The Goldman Sachs Group Raises Lumen Technologies (NYSE:LUMN) Price Target to $4.50

Lumen Technologies (NYSE:LUMN) had its price objective hoisted by The Goldman Sachs Group from $4.00 to $4.50 in a report issued on Friday morning, Benzinga reports. They currently have a neutral rating on the technology company’s stock.

LUMN has been the topic of a number of other reports. UBS Group boosted their price target on shares of Lumen Technologies from $1.50 to $5.00 and gave the stock a neutral rating in a research note on Wednesday, August 7th. Moffett Nathanson boosted their price target on shares of Lumen Technologies from $1.00 to $3.00 and gave the stock a sell rating in a research note on Wednesday, August 7th. Bank of America boosted their price objective on 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. raised Lumen Technologies from an underweight rating to a neutral rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company downgraded Lumen Technologies from an equal weight rating to an underweight rating and boosted their price objective for the stock from $1.75 to $4.00 in a research report on Friday, August 16th. Three analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to data from MarketBeat, Lumen Technologies has an average rating of Hold and a consensus price target of $4.09.

Lumen Technologies Stock Up 1.5 %

Shares of LUMN opened at $6.78 on Friday. The firm has a market cap of $6.88 billion, a P/E ratio of -0.62 and a beta of 1.19. Lumen Technologies has a 12-month low of $0.78 and a 12-month high of $7.83. The company’s 50-day moving average price is $5.62 and its 200 day moving average price is $2.81. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 39.51.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.07). The company had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.25 billion. Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The firm’s quarterly revenue was down 10.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.10 earnings per share. On average, sell-side analysts forecast that Lumen Technologies will post -0.17 earnings per share for the current year.

Insider Activity at Lumen Technologies

In other news, Director James Fowler acquired 10,000 shares of Lumen Technologies stock in a transaction on Tuesday, September 3rd. The stock was bought at an average price of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the purchase, the director now owns 384,056 shares in the company, valued at $1,805,063.20. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.68% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lumen Technologies

Several large investors have recently modified their holdings of the stock. Xponance Inc. raised its stake in shares of Lumen Technologies by 4.0% during the second quarter. Xponance Inc. now owns 64,444 shares of the technology company’s stock worth $71,000 after purchasing an additional 2,487 shares during the last quarter. Arizona State Retirement System raised its position in Lumen Technologies by 2.0% in the second quarter. Arizona State Retirement System now owns 282,687 shares of the technology company’s stock worth $311,000 after acquiring an additional 5,418 shares in the last quarter. Texas Permanent School Fund Corp raised its position in Lumen Technologies by 0.9% in the second quarter. Texas Permanent School Fund Corp now owns 888,228 shares of the technology company’s stock worth $977,000 after acquiring an additional 7,922 shares in the last quarter. Sawgrass Asset Management LLC raised its position in Lumen Technologies by 68.5% in the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock worth $25,000 after acquiring an additional 9,263 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in Lumen Technologies by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 509,861 shares of the technology company’s stock worth $561,000 after acquiring an additional 9,922 shares in the last quarter. Hedge funds and other institutional investors own 66.19% of the company’s stock.

About Lumen Technologies

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.