Peregrine Capital Management LLC Sells 24,011 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Peregrine Capital Management LLC cut its position in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 17.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 115,583 shares of the technology company’s stock after selling 24,011 shares during the quarter. Peregrine Capital Management LLC owned approximately 0.17% of Lumentum worth $9,703,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Quarry LP grew its position in Lumentum by 85.5% during the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after acquiring an additional 201 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Lumentum by 301.2% during the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock valued at $28,000 after purchasing an additional 253 shares during the last quarter. Capital Performance Advisors LLP purchased a new position in Lumentum in the 3rd quarter worth $33,000. Nomura Asset Management Co. Ltd. boosted its position in Lumentum by 67.5% during the third quarter. Nomura Asset Management Co. Ltd. now owns 670 shares of the technology company’s stock valued at $42,000 after buying an additional 270 shares during the period. Finally, Signaturefd LLC grew its stake in shares of Lumentum by 13.8% during the third quarter. Signaturefd LLC now owns 1,302 shares of the technology company’s stock valued at $83,000 after buying an additional 158 shares during the last quarter. 94.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Raymond James boosted their target price on Lumentum from $94.00 to $96.00 and gave the company an “outperform” rating in a research note on Friday, February 7th. UBS Group upped their price target on shares of Lumentum from $93.00 to $96.00 and gave the company a “neutral” rating in a report on Friday, February 7th. Stifel Nicolaus raised their price target on shares of Lumentum from $95.00 to $105.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $110.00 price objective on shares of Lumentum in a research note on Friday, February 7th. Finally, Morgan Stanley cut their target price on Lumentum from $83.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Lumentum has an average rating of “Hold” and an average target price of $88.07.

Lumentum Stock Down 0.6 %

Shares of LITE stock opened at $77.68 on Tuesday. Lumentum Holdings Inc. has a 12 month low of $38.28 and a 12 month high of $104.00. The company has a 50 day simple moving average of $86.25 and a two-hundred day simple moving average of $72.94. The company has a current ratio of 5.36, a quick ratio of 4.04 and a debt-to-equity ratio of 2.87. The stock has a market cap of $5.34 billion, a P/E ratio of -10.10 and a beta of 0.94.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.00%. On average, research analysts expect that Lumentum Holdings Inc. will post -0.04 earnings per share for the current year.

Insider Buying and Selling at Lumentum

In other news, Director Harold L. Covert sold 3,345 shares of the company’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 transaction of $273,554.10. Following the transaction, the director now owns 8,729 shares of the company’s stock, valued at approximately $713,857.62. This represents a 27.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Wajid Ali sold 29,887 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $85.06, for a total transaction of $2,542,188.22. Following the completion of the transaction, the chief financial officer now directly owns 56,492 shares in the company, valued at $4,805,209.52. This represents a 34.60 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 77,000 shares of company stock worth $6,726,239. Insiders own 0.19% 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.