ExodusPoint Capital Management LP Purchases 50,317 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

ExodusPoint Capital Management LP raised its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 131.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 88,662 shares of the technology company’s stock after purchasing an additional 50,317 shares during the period. ExodusPoint Capital Management LP’s holdings in Lumentum were worth $7,443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of LITE. Quarry LP raised its stake in Lumentum by 85.5% in the 3rd quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after purchasing an additional 201 shares in the last quarter. UMB Bank n.a. increased its holdings in shares of Lumentum by 301.2% during the fourth quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after purchasing an additional 253 shares during the period. Jones Financial Companies Lllp raised its position in shares of Lumentum by 54.2% in the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock valued at $31,000 after buying an additional 130 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of Lumentum by 67.5% in the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after buying an additional 270 shares during the period. Finally, J.Safra Asset Management Corp grew its position in Lumentum by 31.1% during the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock worth $43,000 after buying an additional 122 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

Analysts Set New Price Targets

LITE has been the subject of several analyst reports. UBS Group lifted their price objective on Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a report on Friday, February 7th. BNP Paribas raised shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price objective for the company in a research report on Tuesday, March 11th. Northland Securities increased their price objective on shares of Lumentum from $60.00 to $70.00 and gave the stock a “market perform” rating in a research note on Friday, February 7th. Barclays upgraded shares of Lumentum from an “underweight” rating to an “overweight” rating and boosted their target price for the company from $80.00 to $125.00 in a research report on Friday, January 17th. Finally, Jefferies Financial Group began coverage on shares of Lumentum in a research note on Friday, February 21st. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Lumentum currently has a consensus rating of “Moderate Buy” and an average target price of $87.40.

Lumentum Stock Performance

Lumentum stock opened at $49.56 on Friday. The business has a 50 day moving average of $71.46 and a 200-day moving average of $76.13. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60. Lumentum Holdings Inc. has a 1 year low of $38.29 and a 1 year high of $104.00. The company has a market capitalization of $3.43 billion, a P/E ratio of -6.44 and a beta of 1.14.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. On average, equities research analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Wajid Ali sold 2,172 shares of the firm’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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.