Lumentum (NASDAQ:LITE) Given New $57.00 Price Target at JPMorgan Chase & Co.

Lumentum (NASDAQ:LITE) had its price target dropped by stock analysts at JPMorgan Chase & Co. from $62.00 to $57.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 31.19% from the stock’s current price.

Several other research firms have also issued reports on LITE. Susquehanna dropped their price target on shares of Lumentum from $65.00 to $60.00 and set a “positive” rating for the company in a research report on Friday, February 9th. Raymond James increased their price target on shares of Lumentum from $51.50 to $58.00 and gave the stock an “outperform” rating in a research report on Monday, April 1st. Needham & Company LLC reissued a “buy” rating and issued a $50.00 price target on shares of Lumentum in a research report on Friday, February 9th. Craig Hallum raised shares of Lumentum from a “hold” rating to a “buy” rating in a research report on Friday, December 22nd. Finally, Rosenblatt Securities raised their price objective on shares of Lumentum from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Lumentum currently has an average rating of “Hold” and a consensus price target of $51.79.

Lumentum Stock Performance

NASDAQ LITE opened at $43.45 on Thursday. The company has a current ratio of 3.13, a quick ratio of 2.42 and a debt-to-equity ratio of 1.96. The firm has a 50-day simple moving average of $48.72 and a 200 day simple moving average of $47.12. Lumentum has a twelve month low of $35.35 and a twelve month high of $65.16.

Lumentum (NASDAQ:LITE) last released its earnings results on Thursday, February 8th. The technology company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.07). Lumentum had a negative net margin of 18.52% and a positive return on equity of 1.04%. The company had revenue of $366.80 million during the quarter, compared to the consensus estimate of $363.44 million. As a group, research analysts forecast that Lumentum will post -0.61 EPS for the current fiscal year.

Insider Activity

In other news, CAO Matthew Joseph Sepe sold 9,903 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $49.23, for a total transaction of $487,524.69. Following the sale, the chief accounting officer now directly owns 33,188 shares of the company’s stock, valued at $1,633,845.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.60% of the stock is owned by insiders.

Institutional Trading of Lumentum

Hedge funds have recently modified their holdings of the stock. HighTower Advisors LLC boosted its stake in Lumentum by 6.7% in the first quarter. HighTower Advisors LLC now owns 5,729 shares of the technology company’s stock valued at $557,000 after acquiring an additional 358 shares during the last quarter. Private Advisor Group LLC boosted its stake in Lumentum by 23.3% in the first quarter. Private Advisor Group LLC now owns 5,083 shares of the technology company’s stock valued at $496,000 after acquiring an additional 960 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Lumentum by 10.4% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,461 shares of the technology company’s stock valued at $2,583,000 after acquiring an additional 2,490 shares during the last quarter. Great West Life Assurance Co. Can boosted its stake in Lumentum by 7.4% in the first quarter. Great West Life Assurance Co. Can now owns 39,147 shares of the technology company’s stock valued at $3,926,000 after acquiring an additional 2,686 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Lumentum by 7.2% in the first quarter. Dimensional Fund Advisors LP now owns 805,662 shares of the technology company’s stock valued at $78,633,000 after acquiring an additional 53,978 shares during the last quarter. 94.05% of the stock is owned by institutional investors.

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.