Evergreen Quality Fund GP Ltd. acquired a new stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE – Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 203,600 shares of the technology company’s stock, valued at approximately $75,045,000. Lumentum comprises approximately 1.5% of Evergreen Quality Fund GP Ltd.’s investment portfolio, making the stock its 17th biggest position.
A number of other hedge funds also recently bought and sold shares of LITE. Truvestments Capital LLC boosted its stake in Lumentum by 300.0% in the fourth quarter. Truvestments Capital LLC now owns 76 shares of the technology company’s stock worth $28,000 after buying an additional 57 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Lumentum during the fourth quarter worth approximately $28,000. Triumph Capital Management bought a new stake in shares of Lumentum in the 4th quarter worth approximately $30,000. Harbour Investments Inc. lifted its holdings in shares of Lumentum by 675.0% in the 4th quarter. Harbour Investments Inc. now owns 93 shares of the technology company’s stock worth $34,000 after acquiring an additional 81 shares during the last quarter. Finally, Chesapeake Asset Management LLC purchased a new stake in shares of Lumentum in the 4th quarter valued at $37,000. Institutional investors own 94.05% of the company’s stock.
Lumentum Price Performance
Shares of Lumentum stock opened at $869.98 on Thursday. The company’s fifty day simple moving average is $903.17 and its two-hundred day simple moving average is $644.68. Lumentum Holdings Inc. has a 12-month low of $86.57 and a 12-month high of $1,085.68. The firm has a market cap of $67.68 billion, a PE ratio of 161.11 and a beta of 1.47. The company has a quick ratio of 0.97, a current ratio of 1.14 and a debt-to-equity ratio of 0.01.
Insider Buying and Selling at Lumentum
In other news, Director Isaac Hosojiro Harris sold 4,000 shares of Lumentum stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $860.00, for a total value of $3,440,000.00. Following the sale, the director directly owned 8,400 shares in the company, valued at approximately $7,224,000. This trade represents a 32.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Yuen Wupen sold 3,210 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider directly owned 81,488 shares in the company, valued at $77,735,477.60. This trade represents a 3.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold a total of 41,260 shares of company stock worth $38,859,220 over the last three months. 0.43% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on the stock. Zacks Research raised shares of Lumentum from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 13th. TD Cowen raised their price objective on Lumentum from $875.00 to $995.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th. Citigroup lifted their price objective on Lumentum from $800.00 to $1,100.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Jefferies Financial Group reissued a “buy” rating and issued a $1,200.00 target price on shares of Lumentum in a research note on Wednesday, May 6th. Finally, Citic Securities raised their price target on Lumentum from $620.00 to $1,186.00 in a research report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $1,021.95.
View Our Latest Analysis on Lumentum
Lumentum Profile
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.
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