Proficio Capital Partners LLC Invests $13.42 Million in Lumentum Holdings Inc. (NASDAQ:LITE)

Proficio Capital Partners LLC bought a new stake in Lumentum Holdings Inc. (NASDAQ:LITE) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 159,871 shares of the technology company’s stock, valued at approximately $13,421,000. Proficio Capital Partners LLC owned about 0.23% of Lumentum as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of LITE. Quarry LP raised its holdings in shares of Lumentum by 85.5% in the third quarter. Quarry LP now owns 436 shares of the technology company’s stock valued at $28,000 after purchasing an additional 201 shares during the last quarter. UMB Bank n.a. grew its position in Lumentum by 301.2% in the fourth 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 in the last quarter. Capital Performance Advisors LLP acquired a new stake in Lumentum in the 3rd quarter valued at $33,000. Nomura Asset Management Co. Ltd. lifted its position in Lumentum by 67.5% during the 3rd 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, R Squared Ltd acquired a new position in shares of Lumentum during the 4th quarter worth about $86,000. Institutional investors and hedge funds own 94.05% of the company’s stock.

Analyst Upgrades and Downgrades

LITE has been the topic of a number of recent research reports. Susquehanna lifted their target price on Lumentum from $80.00 to $115.00 and gave the company a “positive” rating in a research report on Friday, November 8th. Jefferies Financial Group initiated coverage on Lumentum in a research report on Friday, February 21st. They set a “buy” rating on the stock. Needham & Company LLC reissued a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a report on Friday, February 7th. B. Riley boosted their target price on shares of Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Finally, Stifel Nicolaus increased their price target on shares of Lumentum from $95.00 to $105.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Lumentum currently has a consensus rating of “Hold” and a consensus price target of $88.07.

Lumentum Trading Up 1.0 %

Shares of NASDAQ:LITE opened at $70.33 on Friday. The stock has a market cap of $4.87 billion, a PE ratio of -9.15 and a beta of 0.94. 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 Holdings Inc. has a 12-month low of $38.28 and a 12-month high of $104.00. The business has a 50 day moving average of $83.66 and a 200-day moving average of $74.65.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) EPS 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%. As a group, equities research analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current year.

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the 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. This represents a 4.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.19% of the stock is currently owned by corporate insiders.

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.