Envestnet Portfolio Solutions Inc. Acquires 556 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Envestnet Portfolio Solutions Inc. lifted its holdings in Lumentum Holdings Inc. (NASDAQ:LITE) by 14.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,383 shares of the technology company’s stock after acquiring an additional 556 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Lumentum were worth $368,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its holdings in Lumentum by 5.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 738,155 shares of the technology company’s stock valued at $46,784,000 after buying an additional 37,109 shares in the last quarter. Eventide Asset Management LLC bought a new stake in Lumentum in the 3rd quarter valued at $1,675,000. Point72 Hong Kong Ltd purchased a new stake in Lumentum in the 3rd quarter worth $17,981,000. Atreides Management LP boosted its holdings in shares of Lumentum by 28.5% during the 3rd 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 last quarter. Finally, Atom Investors LP purchased a new position in shares of Lumentum during the third quarter valued at about $4,127,000. Hedge funds and other institutional investors own 94.05% of the company’s stock.

Lumentum Stock Performance

LITE stock opened at $66.11 on Thursday. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00. The firm has a market cap of $4.57 billion, a price-to-earnings ratio of -8.60 and a beta of 1.03. The business’s fifty day simple moving average is $76.43 and its two-hundred day simple moving average is $75.97. 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 (NASDAQ:LITE) last announced its quarterly earnings data 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%. Analysts predict that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insider Buying and Selling

In other Lumentum 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 transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at $4,071,799.84. This represents a 4.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on LITE shares. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and increased their price target for the company from $80.00 to $125.00 in a research note on Friday, January 17th. Morgan Stanley cut their target price on shares of Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. BNP Paribas raised shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price target on the stock in a research note on Tuesday, March 11th. UBS Group lifted their price objective on shares of Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Finally, Needham & Company LLC restated a “buy” rating and set a $110.00 target price on shares of Lumentum in a research report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.40.

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.