Lumen Technologies (NYSE:LUMN) Stock Price Target Cut by The Goldman Sachs Group

Lumen Technologies (NYSE:LUMN) had its target price reduced by The Goldman Sachs Group from $7.25 to $5.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. The Goldman Sachs Group‘s target price would indicate a potential upside of 25.31% from the stock’s previous close.

LUMN has been the topic of a number of other research reports. Citigroup decreased their price target on Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. Wells Fargo & Company dropped their price objective on Lumen Technologies from $7.50 to $5.00 and set an “equal weight” rating for the company in a research report on Thursday. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a research note on Friday, July 17th. Finally, Moffett Nathanson upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and set a $4.00 target price on the stock in a research report on Friday, October 30th. Ten analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $6.19.

Lumen Technologies Stock Performance

Shares of NYSE LUMN traded up $0.01 during trading hours on Thursday, hitting $3.99. 18,133,250 shares of the stock were exchanged, compared to its average volume of 13,753,093. The company’s fifty day simple moving average is $5.58 and its two-hundred day simple moving average is $7.15. The company has a market cap of $4.11 billion, a PE ratio of -3.91 and a beta of 1.94. Lumen Technologies has a 1-year low of $3.84 and a 1-year high of $11.39.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings data on Wednesday, November 4th. The technology company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.23) by $0.09. The firm had revenue of $2.71 billion for the quarter, compared to analyst estimates of $2.73 billion. As a group, sell-side analysts expect that Lumen Technologies will post -0.54 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in LUMN. Legal & General Group Plc bought a new stake in Lumen Technologies during the 2nd quarter worth approximately $18,541,000. Hsbc Holdings PLC raised its stake in shares of Lumen Technologies by 10.5% during the second quarter. Hsbc Holdings PLC now owns 9,685,625 shares of the technology company’s stock valued at $74,242,000 after acquiring an additional 919,605 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Lumen Technologies during the second quarter valued at $2,513,000. The Manufacturers Life Insurance Company acquired a new position in shares of Lumen Technologies during the second quarter worth $3,980,000. Finally, Congress Asset Management Co. lifted its holdings in shares of Lumen Technologies by 21.3% during the third quarter. Congress Asset Management Co. now owns 1,191,427 shares of the technology company’s stock worth $6,672,000 after purchasing an additional 209,416 shares during the period. Institutional investors and hedge funds own 66.19% of the company’s stock.

More Lumen Technologies News

Here are the key news stories impacting Lumen Technologies this week:

• Positive Sentiment: Strategic revenue rose about 10% and reached 55% of total revenue, reflecting demand tied to AI and Lumen’s Network-as-a-Service business. Management also reaffirmed full-year adjusted EBITDA guidance. Earnings call highlights
• Positive Sentiment: Q3 adjusted loss of $0.14 per share was smaller than analysts expected, providing a bottom-line beat despite softer sales. Why Lumen sank
• Neutral Sentiment: Citigroup lowered its price target to $5.50 from $8.25 and JPMorgan cut its target to $6 from $7; both maintained neutral ratings. Their targets remain above LUMN’s recent $3.99 price, but the reductions signal more cautious expectations. Citigroup ratings JPMorgan ratings
• Negative Sentiment: Revenue fell and came in below consensus, while free cash flow turned negative. These trends highlight ongoing pressure in Lumen’s legacy business and help explain the stock’s weakness following results.
• Negative Sentiment: Other firms also reduced targets: Goldman Sachs and Wells Fargo to $5, TD Cowen to $8, and all retained neutral, equal-weight or hold ratings. The broad repricing may reinforce investor caution even though the revised targets imply upside from the recent share price.

About Lumen Technologies

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.