Ali Wajid, the Executive Vice President and Chief Financial Officer of Lumentum Holdings Inc . (NASDAQ:LITE), recently executed a series of stock sales totaling approximately $2.54 million. The transactions took place on November 29, 2024, as per the latest SEC filing. The sales come as Lumentum, currently valued at $6.1 billion, trades near its 52-week high of $91.21. According to InvestingPro analysis, the stock appears overvalued at current levels.
The sales involved three separate transactions of Lumentum's common stock. The first sale involved 13,288 shares at a weighted average price of $84.4322 per share, with prices ranging from $83.91 to $84.855. The second transaction included 10,947 shares sold at an average price of $85.2148, with prices ranging from $84.94 to $85.82. Lastly, Wajid sold 5,652 shares at an average price of $86.2309, with sale prices ranging from $86.00 to $86.59. The stock has shown remarkable strength, posting a 106% gain over the past six months.
Following these transactions, Wajid holds 56,492 shares of Lumentum. The sales were conducted under a Rule 10b5-1 trading plan adopted on August 30, 2024, allowing for pre-planned sales of stock. InvestingPro subscribers can access 11 additional key insights about Lumentum, including detailed financial health metrics and analyst forecasts in the comprehensive Pro Research Report.
"In other recent news, Lumentum Holdings Inc. has reported exceeding its initial guidance for the first quarter of fiscal year 2025, with revenues reaching $336.9 million and non-GAAP earnings per share (EPS) at $0.18. This surge in earnings is attributed to a record number of Datacom laser chip orders, driven by increasing demands from cloud and AI customers. However, the company's Industrial Tech segment witnessed a year-over-year decline of 38%. The company has also projected double-digit sequential revenue growth in Q2 and has set a target of achieving $500 million in quarterly revenue by the end of 2025. Lumentum anticipates Q2 fiscal 2025 revenue to be between $380 million and $400 million, with non-GAAP operating margins projected between 5.5% to 7.5%. In terms of governance, the company's stockholders approved an amendment to the company's 2015 Equity Incentive Plan, extending the plan's expiration date to June 23, 2026. These are recent developments that provide investors with highlights from the company's activities."
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.