AXQ Capital LP Reduces Position in Lumentum Holdings Inc. (NASDAQ:LITE)

AXQ Capital LP decreased its position in Lumentum Holdings Inc. (NASDAQ:LITE) by 58.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,242 shares of the technology company’s stock after selling 10,367 shares during the period. AXQ Capital LP’s holdings in Lumentum were worth $608,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atreides Management LP lifted its holdings in shares of Lumentum by 28.5% during the third quarter. Atreides Management LP now owns 1,691,017 shares of the technology company’s stock worth $107,177,000 after purchasing an additional 375,389 shares during the period. Point72 Hong Kong Ltd acquired a new stake in Lumentum during the 3rd quarter valued at approximately $17,981,000. Proficio Capital Partners LLC acquired a new stake in shares of Lumentum in the fourth quarter worth $13,421,000. Lightrock Netherlands B.V. purchased a new position in shares of Lumentum during the fourth quarter worth $12,668,000. Finally, Fisher Asset Management LLC lifted its position in Lumentum by 18.8% during the fourth quarter. Fisher Asset Management LLC now owns 687,311 shares of the technology company’s stock valued at $57,700,000 after purchasing an additional 108,740 shares during the period. Institutional investors and hedge funds own 94.05% of the company’s stock.

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $78.34, for a total value of $170,154.48. Following the sale, the chief financial officer now directly owns 51,976 shares in the company, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on LITE shares. Barclays raised Lumentum from an “underweight” rating to an “overweight” rating and increased their price target for the stock from $80.00 to $125.00 in a research report on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $110.00 price objective on shares of Lumentum in a report on Friday, February 7th. B. Riley increased their target price on shares of Lumentum from $62.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Morgan Stanley cut their price target on Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a research note on Friday, January 31st. Finally, BNP Paribas upgraded Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 target price on the stock in a research report on Tuesday, March 11th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $88.33.

Lumentum Stock Down 3.2 %

Shares of NASDAQ LITE opened at $66.61 on Friday. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The company has a 50-day moving average of $77.36 and a 200 day moving average of $75.63. Lumentum Holdings Inc. has a 12-month low of $38.29 and a 12-month high of $104.00. The stock has a market cap of $4.61 billion, a PE ratio of -8.66 and a beta of 1.03.

Lumentum (NASDAQ:LITE) last posted its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) EPS 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 7.25%. As a group, sell-side analysts predict that Lumentum Holdings Inc. will post 0.03 EPS for the current fiscal year.

About Lumentum

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.