JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Lumentum (NASDAQ:LITE) Stock

Lumentum (NASDAQ:LITE - Get Free Report) had its target price lifted by stock analysts at JPMorgan Chase & Co. from $100.00 to $123.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 21.06% from the stock's previous close.

Several other analysts have also recently commented on the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $105.00 price objective on shares of Lumentum in a research note on Thursday, June 12th. Stifel Nicolaus raised their price objective on shares of Lumentum from $85.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, June 5th. Raymond James Financial raised their target price on shares of Lumentum from $80.00 to $90.00 and gave the company a "strong-buy" rating in a report on Wednesday, June 4th. Needham & Company LLC raised their target price on shares of Lumentum from $100.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, June 11th. Finally, Wolfe Research started coverage on shares of Lumentum in a report on Tuesday, July 8th. They set an "outperform" rating for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $87.07.

Lumentum Stock Performance

Lumentum stock traded up $1.98 during midday trading on Thursday, hitting $101.61. 1,793,561 shares of the company's stock were exchanged, compared to its average volume of 2,158,905. Lumentum has a 12-month low of $38.29 and a 12-month high of $104.00. The company has a debt-to-equity ratio of 2.91, a quick ratio of 3.53 and a current ratio of 4.72. The stock has a market cap of $7.05 billion, a price-to-earnings ratio of -15.76 and a beta of 1.34. The firm's 50 day simple moving average is $83.93 and its 200 day simple moving average is $75.64.

Lumentum (NASDAQ:LITE - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.50 by $0.07. Lumentum had a negative net margin of 29.87% and a negative return on equity of 8.69%. The company had revenue of $425.20 million during the quarter, compared to analysts' expectations of $418.18 million. During the same quarter last year, the business earned $0.09 EPS. The business's revenue was up 16.0% on a year-over-year basis. Equities research analysts predict that Lumentum will post 0.03 EPS for the current year.

Insider Buying and Selling at Lumentum

In other Lumentum news, CFO Wajid Ali sold 2,222 shares of Lumentum stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total transaction of $185,714.76. Following the transaction, the chief financial officer directly owned 47,460 shares of the company's stock, valued at $3,966,706.80. The trade was a 4.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Yuen Wupen sold 4,716 shares of Lumentum stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $76.87, for a total transaction of $362,518.92. Following the transaction, the insider directly owned 82,957 shares in the company, valued at approximately $6,376,904.59. This trade represents a 5.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 66,520 shares of company stock valued at $5,742,078. 0.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of LITE. Jones Financial Companies Lllp lifted its position in shares of 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. Quadrant Capital Group LLC lifted its position in shares of Lumentum by 27.2% during the fourth quarter. Quadrant Capital Group LLC now owns 766 shares of the technology company's stock worth $64,000 after purchasing an additional 164 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Lumentum by 1.3% during the first quarter. Oregon Public Employees Retirement Fund now owns 14,130 shares of the technology company's stock worth $881,000 after purchasing an additional 176 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Lumentum by 1.4% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,173 shares of the technology company's stock worth $1,274,000 after purchasing an additional 206 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in shares of Lumentum by 1.3% during the fourth quarter. Thrivent Financial for Lutherans now owns 16,165 shares of the technology company's stock worth $1,357,000 after purchasing an additional 213 shares in the last quarter. 94.05% of the stock is owned by institutional investors and hedge funds.

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.

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