Lumentum Holdings Inc. (NASDAQ:LITE) Director Harold L. Covert Sells 3,345 Shares

Lumentum Holdings Inc. (NASDAQ:LITE) Director Harold L. Covert sold 3,345 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $81.78, for a total value 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 represents a 27.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Lumentum Price Performance

Shares of NASDAQ:LITE opened at $89.09 on Friday. The stock’s 50-day simple moving average is $68.76 and its two-hundred day simple moving average is $56.47. Lumentum Holdings Inc. has a 52-week low of $38.28 and a 52-week high of $90.51. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04.

Analyst Ratings Changes

LITE has been the topic of several analyst reports. Craig Hallum boosted their target price on Lumentum from $65.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. JPMorgan Chase & Co. increased their price objective on shares of Lumentum from $57.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Morgan Stanley raised their price objective on shares of Lumentum from $61.00 to $76.00 and gave the company an “equal weight” rating in a research note on Thursday, November 14th. B. Riley upped their target price on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Finally, Raymond James raised their price target on shares of Lumentum from $70.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $74.85.

Hedge Funds Weigh In On Lumentum

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Lumentum by 0.3% in the first quarter. Vanguard Group Inc. now owns 7,218,293 shares of the technology company’s stock worth $341,786,000 after acquiring an additional 22,088 shares during the period. EntryPoint Capital LLC bought a new position in Lumentum in the 1st quarter worth $112,000. Keeley Teton Advisors LLC lifted its position in Lumentum by 15.2% during the first quarter. Keeley Teton Advisors LLC now owns 31,937 shares of the technology company’s stock valued at $1,512,000 after purchasing an additional 4,209 shares in the last quarter. Earnest Partners LLC grew its holdings in Lumentum by 6.0% during the first quarter. Earnest Partners LLC now owns 1,690,117 shares of the technology company’s stock valued at $80,027,000 after purchasing an additional 95,428 shares during the period. Finally, Caxton Associates LP purchased a new stake in Lumentum in the first quarter worth about $3,321,000. Institutional investors own 94.05% 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.