Lumen Technologies (NYSE:LUMN) Price Target Raised to $8.00

Lumen Technologies (NYSE:LUMN) had its price objective boosted by Citigroup from $6.50 to $8.00 in a report published on Friday,Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

Several other research analysts have also recently weighed in on the stock. Bank of America boosted their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. upgraded Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. Moffett Nathanson lifted their price objective on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a research report on Wednesday, August 7th. Wells Fargo & Company downgraded shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and upped their target price for the company from $1.75 to $4.00 in a research report on Friday, August 16th. Finally, The Goldman Sachs Group lifted their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to data from MarketBeat, Lumen Technologies currently has an average rating of “Hold” and an average price target of $4.71.

Lumen Technologies Price Performance

Lumen Technologies stock opened at $7.34 on Friday. The business’s fifty day moving average is $7.25 and its two-hundred day moving average is $4.47. The company has a debt-to-equity ratio of 53.05, a quick ratio of 1.20 and a current ratio of 1.20. The firm has a market cap of $7.45 billion, a P/E ratio of -3.38 and a beta of 1.21. Lumen Technologies has a 52 week low of $0.97 and a 52 week high of $10.33.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.21 billion. During the same period in the prior year, the company earned ($0.09) EPS. The firm’s revenue was down 11.5% compared to the same quarter last year. Equities research analysts forecast that Lumen Technologies will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Lumen Technologies news, Director James Fowler bought 10,000 shares of Lumen Technologies stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the acquisition, the director now owns 384,056 shares in the company, valued at approximately $1,805,063.20. The trade was a 2.67 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 1.68% of the stock is owned by insiders.

Institutional Investors Weigh In On Lumen Technologies

A number of hedge funds have recently modified their holdings of LUMN. Vanguard Group Inc. lifted its stake in Lumen Technologies by 1.7% in the first quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock valued at $187,673,000 after buying an additional 1,975,400 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Lumen Technologies by 4.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 827,518 shares of the technology company’s stock valued at $1,291,000 after acquiring an additional 36,559 shares in the last quarter. SG Americas Securities LLC boosted its stake in Lumen Technologies by 527.6% in the 2nd quarter. SG Americas Securities LLC now owns 399,656 shares of the technology company’s stock worth $440,000 after purchasing an additional 335,971 shares during the period. Sawgrass Asset Management LLC raised its stake in shares of Lumen Technologies by 68.5% in the 2nd quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock valued at $25,000 after purchasing an additional 9,263 shares during the period. Finally, Fifth Third Wealth Advisors LLC bought a new position in shares of Lumen Technologies during the second quarter worth about $33,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Company Profile

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.