61,000 after acquiring an additional 15 shares during the period. Sachetta LLC raised its holdings in shares of Lumentum by 118.8% in the 1st quarter. Sachetta LLC now owns 35 shares of the technology company’s stock valued at $25,000 after purchasing an additional 19 shares during the period. Versant Capital Management Inc lifted its stake in Lumentum by 39.5% in the 2nd quarter. Versant Capital Management Inc now owns 106 shares of the technology company’s stock valued at $91,000 after purchasing an additional 30 shares during the last quarter. Hilton Head Capital Partners LLC bought a new position in Lumentum during the first quarter worth about $25,000. Finally, Abel Hall LLC grew its holdings in Lumentum by 5.5% during the first quarter. Abel Hall LLC now owns 693 shares of the technology company’s stock worth $487,000 after purchasing an additional 36 shares during the period. 94.05% of the stock is owned by institutional investors.

About Lumentum

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.