Atom Investors LP Purchases Shares of 65,108 Lumentum Holdings Inc. (NASDAQ:LITE)

Atom Investors LP acquired a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 65,108 shares of the technology company’s stock, valued at approximately $4,127,000.

Other large investors also recently made changes to their positions in the company. Atreides Management LP lifted its holdings in shares of 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 purchasing an additional 375,389 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Lumentum in the 3rd quarter valued at $17,981,000. Eventide Asset Management LLC bought a new position in Lumentum during the 3rd quarter valued at $1,675,000. Goodman Financial Corp boosted its holdings in Lumentum by 1.3% during the 3rd quarter. Goodman Financial Corp now owns 259,618 shares of the technology company’s stock worth $16,455,000 after acquiring an additional 3,355 shares during the last quarter. Finally, West Tower Group LLC bought a new stake in shares of Lumentum in the 3rd quarter worth $444,000. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on LITE. Craig Hallum lifted their target price on shares of Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. B. Riley boosted their price objective on Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Bank of America raised their target price on Lumentum from $45.00 to $50.00 and gave the company an “underperform” rating in a research report on Thursday, August 15th. Barclays increased their price target on shares of Lumentum from $40.00 to $80.00 and gave the company an “underweight” rating in a research report on Monday, November 11th. Finally, Northland Securities increased their target price on shares of Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research report on Friday, November 8th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $74.85.

Lumentum Price Performance

Shares of NASDAQ:LITE opened at $86.97 on Monday. The firm’s 50 day moving average price is $72.09 and its 200-day moving average price is $58.36. The company has a quick ratio of 4.04, a current ratio of 5.36 and a debt-to-equity ratio of 2.87. The stock has a market capitalization of $5.97 billion, a PE ratio of -10.50 and a beta of 0.88. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $91.21.

Insider Activity

In other Lumentum news, insider Vincent Retort sold 41,710 shares of the 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 completion of the sale, the insider now owns 147,515 shares in the company, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Harold L. Covert sold 15,000 shares of the stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $87.17, for a total transaction of $1,307,550.00. Following the sale, the director now directly owns 8,761 shares of the company’s stock, valued at approximately $763,696.37. This trade represents a 63.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 71,910 shares of company stock valued at $6,339,239 in the last ninety days. Corporate insiders own 0.19% of the company’s stock.

Lumentum 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.