Lumentum (NASDAQ:LITE) Price Target Lowered to $73.00 at JPMorgan Chase & Co.

Lumentum (NASDAQ:LITE) had its target price lowered by JPMorgan Chase & Co. from $105.00 to $73.00 in a research note issued to investors on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the technology company’s stock.

LITE has been the topic of a number of other research reports. Needham & Company LLC reiterated a “buy” rating and issued a $110.00 price target on shares of Lumentum in a research report on Friday, February 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $110.00 target price on shares of Lumentum in a report on Friday, February 7th. Jefferies Financial Group assumed coverage on shares of Lumentum in a report on Friday, February 21st. They set a “buy” rating for the company. Northland Securities raised shares of Lumentum from a “market perform” rating to an “outperform” rating in a research note on Monday, April 7th. Finally, Barclays raised shares of Lumentum from an “underweight” rating to an “overweight” rating and lifted their target price for the stock from $80.00 to $125.00 in a research note on Friday, January 17th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Lumentum presently has a consensus rating of “Moderate Buy” and an average price target of $87.93.

Lumentum Stock Performance

Lumentum stock opened at $52.00 on Thursday. The business has a 50 day moving average of $64.81 and a 200-day moving average of $75.41. The company has a market capitalization of $3.60 billion, a P/E ratio of -6.76 and a beta of 1.14. Lumentum has a 1 year low of $38.29 and a 1 year high of $104.00. The company has a debt-to-equity ratio of 2.94, a current ratio of 4.76 and a quick ratio of 3.60.

Lumentum (NASDAQ:LITE) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. On average, equities research analysts predict that Lumentum will post 0.03 earnings per share for the current year.

Insider Activity at Lumentum

In related news, CFO Wajid Ali sold 2,172 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $78.34, for a total value of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares in the company, valued at $4,071,799.84. This trade represents a 4.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of LITE. UMB Bank n.a. raised its holdings in shares of Lumentum by 301.2% in the 4th quarter. UMB Bank n.a. now owns 337 shares of the technology company’s stock worth $28,000 after acquiring an additional 253 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of Lumentum by 54.2% in 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 during the last quarter. CoreCap Advisors LLC lifted its holdings 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 purchasing an additional 380 shares in the last quarter. J.Safra Asset Management Corp boosted its position in shares of Lumentum by 31.1% during the fourth quarter. J.Safra Asset Management Corp now owns 514 shares of the technology company’s stock valued at $43,000 after buying an additional 122 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in 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 buying an additional 164 shares in the last quarter. Institutional investors and hedge funds own 94.05% of the company’s stock.

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.