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

Lumentum (NASDAQ:LITE) had its price target upped by equities research analysts at JPMorgan Chase & Co. from $57.00 to $65.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 44.51% from the company’s previous close.

LITE has been the subject of a number of other research reports. Susquehanna boosted their target price on Lumentum from $60.00 to $70.00 and gave the company a “positive” rating in a research note on Wednesday, July 17th. Needham & Company LLC dropped their price objective on 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 report on Monday, May 6th. B. Riley lowered their price target on shares of Lumentum from $41.00 to $40.00 and set a “neutral” rating for the company in a report on Tuesday, May 7th. Finally, Barclays cut their price target on shares of Lumentum from $40.00 to $38.00 and set an “underweight” rating on the stock in a report on Tuesday, May 7th. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, Lumentum has an average rating of “Hold” and an average price target of $53.75.

Lumentum Trading Up 4.0 %

NASDAQ:LITE traded up $1.73 during trading hours on Monday, reaching $44.98. The company’s stock had a trading volume of 893,069 shares, compared to its average volume of 1,317,094. 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 firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of -8.57, a PEG ratio of 39.11 and a beta of 0.88. The firm has a 50-day simple moving average of $50.18 and a 200-day simple moving average of $48.40. Lumentum has a 1 year low of $35.35 and a 1 year high of $60.99.

Institutional Investors Weigh In On Lumentum

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Lumentum by 6.5% during the fourth quarter. Vanguard Group Inc. now owns 7,196,205 shares of the technology company’s stock valued at $377,225,000 after buying an additional 442,177 shares during the period. Duality Advisers LP bought a new stake in Lumentum during the first quarter worth about $1,307,000. Retirement Systems of Alabama grew its holdings in Lumentum by 13.9% in the first quarter. Retirement Systems of Alabama now owns 357,452 shares of the technology company’s stock worth $16,925,000 after purchasing an additional 43,687 shares during the period. International Assets Investment Management LLC bought a new position in shares of Lumentum during the fourth quarter valued at approximately $1,379,000. Finally, John G Ullman & Associates Inc. increased its stake in shares of Lumentum by 26.0% during the first quarter. John G Ullman & Associates Inc. now owns 73,973 shares of the technology company’s stock valued at $3,503,000 after purchasing an additional 15,282 shares in the last quarter. 94.05% of the stock is currently 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.