Inspire Investing LLC Sells 517 Shares of Lumentum Holdings Inc. (NASDAQ:LITE)

Inspire Investing LLC cut its stake in Lumentum Holdings Inc. (NASDAQ:LITE) by 6.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,977 shares of the technology company’s stock after selling 517 shares during the period. Inspire Investing LLC’s holdings in Lumentum were worth $355,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Principal Securities Inc. bought a new position in Lumentum during the 4th quarter worth about $55,000. Signaturefd LLC grew its holdings in Lumentum by 93.9% during the 2nd quarter. Signaturefd LLC now owns 1,144 shares of the technology company’s stock worth $58,000 after acquiring an additional 554 shares in the last quarter. EntryPoint Capital LLC bought a new position in Lumentum during the 1st quarter worth about $112,000. nVerses Capital LLC grew its holdings in Lumentum by 416.7% during the 2nd quarter. nVerses Capital LLC now owns 3,100 shares of the technology company’s stock worth $158,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC bought a new position in Lumentum during the 2nd quarter worth about $210,000. 94.05% of the stock is currently owned by institutional investors.

Lumentum Stock Up 0.3 %

Lumentum stock opened at $61.35 on Friday. The business’s 50-day simple moving average is $52.92 and its two-hundred day simple moving average is $49.06. The company has a debt-to-equity ratio of 2.61, a quick ratio of 4.43 and a current ratio of 5.90. The company has a market cap of $4.15 billion, a PE ratio of -11.69, a PEG ratio of 4.26 and a beta of 0.88. Lumentum Holdings Inc. has a fifty-two week low of $35.35 and a fifty-two week high of $62.21.

Lumentum (NASDAQ:LITE) last issued its quarterly earnings results on Wednesday, August 14th. The technology company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.03. Lumentum had a negative net margin of 40.21% and a negative return on equity of 4.79%. The company had revenue of $308.30 million for the quarter, compared to the consensus estimate of $301.36 million. During the same quarter in the prior year, the company earned $0.12 EPS. Lumentum’s quarterly revenue was down 16.9% on a year-over-year basis. Equities analysts anticipate that Lumentum Holdings Inc. will post 0.22 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. B. Riley increased their target price on shares of Lumentum from $40.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Rosenblatt Securities increased their target price on shares of Lumentum from $65.00 to $69.00 and gave the stock a “buy” rating in a report on Thursday, August 15th. Barclays increased their price target on shares of Lumentum from $38.00 to $40.00 and gave the company an “underweight” rating in a research report on Thursday, August 15th. Susquehanna increased their price target on shares of Lumentum from $60.00 to $70.00 and gave the company a “positive” rating in a research report on Wednesday, July 17th. Finally, Northland Securities increased their price target on shares of Lumentum from $40.00 to $45.00 and gave the company a “market perform” rating in a research report on Friday, August 16th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $59.08.

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.