Parallel Advisors LLC Sells 673 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Parallel Advisors LLC cut its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 47.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 742 shares of the technology company’s stock after selling 673 shares during the period. Parallel Advisors LLC’s holdings in Lumentum were worth $46,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Crestline Management LP bought a new stake in shares of Lumentum during the 4th quarter worth $4,435,000. SBI Securities Co. Ltd. bought a new stake in shares of Lumentum during the 4th quarter worth $739,000. M&T Bank Corp raised its stake in shares of Lumentum by 54.2% during the 4th quarter. M&T Bank Corp now owns 18,104 shares of the technology company’s stock worth $1,520,000 after purchasing an additional 6,361 shares during the period. Aigen Investment Management LP raised its stake in shares of Lumentum by 72.9% during the 4th quarter. Aigen Investment Management LP now owns 17,440 shares of the technology company’s stock worth $1,464,000 after purchasing an additional 7,354 shares during the period. Finally, Versor Investments LP bought a new stake in shares of Lumentum during the 4th quarter worth $336,000. 94.05% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Lumentum

In other news, CFO Wajid Ali sold 2,222 shares of the business’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total transaction of $185,714.76. Following the completion of the transaction, the chief financial officer now owns 47,460 shares of the company’s stock, valued at approximately $3,966,706.80. The trade was a 4.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jae Kim sold 4,577 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $77.98, for a total value of $356,914.46. Following the transaction, the senior vice president now directly owns 31,534 shares of the company’s stock, valued at $2,459,021.32. The trade was a 12.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,520 shares of company stock valued at $2,103,278 in the last quarter. 0.19% of the stock is currently owned by corporate insiders.

Lumentum Stock Down 0.2%

LITE stock opened at $81.46 on Monday. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The firm has a market capitalization of $5.65 billion, a PE ratio of -10.59 and a beta of 1.28. Lumentum Holdings Inc. has a twelve month low of $38.29 and a twelve month high of $104.00. The stock has a 50-day simple moving average of $65.04 and a two-hundred day simple moving average of $74.96.

Lumentum (NASDAQ:LITE) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. The business had revenue of $425.20 million during the quarter, compared to analyst estimates of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The company’s quarterly revenue was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.09 EPS. On average, equities analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Morgan Stanley lifted their target price on Lumentum from $70.00 to $76.00 and gave the stock an “equal weight” rating in a research note on Wednesday, June 4th. JPMorgan Chase & Co. lowered their target price on Lumentum from $105.00 to $73.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Jefferies Financial Group assumed coverage on Lumentum in a research note on Friday, February 21st. They set a “buy” rating on the stock. Northland Securities set a $80.00 target price on Lumentum in a research note on Wednesday, May 7th. Finally, Raymond James lifted their price objective on Lumentum from $80.00 to $90.00 and gave the stock a “strong-buy” rating in a report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Lumentum presently has an average rating of “Moderate Buy” and an average price target of $82.80.

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.