13F Research

For informational purposes only — not investment advice

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LITE

LONGINSIDER SELL

LUMENTUM HLDGS INC

Funds
4
Score
6.00
vs SPY
+5.3%
Stock return (since Q-end)
+21.7%
SPY return (since Q-end)
+16.3%
Current price
$854.96

News Summary

Positive

Lumentum delivered exceptional Q3 FY2026 results with record $808.4M revenue (+90% YoY), beat EPS guidance, and secured a transformative $2B NVIDIA strategic investment with multi-billion purchase commitments, positioning the company for $2B quarterly revenue and 40% operating margins within 18-24 months. However, the stock trades at an extreme 309x P/E ratio, and critical capacity constraints (new Greensboro fab not online until 2028) create near-term supply-demand imbalance risks that could limit execution on aggressive guidance.

Red flags

  • •Extreme valuation at 309x P/E ratio creates significant downside risk if growth disappoints
  • •Material supply constraints across EMLs, pump lasers, and OCS components capping near-term shipments; new Greensboro capacity unavailable until 2028
  • •Heavy dependence on NVIDIA relationship and AI infrastructure demand; concentration risk if market cools or NVIDIA pivots
  • •Supply-demand imbalance now >30%; allocation pressures could impact customer satisfaction or market share

Funds Buying (4)

FundManagerShares Held∆ SharesPosition ValueQoQStatus
Tiger GlobalChase Coleman137K+137K$96.1B—NEW
Point72Steve Cohen92K+92K$64.7B—NEW
Maverick CapitalLee Ainslie2K+2K$1.5B—NEW
Duquesne Family OfficeStanley Druckenmiller7K+7K$5M—NEW

Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter.

Insider Activity

NameTitleTypeSharesPriceValueFiled
Small Ian—SELL5K$868.07$4.30M2026-05-21
Wupen YuenPRESIDENT, GLOBAL BUS. UNITSSELL3K$953.95$3.06M2026-05-18
Retort VincentSEE REMARKSSELL3K$953.95$3.04M2026-05-18
Ali WajidEVP & CHIEF FINANCIAL OFFICERSELL2K$953.95$2.37M2026-05-18
Kim JaeSVP, GENERAL COUNSELSELL1K$953.95$1.36M2026-05-18
Fletcher Pamela—SELL2K$940.82$1.48M2026-05-15
Fletcher Pamela—SELL2K$1003.38$1.58M2026-05-14
Kim JaeSVP, GENERAL COUNSELSELL2K$950.99$1.84M2026-05-11
Lillie Brian—SELL120$998.68$0.12M2026-05-11
Lillie Brian—SELL2K$1000.16$1.85M2026-05-11
Lillie Brian—SELL2K$1003.62$1.96M2026-05-11
Lillie Brian—SELL49$1004.34$0.05M2026-05-11
Lillie Brian—SELL1K$950.99$1.40M2026-05-11
Lillie Brian—SELL80$953.54$0.08M2026-05-11
Lillie Brian—SELL1K$955.01$0.96M2026-05-11
Lillie Brian—SELL120$957.84$0.11M2026-05-11
Lillie Brian—SELL40$962.88$0.04M2026-05-11
Lillie Brian—SELL239$964.30$0.23M2026-05-11
Lillie Brian—SELL122$965.63$0.12M2026-05-11
Lillie Brian—SELL101$967.23$0.10M2026-05-11
Lillie Brian—SELL170$968.80$0.16M2026-05-11
Lillie Brian—SELL40$970.00$0.04M2026-05-11
Lillie Brian—SELL200$971.85$0.19M2026-05-11
Lillie Brian—SELL68$972.77$0.07M2026-05-11
Lillie Brian—SELL80$974.23$0.08M2026-05-11
Lillie Brian—SELL200$975.48$0.20M2026-05-11
Lillie Brian—SELL120$978.10$0.12M2026-05-11
Lillie Brian—SELL1K$979.49$1.14M2026-05-11
Lillie Brian—SELL208$980.25$0.20M2026-05-11
Lillie Brian—SELL176$982.73$0.17M2026-05-11
Lillie Brian—SELL2K$985.29$1.55M2026-05-11
Lillie Brian—SELL40$986.28$0.04M2026-05-11
Lillie Brian—SELL120$989.04$0.12M2026-05-11
Lillie Brian—SELL80$990.00$0.08M2026-05-11
Lillie Brian—SELL67$991.59$0.07M2026-05-11
Lillie Brian—SELL40$993.48$0.04M2026-05-11
Lillie Brian—SELL322$995.06$0.32M2026-05-11
Lillie Brian—SELL120$996.40$0.12M2026-05-11
Lillie Brian—SELL80$997.00$0.08M2026-05-11
Small Ian—SELL892$911.52$0.81M2026-05-08
Small Ian—SELL571$912.26$0.52M2026-05-08
Small Ian—SELL2K$910.72$1.86M2026-05-08