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

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

Several other brokerages have also recently issued reports on LITE. B. Riley upped their target price on Lumentum from $65.00 to $73.00 and gave the company a "neutral" rating in a report on Wednesday, June 4th. Northland Securities set a $80.00 target price on Lumentum in a report on Wednesday, May 7th. Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Barclays set a $75.00 target price on Lumentum and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, Morgan Stanley upped their target price on Lumentum from $70.00 to $76.00 and gave the company an "equal weight" rating in a report on Wednesday, June 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $84.93.

Lumentum Stock Performance

Shares of Lumentum stock traded up $3.14 on Thursday, reaching $85.50. 1,996,962 shares of the stock were exchanged, compared to its average volume of 2,059,766. 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 twelve month low of $38.29 and a twelve month high of $104.00. The firm has a market capitalization of $5.93 billion, a price-to-earnings ratio of -11.12 and a beta of 1.28. The business has a 50 day moving average price of $67.24 and a two-hundred day moving average price of $75.00.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its quarterly 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. Lumentum had a negative return on equity of 7.25% and a negative net margin of 36.98%. The company had revenue of $425.20 million during the quarter, compared to the consensus estimate of $418.18 million. During the same period in the previous year, the company posted $0.09 earnings per share. Lumentum's revenue for the quarter was up 16.0% on a year-over-year basis. Analysts anticipate that Lumentum will post 0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Alan S. Lowe sold 10,000 shares of Lumentum stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $83.58, for a total transaction of $835,800.00. Following the transaction, the director now directly owns 270,471 shares in the company, valued at approximately $22,605,966.18. This trade represents a 3.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Wajid Ali sold 2,222 shares of Lumentum stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total value of $185,714.76. Following the transaction, the chief financial officer now owns 47,460 shares in the company, valued at approximately $3,966,706.80. This trade represents 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 26,520 shares of company stock valued at $2,103,278 in the last quarter. Insiders own 0.19% of the company's stock.

Institutional Investors Weigh In On Lumentum

Large investors have recently modified their holdings of the stock. Empowered Funds LLC purchased a new stake in shares of Lumentum during the fourth quarter worth $626,000. Louisiana State Employees Retirement System raised its holdings in shares of Lumentum by 1.6% during the fourth quarter. Louisiana State Employees Retirement System now owns 19,100 shares of the technology company's stock worth $1,603,000 after acquiring an additional 300 shares in the last quarter. Legato Capital Management LLC purchased a new stake in shares of Lumentum during the fourth quarter worth $1,188,000. Manchester Capital Management LLC raised its holdings in shares of Lumentum by 22.6% during the fourth quarter. Manchester Capital Management LLC now owns 1,029 shares of the technology company's stock worth $86,000 after acquiring an additional 190 shares in the last quarter. Finally, Peregrine Investment Management Inc. purchased a new stake in shares of Lumentum during the fourth quarter worth $7,252,000. 94.05% of the stock is owned by 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.