Lumen Technologies, Inc. (NYSE:LUMN) Stock Has Average Target Price of $7.86

Lumen Technologies, Inc. (NYSE:LUMN) has been assigned an average recommendation of “Reduce” from the ten research firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation and nine have assigned a hold recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $7.86.

Several analysts recently commented on the stock. Wells Fargo & Company cut their target price on shares of Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating for the company in a research note on Wednesday, August 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. The Goldman Sachs Group decreased their price target on shares of Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating on the stock in a research report on Wednesday, August 5th. Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Finally, Citigroup dropped their price target on Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a report on Tuesday, August 11th.

Lumen Technologies Trading Up 0.4%

Shares of Lumen Technologies stock opened at $4.48 on Friday. The company’s 50-day moving average price is $6.01 and its two-hundred day moving average price is $7.30. Lumen Technologies has a 52 week low of $4.31 and a 52 week high of $11.95. The stock has a market cap of $4.62 billion, a PE ratio of -4.39 and a beta of 1.84.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.06. The business had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.74 billion. The business’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.03) EPS. On average, equities analysts predict that Lumen Technologies will post -0.54 EPS for the current fiscal year.

Insider Activity

In related news, CEO Kathleen Johnson bought 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were acquired at an average cost of $6.13 per share, for a total transaction of $613,000.00. Following the acquisition, the chief executive officer directly owned 100,000 shares of the company’s stock, valued at $613,000. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Lumen Technologies

Several hedge funds have recently modified their holdings of LUMN. Robertson Stephens Wealth Management LLC raised its stake in Lumen Technologies by 151.5% during the 3rd quarter. Robertson Stephens Wealth Management LLC now owns 106,024 shares of the technology company’s stock valued at $594,000 after purchasing an additional 63,867 shares during the period. Avior Wealth Management LLC boosted its position in shares of Lumen Technologies by 7.4% in the third quarter. Avior Wealth Management LLC now owns 71,204 shares of the technology company’s stock worth $399,000 after buying an additional 4,933 shares during the period. Congress Asset Management Co. boosted its position in shares of Lumen Technologies by 21.3% in the third quarter. Congress Asset Management Co. now owns 1,191,427 shares of the technology company’s stock worth $6,672,000 after buying an additional 209,416 shares during the period. Envestnet Portfolio Solutions Inc. boosted its position in shares of Lumen Technologies by 2.5% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 122,070 shares of the technology company’s stock worth $937,000 after buying an additional 2,936 shares during the period. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Lumen Technologies by 55.4% during the second quarter. Envestnet Asset Management Inc. now owns 65,258 shares of the technology company’s stock valued at $501,000 after buying an additional 23,259 shares in the last quarter. 66.19% of the stock is owned by hedge funds and other institutional investors.

Lumen Technologies Company Profile

Lumen Technologies, Inc is a communications and technology company that provides network, connectivity, cloud, cybersecurity and managed services primarily to businesses, government organizations and wholesale customers. Its offerings include fiber-based internet and data transport, software-defined networking, network security, unified communications, voice services, edge computing and related information technology solutions.

The company operates one of the largest enterprise fiber networks in the United States and also serves customers internationally through its global network and wholesale operations.