Lumentum (NASDAQ:LITE) Given New $145.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has raised the price target for Lumentum (NASDAQ:LITE) from $123.00 to $145.00, indicating a potential upside of 26.65% from its current price.
• Multiple analysts have recently upgraded their ratings or price targets for Lumentum, with the average price target now at $116.47 and a consensus rating of "Moderate Buy."
• Lumentum reported a quarterly earnings per share of $0.88, exceeding expectations and marking a 55.9% increase in year-over-year revenue.

Lumentum (NASDAQ:LITE - Get Free Report) had its target price raised by investment analysts at JPMorgan Chase & Co. from $123.00 to $145.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s target price would indicate a potential upside of 25.15% from the stock's current price.

Other research analysts also recently issued research reports about the stock. UBS Group restated a "neutral" rating and issued a $130.00 price target (up previously from $78.00) on shares of Lumentum in a research report on Wednesday. Barclays lifted their price objective on shares of Lumentum from $75.00 to $135.00 and gave the company an "overweight" rating in a research note on Wednesday. Rosenblatt Securities restated a "buy" rating and set a $150.00 price target on shares of Lumentum in a research note on Thursday. B. Riley boosted their price target on shares of Lumentum from $73.00 to $83.00 and gave the company a "neutral" rating in a research note on Wednesday. Finally, Morgan Stanley upped their target price on shares of Lumentum from $92.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $124.00.

Lumentum Stock Performance

NASDAQ LITE traded up $1.24 on Thursday, hitting $115.86. 3,164,639 shares of the stock were exchanged, compared to its average volume of 2,892,331. The company has a market capitalization of $8.04 billion, a PE ratio of 503.74 and a beta of 1.33. The business's fifty day moving average is $98.59 and its 200 day moving average is $78.85. Lumentum has a 52 week low of $45.65 and a 52 week high of $129.98. The company has a debt-to-equity ratio of 2.26, a current ratio of 4.37 and a quick ratio of 3.53.

Lumentum (NASDAQ:LITE - Get Free Report) last released its earnings results on Tuesday, August 12th. The technology company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.79 by $0.09. Lumentum had a net margin of 1.57% and a negative return on equity of 3.02%. The firm had revenue of $480.70 million for the quarter, compared to analyst estimates of $465.27 million. During the same period last year, the firm earned $0.06 EPS. The business's quarterly revenue was up 55.9% compared to the same quarter last year. Research analysts anticipate that Lumentum will post 0.03 EPS for the current fiscal year.

Insider Transactions at Lumentum

In related news, insider Vincent Retort sold 22,719 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was sold at an average price of $110.00, for a total transaction of $2,499,090.00. Following the transaction, the insider owned 121,747 shares in the company, valued at $13,392,170. This trade represents a 15.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Wajid Ali sold 2,222 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total value of $185,714.76. Following the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 76,000 shares of company stock worth $7,260,909 over the last quarter. 0.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lumentum

Hedge funds have recently bought and sold shares of the company. PointState Capital LP purchased a new position in Lumentum during the first quarter worth $213,503,000. Capital World Investors increased its position in Lumentum by 108.3% during the fourth quarter. Capital World Investors now owns 3,600,132 shares of the technology company's stock worth $302,231,000 after buying an additional 1,871,572 shares in the last quarter. Hood River Capital Management LLC increased its position in Lumentum by 82.1% during the second quarter. Hood River Capital Management LLC now owns 2,206,453 shares of the technology company's stock worth $209,745,000 after buying an additional 994,551 shares in the last quarter. Analog Century Management LP purchased a new position in Lumentum during the first quarter worth $60,348,000. Finally, Norges Bank purchased a new position in Lumentum during the second quarter worth $82,983,000. 94.05% of the stock is owned by hedge funds and other institutional investors.

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.