Alpha DNA Investment Management LLC Purchases New Position in Lumentum Holdings Inc. (NASDAQ:LITE)

Alpha DNA Investment Management LLC acquired a new stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 5,074 shares of the technology company’s stock, valued at approximately $426,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Alliancebernstein L.P. boosted its stake in shares of Lumentum by 1.4% during the 4th quarter. Alliancebernstein L.P. now owns 1,711,956 shares of the technology company’s stock worth $143,719,000 after acquiring an additional 23,136 shares in the last quarter. Geode Capital Management LLC boosted its position in Lumentum by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 1,195,605 shares of the technology company’s stock worth $100,402,000 after purchasing an additional 9,442 shares during the period. Norges Bank acquired a new position in Lumentum during the fourth quarter valued at approximately $68,962,000. Fisher Asset Management LLC raised its position in shares of Lumentum by 18.8% in the fourth quarter. Fisher Asset Management LLC now owns 687,311 shares of the technology company’s stock valued at $57,700,000 after purchasing an additional 108,740 shares during the period. Finally, Emerald Advisers LLC lifted its stake in shares of Lumentum by 12.3% in the fourth quarter. Emerald Advisers LLC now owns 425,079 shares of the technology company’s stock worth $35,685,000 after buying an additional 46,544 shares during the last quarter. 94.05% of the stock is currently owned by institutional investors and hedge funds.

Lumentum Trading Down 0.4 %

Shares of LITE stock opened at $52.00 on Friday. The firm has a fifty day moving average of $64.26 and a 200-day moving average of $75.35. The stock has a market cap of $3.60 billion, a price-to-earnings ratio of -6.76 and a beta of 1.14. Lumentum Holdings Inc. has a 52-week low of $38.29 and a 52-week high of $104.00. The company has a debt-to-equity ratio of 2.94, a quick ratio of 3.60 and a current ratio of 4.76.

Lumentum (NASDAQ:LITE) last posted 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 return on equity of 7.25% and a negative net margin of 36.98%. On average, equities research analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. UBS Group lifted their target price on shares of Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. B. Riley boosted their price objective on Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Jefferies Financial Group began coverage on Lumentum in a research note on Friday, February 21st. They set a “buy” rating for the company. Morgan Stanley dropped their price target on Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research report on Friday, January 31st. Finally, Raymond James raised Lumentum from an “outperform” rating to a “strong-buy” rating and reduced their price objective for the company from $96.00 to $82.00 in a research report on Monday, March 24th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $87.93.

Insider Buying and Selling

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total transaction of $170,154.48. Following the completion of the sale, the chief financial officer now owns 51,976 shares in the company, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.19% of the stock is owned by corporate insiders.

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.