Sora Investors LLC Cuts Stock Holdings in Lumentum Holdings Inc. (NASDAQ:LITE)

Sora Investors LLC reduced its holdings in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 44.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 111,428 shares of the technology company’s stock after selling 88,572 shares during the quarter. Sora Investors LLC owned 0.16% of Lumentum worth $9,354,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. acquired a new stake in Lumentum in the fourth quarter worth about $2,723,000. Hanseatic Management Services Inc. acquired a new stake in shares of Lumentum in the fourth quarter valued at $1,165,000. UMB Bank n.a. boosted its position in Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after buying an additional 253 shares during the last quarter. Crossmark Global Holdings Inc. grew its stake in shares of Lumentum by 4.0% during the fourth quarter. Crossmark Global Holdings Inc. now owns 4,350 shares of the technology company’s stock worth $365,000 after purchasing an additional 168 shares during the period. Finally, Zweig DiMenna Associates LLC bought a new position in shares of Lumentum during the fourth quarter worth $7,052,000. Institutional investors own 94.05% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on LITE. Barclays set a $75.00 target price on Lumentum and gave the company an “overweight” rating in a research report on Wednesday, May 7th. Rosenblatt Securities raised their price objective on Lumentum from $85.00 to $94.00 and gave the stock a “buy” rating in a research report on Wednesday, May 7th. UBS Group decreased their price target on Lumentum from $96.00 to $78.00 and set a “neutral” rating for the company in a report on Wednesday, May 7th. Raymond James decreased their price target on shares of Lumentum from $82.00 to $80.00 and set a “strong-buy” rating for the company in a research note on Wednesday, May 7th. Finally, Northland Securities set a $80.00 target price on Lumentum in a report on Wednesday, May 7th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $82.20.

Insider Activity at Lumentum

In related news, insider Yuen Wupen sold 4,426 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $71.80, for a total transaction of $317,786.80. Following the completion of the sale, the insider now directly owns 92,099 shares in the company, valued at approximately $6,612,708.20. This trade represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the sale, the chief financial officer now owns 51,976 shares in the company, valued at $4,071,799.84. This represents a 4.01% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 11,314 shares of company stock valued at $850,460. Corporate insiders own 0.19% of the company’s stock.

Lumentum Price Performance

Lumentum stock opened at $77.76 on Friday. The company’s 50 day moving average is $61.30 and its two-hundred day moving average is $74.90. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00. The firm has a market cap of $5.40 billion, a PE ratio of -10.11 and a beta of 1.18.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. The firm had revenue of $425.20 million during the quarter, compared to analysts’ expectations of $418.18 million. During the same period in the previous year, the company earned $0.09 earnings per share. Lumentum’s quarterly revenue was up 16.0% compared to the same quarter last year. On average, research analysts expect that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

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.