Emerald Advisers LLC Grows Stake in Lumentum Holdings Inc. (NASDAQ:LITE)

Emerald Advisers LLC raised its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 12.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 425,079 shares of the technology company’s stock after purchasing an additional 46,544 shares during the quarter. Lumentum comprises about 1.4% of Emerald Advisers LLC’s investment portfolio, making the stock its 17th biggest position. Emerald Advisers LLC owned 0.62% of Lumentum worth $35,685,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in LITE. Atreides Management LP raised its position in Lumentum by 28.5% in the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock valued at $107,177,000 after purchasing an additional 375,389 shares during the period. Point72 Hong Kong Ltd acquired a new stake in shares of Lumentum during the third quarter valued at about $17,981,000. Proficio Capital Partners LLC acquired a new stake in shares of Lumentum during the fourth quarter valued at about $13,421,000. Lightrock Netherlands B.V. acquired a new stake in shares of Lumentum during the fourth quarter valued at about $12,668,000. Finally, Fisher Asset Management LLC grew its stake in shares of Lumentum by 18.8% during the fourth quarter. Fisher Asset Management LLC now owns 687,311 shares of the technology company’s stock valued at $57,700,000 after acquiring an additional 108,740 shares in the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was 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 of the company’s stock, valued at $4,071,799.84. The trade was a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on LITE shares. Rosenblatt Securities restated a “buy” rating and set a $110.00 target price on shares of Lumentum in a research note on Friday, February 7th. UBS Group raised their target price on Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. B. Riley raised their target price on Lumentum from $62.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Barclays upgraded Lumentum from an “underweight” rating to an “overweight” rating and lifted their price target for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. Finally, Morgan Stanley decreased their price target on Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, January 31st. Two analysts have rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $88.33.

Lumentum Stock Performance

LITE opened at $66.61 on Friday. The business’s 50 day moving average is $77.36 and its 200-day moving average is $75.63. The stock has a market cap of $4.61 billion, a PE ratio of -8.66 and a beta of 1.03. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00.

Lumentum (NASDAQ:LITE) last released its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates 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, analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current 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.