Lumentum (NASDAQ:LITE) Shares Up 6.2% – Here’s What Happened

Lumentum Holdings Inc. (NASDAQ:LITE) shares shot up 6.2% during mid-day trading on Friday . The company traded as high as $928.48 and last traded at $890.17. 5,730,677 shares were traded 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 equities research analysts recently weighed in on LITE shares. Mizuho set a $1,100.00 price target on Lumentum in a research note on Wednesday, May 6th. Citic Securities upped their price objective on shares of Lumentum from $620.00 to $1,186.00 in a report on Monday, May 11th. Susquehanna increased their price objective on shares of Lumentum from $550.00 to $1,100.00 and gave the company a “positive” rating in a research report on Monday, April 20th. Weiss Ratings cut shares of Lumentum from a “hold (c)” rating to a “hold (c-)” rating in a research note on Wednesday. Finally, TD Cowen decreased their price target on shares of Lumentum from $995.00 to $800.00 and set a “hold” rating on the stock in a research note on Monday, July 13th. Fourteen research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $1,012.67.

Lumentum Price Performance

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 company has a 50 day moving average of $814.53 and a 200-day moving average of $752.96. The firm has a market capitalization of $69.26 billion, a P/E ratio of 164.85 and a beta of 1.50.

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

Insiders Place Their Bets

In other Lumentum news, insider Yuen Wupen sold 3,210 shares of the business’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $953.95, for a total value of $3,062,179.50. Following the completion of the sale, the insider owned 81,488 shares of the company’s stock, valued at $77,735,477.60. The trade was a 3.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ian Small sold 4,954 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $868.07, for a total transaction of $4,300,418.78. Following the transaction, the director owned 21,008 shares in the company, valued at approximately $18,236,414.56. The trade was a 19.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 37,760 shares of company stock valued at $35,670,125 in the last three months. Insiders own 0.43% of the company’s stock.

Institutional Investors Weigh In On Lumentum

Several institutional investors have recently made changes to their positions in the stock. Hilton Head Capital Partners LLC bought a new position in Lumentum during the 1st quarter worth $25,000. Sachetta LLC lifted its position in shares of Lumentum by 118.8% during the 1st quarter. Sachetta LLC now owns 35 shares of the technology company’s stock valued at $25,000 after acquiring an additional 19 shares during the period. V Square Quantitative Management LLC acquired a new stake in shares of Lumentum during the 4th quarter worth $28,000. Truvestments Capital LLC grew its holdings in shares of Lumentum by 300.0% during the 4th quarter. Truvestments Capital LLC now owns 76 shares of the technology company’s stock worth $28,000 after purchasing an additional 57 shares in the last quarter. Finally, Triumph Capital Management bought a new position in shares of Lumentum in the fourth quarter worth $30,000. 94.05% of the stock is currently 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.