Lumentum Holdings Inc. (NASDAQ:LITE) Shares Sold by Avior Wealth Management LLC

Avior Wealth Management LLC reduced its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 41.3% during the 3rd quarter, HoldingsChannel reports. The firm owned 599 shares of the technology company’s stock after selling 421 shares during the quarter. Avior Wealth Management LLC’s holdings in Lumentum were worth $38,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in Lumentum by 0.3% during the first quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock worth $341,786,000 after buying an additional 22,088 shares in the last quarter. Swedbank AB acquired a new stake in shares of Lumentum in the 1st quarter worth $71,025,000. Quest Partners LLC raised its holdings in shares of Lumentum by 776,400.0% during the 3rd quarter. Quest Partners LLC now owns 7,765 shares of the technology company’s stock worth $492,000 after acquiring an additional 7,764 shares during the period. International Assets Investment Management LLC boosted its position in shares of Lumentum by 6,238.0% during the 3rd quarter. International Assets Investment Management LLC now owns 21,169 shares of the technology company’s stock valued at $1,342,000 after acquiring an additional 20,835 shares during the last quarter. Finally, DigitalBridge Group Inc. grew its holdings in shares of Lumentum by 10.9% in the second quarter. DigitalBridge Group Inc. now owns 554,529 shares of the technology company’s stock valued at $28,237,000 after purchasing an additional 54,703 shares during the period. 94.05% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Matthew Joseph Sepe sold 8,172 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $87.60, for a total transaction of $715,867.20. Following the completion of the transaction, the chief accounting officer now directly owns 21,138 shares of the company’s stock, valued at approximately $1,851,688.80. The trade was a 27.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Harold L. Covert sold 3,345 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $81.78, for a total transaction of $273,554.10. Following the completion of the sale, the director now directly owns 8,729 shares in the company, valued at approximately $713,857.62. This trade represents a 27.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,142 shares of company stock worth $2,428,743 over the last 90 days. Corporate insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on LITE shares. Craig Hallum boosted their target price on shares of Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. increased their price objective on Lumentum from $57.00 to $65.00 and gave the stock an “overweight” rating in a research report on Monday, August 12th. Barclays raised their target price on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research note on Monday, November 11th. Morgan Stanley increased their price target on Lumentum from $61.00 to $76.00 and gave the stock an “equal weight” rating in a report on Thursday, November 14th. Finally, Raymond James boosted their price objective on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Three 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’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $74.85.

Lumentum Trading Down 2.1 %

Shares of LITE stock opened at $87.20 on Tuesday. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $91.21. The company has a 50 day moving average price of $70.04 and a 200 day moving average price of $57.30. The stock has a market capitalization of $5.99 billion, a P/E ratio of -10.53 and a beta of 0.88. The company has a debt-to-equity ratio of 2.87, a quick ratio of 4.04 and a current ratio of 5.36.

Lumentum Company 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.