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

Lumentum Holdings Inc. (NASDAQ:LITE) Director Harold L. Covert sold 3,345 shares of the company’s stock in a transaction 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 transaction, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Lumentum Trading Up 4.1 %

NASDAQ:LITE opened at $89.09 on Friday. The company has a debt-to-equity ratio of 2.87, a current ratio of 5.36 and a quick ratio of 4.04. The business’s 50-day simple moving average is $69.43 and its 200-day simple moving average is $56.89. Lumentum Holdings Inc. has a fifty-two week low of $38.28 and a fifty-two week high of $90.51. The stock has a market capitalization of $6.12 billion, a PE ratio of -10.76 and a beta of 0.88.

Analysts Set New Price Targets

LITE has been the topic of several research reports. Northland Securities upped their price target on Lumentum from $45.00 to $60.00 and gave the company a “market perform” rating in a research note on Friday, November 8th. Barclays lifted their price target on shares of Lumentum from $40.00 to $80.00 and gave the stock an “underweight” rating in a research report on Monday, November 11th. Jefferies Financial Group raised their price objective on shares of Lumentum from $53.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 15th. Susquehanna increased their price target on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research note on Friday, November 8th. Finally, Bank of America lifted their price objective on Lumentum from $45.00 to $50.00 and gave the stock an “underperform” rating in a research note on Thursday, August 15th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $74.85.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Quarry LP raised its holdings in shares of Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock worth $28,000 after acquiring an additional 201 shares during the period. Capital Performance Advisors LLP bought a new stake in shares of Lumentum in the third quarter valued at about $33,000. Point72 DIFC Ltd bought a new position in shares of Lumentum during the second quarter worth about $36,000. Nomura Asset Management Co. Ltd. grew its holdings in shares of Lumentum by 67.5% during the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock worth $42,000 after buying an additional 270 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Lumentum by 141.6% in the 3rd quarter. GAMMA Investing LLC now owns 894 shares of the technology company’s stock valued at $57,000 after buying an additional 524 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Lumentum Company Profile

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.