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

Lumentum (NASDAQ:LITE) had its target price cut by analysts at JPMorgan Chase & Co. from $105.00 to $73.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 40.96% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. BNP Paribas upgraded shares of Lumentum from a “neutral” rating to an “outperform” rating and set a $92.00 price objective on the stock in a research report on Tuesday, March 11th. Morgan Stanley reduced their price target on Lumentum from $83.00 to $81.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. UBS Group increased their price objective on shares of Lumentum from $93.00 to $96.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Raymond James upgraded shares of Lumentum from an “outperform” rating to a “strong-buy” rating and dropped their price target for the stock from $96.00 to $82.00 in a research note on Monday, March 24th. Finally, Northland Securities upgraded Lumentum from a “market perform” rating to an “outperform” rating in a research report on Monday, April 7th. Two analysts have rated the stock with a sell rating, three have given a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Lumentum has a consensus rating of “Moderate Buy” and an average price target of $87.93.

Lumentum Price Performance

LITE opened at $51.79 on Thursday. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of -6.73 and a beta of 1.14. The company has a quick ratio of 3.60, a current ratio of 4.76 and a debt-to-equity ratio of 2.94. The firm has a 50-day moving average price of $65.41 and a 200-day moving average price of $75.49. Lumentum has a twelve month low of $38.29 and a twelve month high of $104.00.

Lumentum (NASDAQ:LITE) last released its quarterly earnings data on Thursday, February 13th. The technology company reported ($0.14) EPS 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%. Equities analysts expect that Lumentum will post 0.03 EPS for the current year.

Insider Activity

In other Lumentum news, CFO Wajid Ali sold 2,172 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 51,976 shares in the company, valued at approximately $4,071,799.84. The trade was a 4.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Lumentum

A number of institutional investors have recently bought and sold shares of the company. Capital World Investors increased its holdings in Lumentum by 108.3% in the 4th quarter. Capital World Investors now owns 3,600,132 shares of the technology company’s stock valued at $302,231,000 after purchasing an additional 1,871,572 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Lumentum by 1.4% during the fourth quarter. Alliancebernstein L.P. now owns 1,711,956 shares of the technology company’s stock worth $143,719,000 after acquiring an additional 23,136 shares during the period. Nuveen Asset Management LLC grew its stake in Lumentum by 98.9% during the 4th quarter. Nuveen Asset Management LLC now owns 1,228,371 shares of the technology company’s stock worth $103,122,000 after purchasing an additional 610,938 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Lumentum by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 1,195,605 shares of the technology company’s stock valued at $100,402,000 after buying an additional 9,442 shares during the period. Finally, Fuller & Thaler Asset Management Inc. increased its stake in shares of Lumentum by 8.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 838,289 shares of the technology company’s stock worth $70,374,000 after buying an additional 62,937 shares during the period. 94.05% of the stock is owned by hedge funds and other 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.