Lumentum (NASDAQ:LITE) Shares Up 4.5% After Analyst Upgrade

Lumentum Holdings Inc. (NASDAQ:LITE - Get Free Report) was up 4.5% on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $87.00 to $100.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Lumentum traded as high as $86.42 and last traded at $86.10. Approximately 939,659 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 2,051,941 shares. The stock had previously closed at $82.36.

A number of other research analysts have also weighed in on the company. Barclays set a $75.00 target price on Lumentum and gave the company an "overweight" rating in a report on Wednesday, May 7th. B. Riley raised their price objective on Lumentum from $65.00 to $73.00 and gave the company a "neutral" rating in a research note on Wednesday, June 4th. Morgan Stanley lifted their price objective on shares of Lumentum from $70.00 to $76.00 and gave the stock an "equal weight" rating in a report on Wednesday, June 4th. UBS Group lowered their target price on shares of Lumentum from $96.00 to $78.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. Finally, Stifel Nicolaus boosted their price target on shares of Lumentum from $85.00 to $100.00 and gave the stock a "buy" rating in a report on Thursday, June 5th. One 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 given a strong buy rating to the company. Based on data from MarketBeat.com, Lumentum presently has an average rating of "Moderate Buy" and an average price target of $84.93.

Insider Activity

In other news, Director Alan S. Lowe sold 10,000 shares of Lumentum stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $83.58, for a total value of $835,800.00. Following the completion of the transaction, the director now owns 270,471 shares in the company, valued at $22,605,966.18. This trade represents a 3.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Wajid Ali sold 2,222 shares of the business's 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 completion of the sale, the chief financial officer now directly owns 47,460 shares in the company, valued at approximately $3,966,706.80. This trade represents a 4.47% decrease in their position. 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. Company insiders own 0.19% of the company's stock.

Institutional Trading of Lumentum

A number of hedge funds and other institutional investors have recently made changes to their positions in LITE. Strs Ohio purchased a new position in Lumentum during the 1st quarter valued at about $819,000. Empowered Funds LLC grew its stake in Lumentum by 9.1% during the first quarter. Empowered Funds LLC now owns 8,139 shares of the technology company's stock valued at $507,000 after acquiring an additional 680 shares in the last quarter. United Services Automobile Association purchased a new position in Lumentum during the first quarter valued at approximately $279,000. Scientech Research LLC increased its holdings in Lumentum by 37.4% during the 1st quarter. Scientech Research LLC now owns 13,266 shares of the technology company's stock worth $827,000 after acquiring an additional 3,613 shares during the period. Finally, Petrus Trust Company LTA purchased a new stake in Lumentum in the 1st quarter worth approximately $428,000. 94.05% of the stock is currently owned by institutional investors.

Lumentum Stock Performance

The company's fifty day simple moving average is $67.24 and its 200 day simple moving average is $75.00. The company has a current ratio of 4.76, a quick ratio of 3.60 and a debt-to-equity ratio of 2.94. The stock has a market capitalization of $5.75 billion, a P/E ratio of -10.77 and a beta of 1.28.

Lumentum (NASDAQ:LITE - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.50 by $0.07. The business had revenue of $425.20 million for the quarter, compared to the consensus estimate of $418.18 million. Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. Lumentum's quarterly revenue was up 16.0% on a year-over-year basis. During the same period last year, the firm posted $0.09 earnings per share. As a group, sell-side analysts forecast that Lumentum Holdings Inc. will post 0.03 earnings per share for the current fiscal year.

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.