Garelick Capital Partners LP acquired a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 309,408 shares of the technology company’s stock, valued at approximately $16,507,000. Lumentum Holdings comprises approximately 3.7% of Garelick Capital Partners LP’s investment portfolio, making the stock its 13th largest position. Garelick Capital Partners LP owned about 0.51% of Lumentum Holdings as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. Creative Planning boosted its stake in Lumentum Holdings by 15.1% in the first quarter. Creative Planning now owns 1,971 shares of the technology company’s stock valued at $105,000 after buying an additional 258 shares in the last quarter. Fortaleza Asset Management Inc. boosted its stake in Lumentum Holdings by 23.7% in the fourth quarter. Fortaleza Asset Management Inc. now owns 3,240 shares of the technology company’s stock valued at $125,000 after buying an additional 620 shares during the period. LS Investment Advisors LLC boosted its stake in Lumentum Holdings by 69.1% in the first quarter. LS Investment Advisors LLC now owns 3,494 shares of the technology company’s stock valued at $186,000 after buying an additional 1,428 shares during the period. Teacher Retirement System of Texas bought a new stake in Lumentum Holdings during the first quarter valued at $206,000. Finally, Thompson Davis & CO. Inc. boosted its stake in Lumentum Holdings by 384.0% in the first quarter. Thompson Davis & CO. Inc. now owns 4,162 shares of the technology company’s stock valued at $222,000 after buying an additional 3,302 shares during the period. Institutional investors and hedge funds own 95.61% of the company’s stock.
Shares of Lumentum Holdings Inc. (NASDAQ:LITE) traded up 0.32% during midday trading on Tuesday, hitting $63.05. 595,703 shares of the stock traded hands. Lumentum Holdings Inc. has a 12-month low of $22.04 and a 12-month high of $67.30. The stock’s market cap is $3.86 billion. The company’s 50 day moving average price is $55.84 and its 200-day moving average price is $46.82.
Lumentum Holdings (NASDAQ:LITE) last posted its quarterly earnings data on Thursday, May 4th. The technology company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.12. The business had revenue of $255.80 million for the quarter, compared to analyst estimates of $257.22 million. Lumentum Holdings had a positive return on equity of 19.55% and a negative net margin of 3.28%. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 earnings per share. On average, equities research analysts expect that Lumentum Holdings Inc. will post $1.90 EPS for the current year.
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Several research firms recently commented on LITE. B. Riley reaffirmed a “buy” rating and set a $58.00 target price on shares of Lumentum Holdings in a report on Friday, May 5th. Zacks Investment Research lowered shares of Lumentum Holdings from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 23rd. Barclays PLC raised shares of Lumentum Holdings from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $35.00 to $48.00 in a research note on Friday, May 5th. Jefferies Group LLC reissued a “buy” rating and set a $62.00 price target on shares of Lumentum Holdings in a research report on Monday, May 15th. Finally, Rosenblatt Securities began coverage on shares of Lumentum Holdings in a research report on Tuesday, May 23rd. They set a “buy” rating and a $66.00 price target for the company. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $54.33.
In other Lumentum Holdings news, CEO Alan S. Lowe sold 5,954 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $54.29, for a total value of $323,242.66. Following the sale, the chief executive officer now directly owns 153,439 shares of the company’s stock, valued at approximately $8,330,203.31. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Vincent Retort sold 805 shares of the firm’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $58.15, for a total value of $46,810.75. Following the completion of the sale, the chief operating officer now directly owns 66,755 shares in the company, valued at $3,881,803.25. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,813 shares of company stock worth $648,776. Corporate insiders own 0.76% of the company’s stock.
About Lumentum Holdings
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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