Lumentum (NASDAQ:LITE) Shares Up 6% – Here’s What Happened

Lumentum Holdings Inc. (NASDAQ:LITE)’s stock price rose 6% on Wednesday . The stock traded as high as $947.53 and last traded at $939.03. Approximately 4,353,440 shares were traded during mid-day trading, a decline of 23% from the average session volume of 5,680,492 shares. The stock had previously closed at $885.57.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. UBS Group set a $820.00 target price on shares of Lumentum in a research report on Wednesday, August 12th. B. Riley Financial reaffirmed a “buy” rating on shares of Lumentum in a report on Friday, May 1st. Citigroup reiterated a “buy” rating on shares of Lumentum in a research report on Wednesday, August 12th. Zacks Research raised Lumentum from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 20th. Finally, Morgan Stanley raised their target price on Lumentum from $900.00 to $1,000.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,044.67.

Lumentum Stock Up 6.0%

The firm’s fifty day moving average is $807.42 and its two-hundred day moving average is $798.54. The firm has a market cap of $84.23 billion, a price-to-earnings ratio of -11.42 and a beta of 1.50. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.68 and a quick ratio of 1.40.

Lumentum (NASDAQ:LITE) last released its earnings results on Tuesday, August 11th. The technology company reported $3.23 EPS for the quarter, beating the consensus estimate of $2.97 by $0.26. Lumentum had a negative net margin of 230.15% and a positive return on equity of 26.34%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $987.70 million. During the same quarter last year, the company earned $0.88 EPS. Lumentum’s quarterly revenue was up 109.3% on a year-over-year basis. Lumentum has set its Q1 2027 guidance at 4.050-4.350 EPS. On average, sell-side analysts expect that Lumentum Holdings Inc. will post 19.76 EPS for the current fiscal year.

Insider Activity at Lumentum

In related news, insider Vincent Retort sold 3,183 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $909.43, for a total transaction of $2,894,715.69. Following the sale, the insider owned 114,495 shares of the company’s stock, valued at $104,125,187.85. The trade was a 2.70% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Jae Kim sold 1,904 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $827.82, for a total value of $1,576,169.28. Following the completion of the sale, the senior vice president owned 42,096 shares of the company’s stock, valued at $34,847,910.72. This trade represents a 4.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 16,352 shares of company stock valued at $14,315,562. Insiders own 0.43% of the company’s stock.

Institutional Trading of Lumentum

A number of hedge funds and other institutional investors have recently modified their holdings of the company. California State Teachers Retirement System boosted its stake in Lumentum by 112,343.2% during the second quarter. California State Teachers Retirement System now owns 92,237,160 shares of the technology company’s stock valued at $79,145,018,000 after buying an additional 92,155,130 shares in the last quarter. Jupiter Topco LLC bought a new stake in Lumentum in the second quarter worth about $1,621,396,000. Arrowstreet Capital Limited Partnership raised its position in Lumentum by 18.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,854,801 shares of the technology company’s stock worth $683,661,000 after acquiring an additional 291,591 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Lumentum by 9.6% in the 4th quarter. Geode Capital Management LLC now owns 1,412,213 shares of the technology company’s stock valued at $521,563,000 after acquiring an additional 123,265 shares during the last quarter. Finally, Situational Awareness LP lifted its holdings in Lumentum by 210.9% in the 4th quarter. Situational Awareness LP now owns 1,298,400 shares of the technology company’s stock valued at $478,577,000 after acquiring an additional 880,800 shares during the last quarter. Institutional investors own 94.05% of the company’s stock.

Lumentum Company Profile

Lumentum Holdings Inc, headquartered in San Jose, California, is a leading provider of photonic technologies that enable high-speed optical communication networks and advanced industrial applications. The company designs and manufactures a broad range of lasers, optical modules and subsystems tailored to the evolving requirements of telecommunications carriers, cloud data centers and enterprise networking.

Its core product portfolio includes tunable and fixed-wavelength laser transmitters, coherent optical engines, transceivers for long-haul, metro and data center interconnects, as well as test and measurement instruments.