JPMorgan Chase & Co. Raises Lumentum (NASDAQ:LITE) Price Target to $65.00

Lumentum (NASDAQ:LITE) had its price objective hoisted by JPMorgan Chase & Co. from $57.00 to $65.00 in a research report released on Monday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the technology company’s stock.

Several other research firms also recently weighed in on LITE. Needham & Company LLC reduced their target price on shares of Lumentum from $60.00 to $55.00 and set a buy rating for the company in a research note on Monday, May 20th. StockNews.com upgraded shares of Lumentum to a sell rating in a research note on Monday, May 6th. B. Riley reduced their target price on shares of Lumentum from $41.00 to $40.00 and set a neutral rating for the company in a research note on Tuesday, May 7th. Susquehanna lifted their target price on shares of Lumentum from $60.00 to $70.00 and gave the stock a positive rating in a research note on Wednesday, July 17th. Finally, Barclays reduced their target price on shares of Lumentum from $40.00 to $38.00 and set an underweight rating for the company in a research note on Tuesday, May 7th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Lumentum has an average rating of Hold and a consensus target price of $53.75.

Lumentum Stock Performance

NASDAQ LITE opened at $45.53 on Monday. Lumentum has a 52-week low of $35.35 and a 52-week high of $60.99. The company has a 50-day simple moving average of $50.26 and a 200 day simple moving average of $48.24. The company has a debt-to-equity ratio of 2.13, a quick ratio of 3.87 and a current ratio of 5.20. The company has a market capitalization of $3.08 billion, a PE ratio of -8.67, a price-to-earnings-growth ratio of 39.11 and a beta of 0.88.

Institutional Investors Weigh In On Lumentum

Several hedge funds have recently bought and sold shares of LITE. Bridge City Capital LLC increased its stake in shares of Lumentum by 0.7% in the first quarter. Bridge City Capital LLC now owns 32,607 shares of the technology company’s stock worth $1,544,000 after buying an additional 242 shares during the period. Janney Montgomery Scott LLC boosted its holdings in shares of Lumentum by 1.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 14,587 shares of the technology company’s stock valued at $691,000 after buying an additional 260 shares in the last quarter. Mcdonald Partners LLC boosted its stake in Lumentum by 1.6% in the 2nd quarter. Mcdonald Partners LLC now owns 19,830 shares of the technology company’s stock worth $1,010,000 after purchasing an additional 318 shares in the last quarter. Arizona State Retirement System boosted its stake in Lumentum by 2.5% in the 2nd quarter. Arizona State Retirement System now owns 18,868 shares of the technology company’s stock worth $961,000 after purchasing an additional 455 shares in the last quarter. Finally, Texas Permanent School Fund Corp lifted its stake in Lumentum by 0.9% during the 1st quarter. Texas Permanent School Fund Corp now owns 58,259 shares of the technology company’s stock valued at $2,759,000 after acquiring an additional 496 shares during the period. 94.05% of the stock is currently owned by institutional investors.

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.