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

Lumentum (NASDAQ:LITE - Get Free Report) had its price objective decreased by investment analysts at JPMorgan Chase & Co. from $105.00 to $73.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s target price points to a potential upside of 41.74% from the stock's previous close.

Other analysts have also issued reports about the stock. BNP Paribas upgraded shares of Lumentum from a "neutral" rating to an "outperform" rating and set a $92.00 target price for the company in a report on Tuesday, March 11th. Needham & Company LLC reiterated a "buy" rating and issued a $110.00 price objective on shares of Lumentum in a research report on Friday, February 7th. Northland Capmk upgraded Lumentum from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. B. Riley lifted their price target on shares of Lumentum from $62.00 to $75.00 and gave the company a "neutral" rating in a report on Friday, February 7th. Finally, UBS Group upped their price objective on shares of Lumentum from $93.00 to $96.00 and gave the stock a "neutral" rating in a report on Friday, February 7th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $84.27.

Lumentum Trading Up 2.9 %

Shares of NASDAQ:LITE traded up $1.43 on Thursday, reaching $51.50. 644,146 shares of the company traded hands, compared to its average volume of 1,874,633. Lumentum has a 52 week low of $38.29 and a 52 week high of $104.00. 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 business's 50-day simple moving average is $63.67 and its 200 day simple moving average is $75.35. The stock has a market capitalization of $3.56 billion, a P/E ratio of -6.69 and a beta of 1.14.

Lumentum (NASDAQ:LITE - Get Free Report) last released its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.41). Lumentum had a negative net margin of 36.98% and a negative return on equity of 7.25%. As a group, equities analysts anticipate that Lumentum will post 0.03 EPS for the current fiscal year.

Insiders Place Their Bets

In other 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 transaction of $170,154.48. Following the transaction, the chief financial officer now directly owns 51,976 shares of the company's stock, valued at $4,071,799.84. This represents a 4.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.19% of the stock is owned by insiders.

Institutional Trading of Lumentum

A number of hedge funds have recently bought and sold shares of the company. Blue Trust Inc. increased its position in shares of Lumentum by 1,372.0% during the 1st quarter. Blue Trust Inc. now owns 3,209 shares of the technology company's stock valued at $200,000 after purchasing an additional 2,991 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Lumentum by 3.4% during the 1st quarter. State of Alaska Department of Revenue now owns 8,103 shares of the technology company's stock worth $505,000 after acquiring an additional 270 shares during the last quarter. Rakuten Securities Inc. grew its position in shares of Lumentum by 164.4% during the 1st quarter. Rakuten Securities Inc. now owns 476 shares of the technology company's stock valued at $30,000 after acquiring an additional 296 shares during the period. Assenagon Asset Management S.A. raised its holdings in Lumentum by 27.4% in the 1st quarter. Assenagon Asset Management S.A. now owns 41,334 shares of the technology company's stock worth $2,577,000 after purchasing an additional 8,901 shares during the period. Finally, GAMMA Investing LLC lifted its position in Lumentum by 72.1% during the first quarter. GAMMA Investing LLC now owns 2,051 shares of the technology company's stock valued at $128,000 after purchasing an additional 859 shares in the last quarter. Hedge funds and other institutional investors own 94.05% of the company's stock.

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.