Eventide Asset Management LLC Acquires Shares of 26,422 Lumentum Holdings Inc. (NASDAQ:LITE)

Eventide Asset Management LLC bought a new position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 26,422 shares of the technology company’s stock, valued at approximately $1,675,000.

Other large investors have also added to or reduced their stakes in the company. Capital Performance Advisors LLP bought a new position in shares of Lumentum in the third quarter valued at approximately $33,000. Point72 DIFC Ltd bought a new position in Lumentum during the 2nd quarter valued at $36,000. GAMMA Investing LLC boosted its holdings in Lumentum by 141.6% during the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock worth $57,000 after acquiring an additional 524 shares during the last quarter. Signaturefd LLC grew its stake in shares of Lumentum by 93.9% in the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after acquiring an additional 554 shares in the last quarter. Finally, nVerses Capital LLC raised its holdings in shares of Lumentum by 416.7% in the second quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock valued at $158,000 after purchasing an additional 2,500 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Analyst Upgrades and Downgrades

LITE has been the topic of several analyst reports. Jefferies Financial Group boosted their price target on shares of Lumentum from $53.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Susquehanna upped their target price on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a report on Friday, November 8th. Morgan Stanley increased their price target on Lumentum from $61.00 to $76.00 and gave the company an “equal weight” rating in a research report on Thursday, November 14th. Barclays boosted their price objective on Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. Finally, Needham & Company LLC raised their target price on Lumentum from $65.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 15th. Three analysts have rated the stock with a sell rating, three have assigned 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 an average price target of $74.85.

Lumentum Price Performance

Shares of NASDAQ:LITE opened at $86.97 on Friday. The firm has a market capitalization of $5.97 billion, a PE ratio of -10.12 and a beta of 0.88. 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 company has a 50-day moving average price of $71.57 and a two-hundred day moving average price of $57.96. Lumentum Holdings Inc. has a twelve month low of $38.28 and a twelve month high of $91.21.

Insider Buying and Selling

In other news, Director Penny Herscher sold 1,625 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $81.09, for a total value of $131,771.25. Following the sale, the director now directly owns 6,852 shares of the company’s stock, valued at approximately $555,628.68. This represents a 19.17 % 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, insider Vincent Retort sold 41,710 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $89.52, for a total transaction of $3,733,879.20. Following the transaction, the insider now directly owns 147,515 shares of the company’s stock, valued at approximately $13,205,542.80. This represents a 22.04 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,910 shares of company stock valued at $6,339,239. Company insiders own 0.19% of the company’s stock.

About Lumentum

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.