Lumentum (NASDAQ:LITE) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report issued on Thursday, MarketBeat.com reports. The firm presently has a $80.00 target price on the technology company’s stock. JPMorgan Chase & Co.’s price target would suggest a potential upside of 37.22% from the stock’s previous close.

LITE has been the topic of a number of other research reports. Loop Capital lowered their target price on Lumentum to $73.00 and set a “buy” rating on the stock in a report on Tuesday, August 7th. ValuEngine downgraded Lumentum from a “hold” rating to a “sell” rating in a report on Friday, July 20th. DA Davidson increased their target price on Lumentum from $92.00 to $98.00 and gave the company a “buy” rating in a report on Thursday, August 9th. BidaskClub raised Lumentum from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 28th. Finally, Northland Securities increased their target price on Lumentum from $86.00 to $90.00 and gave the company an “outperform” rating in a report on Monday, October 1st. Three equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $79.95.

LITE stock opened at $58.30 on Thursday. Lumentum has a fifty-two week low of $41.95 and a fifty-two week high of $74.40. The company has a debt-to-equity ratio of 0.36, a quick ratio of 4.55 and a current ratio of 5.27. The stock has a market capitalization of $3.80 billion, a price-to-earnings ratio of 17.99, a PEG ratio of 0.91 and a beta of 0.19.

Lumentum (NASDAQ:LITE) last posted its earnings results on Wednesday, August 8th. The technology company reported $0.95 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.30. Lumentum had a return on equity of 25.10% and a net margin of 19.86%. The company had revenue of $301.10 million for the quarter, compared to the consensus estimate of $288.56 million. During the same quarter in the prior year, the company earned $0.39 earnings per share. Lumentum’s revenue was up 35.2% on a year-over-year basis. On average, equities analysts predict that Lumentum will post 3.66 earnings per share for the current year.

In other news, SVP Judy G. Hamel sold 2,495 shares of the firm’s stock in a transaction dated Wednesday, August 22nd. The stock was sold at an average price of $63.21, for a total value of $157,708.95. Following the transaction, the senior vice president now owns 34,138 shares of the company’s stock, valued at $2,157,862.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Matthew Joseph Sepe sold 1,466 shares of the firm’s stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $58.38, for a total value of $85,585.08. Following the completion of the transaction, the insider now directly owns 17,898 shares in the company, valued at approximately $1,044,885.24. The disclosure for this sale can be found here. Insiders sold 10,690 shares of company stock worth $670,238 in the last ninety days. Corporate insiders own 0.55% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in Lumentum by 13.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 727,722 shares of the technology company’s stock valued at $46,429,000 after purchasing an additional 84,905 shares during the period. Principal Financial Group Inc. raised its stake in Lumentum by 3.0% during the 1st quarter. Principal Financial Group Inc. now owns 484,914 shares of the technology company’s stock valued at $30,937,000 after purchasing an additional 14,013 shares during the period. Profund Advisors LLC raised its stake in Lumentum by 22.2% during the 1st quarter. Profund Advisors LLC now owns 12,532 shares of the technology company’s stock valued at $800,000 after purchasing an additional 2,280 shares during the period. Commonwealth Equity Services LLC raised its stake in Lumentum by 210.4% during the 1st quarter. Commonwealth Equity Services LLC now owns 26,096 shares of the technology company’s stock valued at $1,664,000 after purchasing an additional 17,689 shares during the period. Finally, UBS Group AG raised its stake in Lumentum by 95.1% during the 1st quarter. UBS Group AG now owns 119,124 shares of the technology company’s stock valued at $7,600,000 after purchasing an additional 58,059 shares during the period.

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 and Commercial Lasers. The Optical Communications segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and text data over high-capacity fiber optic cables.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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