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

Lumentum (NASDAQ:LITE) had its target price boosted by JPMorgan Chase & Co. from $57.00 to $65.00 in a report published on Monday, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

LITE has been the subject of several other research reports. Barclays decreased their target price on Lumentum from $40.00 to $38.00 and set an underweight rating for the company in a research report on Tuesday, May 7th. Susquehanna upped their target price on Lumentum from $60.00 to $70.00 and gave the stock a positive rating in a research report on Wednesday, July 17th. B. Riley decreased their target price on Lumentum from $41.00 to $40.00 and set a neutral rating for the company in a research report on Tuesday, May 7th. StockNews.com raised Lumentum to a sell rating in a research report on Monday, May 6th. Finally, Needham & Company LLC decreased their target price on Lumentum from $60.00 to $55.00 and set a buy rating for the company in a research report on Monday, May 20th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $53.75.

Lumentum Price Performance

LITE stock opened at $45.53 on Monday. The stock has a 50-day moving average price of $50.26 and a two-hundred day moving average price of $48.24. Lumentum has a 12-month low of $35.35 and a 12-month high of $60.99. The company has a current ratio of 5.20, a quick ratio of 3.87 and a debt-to-equity ratio of 2.13. The company has a market cap 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 Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of LITE. International Assets Investment Management LLC acquired a new stake in Lumentum during the fourth quarter valued at approximately $1,379,000. Louisiana State Employees Retirement System acquired a new stake in shares of Lumentum during the 4th quarter worth approximately $985,000. Phocas Financial Corp. acquired a new stake in shares of Lumentum during the 4th quarter worth approximately $3,684,000. CloudAlpha Capital Management Limited Hong Kong acquired a new stake in shares of Lumentum during the 4th quarter worth approximately $5,504,000. Finally, State of New Jersey Common Pension Fund D raised its position in shares of Lumentum by 30.6% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 59,161 shares of the technology company’s stock worth $3,101,000 after purchasing an additional 13,871 shares during the period. 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.