Lumentum (NASDAQ:LITE) Price Target Raised to $100.00 at JPMorgan Chase & Co.

Lumentum (NASDAQ:LITE) had its price objective hoisted by JPMorgan Chase & Co. from $87.00 to $100.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the technology company’s stock.

A number of other analysts have also recently issued reports on the company. Northland Securities set a $80.00 target price on Lumentum in a research report on Wednesday, May 7th. Stifel Nicolaus upped their target price on Lumentum from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, June 5th. Barclays set a $75.00 price objective on Lumentum and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Needham & Company LLC increased their price objective on Lumentum from $100.00 to $105.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, B. Riley increased their price objective on Lumentum from $65.00 to $73.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, ten have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $84.93.

Lumentum Stock Up 3.8%

Shares of NASDAQ LITE opened at $85.50 on Thursday. The stock has a market cap of $5.93 billion, a PE ratio of -11.12 and a beta of 1.28. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. Lumentum has a 52-week low of $38.29 and a 52-week high of $104.00. The business has a 50-day moving average price of $67.24 and a 200 day moving average price of $75.00.

Lumentum (NASDAQ:LITE) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.07. The firm had revenue of $425.20 million during the quarter, compared to analysts’ expectations of $418.18 million. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The business’s revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.09 EPS. Equities research analysts forecast that Lumentum will post 0.03 earnings per share for the current year.

Insider Activity

In other news, insider Yuen Wupen sold 4,716 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $76.87, for a total value of $362,518.92. Following the completion of the sale, the insider now directly owns 82,957 shares of the company’s stock, valued at $6,376,904.59. This trade represents a 5.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jae Kim sold 4,577 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $77.98, for a total value of $356,914.46. Following the completion of the sale, the senior vice president now directly owns 31,534 shares of the company’s stock, valued at $2,459,021.32. This represents a 12.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,520 shares of company stock valued at $2,103,278 in the last three months. 0.19% of the stock is currently owned by company insiders.

Institutional Trading of Lumentum

Hedge funds have recently modified their holdings of the business. Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of Lumentum in the 1st quarter valued at approximately $25,000. Rakuten Securities Inc. raised its holdings in Lumentum by 164.4% during the first quarter. Rakuten Securities Inc. now owns 476 shares of the technology company’s stock worth $30,000 after purchasing an additional 296 shares during the last quarter. Jones Financial Companies Lllp boosted its position in Lumentum by 54.2% during the fourth quarter. Jones Financial Companies Lllp now owns 370 shares of the technology company’s stock worth $31,000 after purchasing an additional 130 shares in the last quarter. Golden State Wealth Management LLC grew its holdings in Lumentum by 103.2% in the first quarter. Golden State Wealth Management LLC now owns 512 shares of the technology company’s stock valued at $32,000 after purchasing an additional 260 shares during the last quarter. Finally, CoreCap Advisors LLC increased its position in shares of Lumentum by 2,235.3% in the fourth quarter. CoreCap Advisors LLC now owns 397 shares of the technology company’s stock valued at $33,000 after buying an additional 380 shares in the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

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.