Lumen Technologies (NYSE:LUMN) Upgraded by Wells Fargo & Company to “Equal Weight” Rating

Wells Fargo & Company upgraded shares of Lumen Technologies (NYSE:LUMN) from an underweight rating to an equal weight rating in a research note released on Friday, Marketbeat Ratings reports. Wells Fargo & Company currently has $5.00 price target on the technology company’s stock.

Other equities analysts have also issued research reports about the company. TD Cowen lowered their price target on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Citigroup lifted their target price on shares of Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a report on Friday, November 29th. Royal Bank of Canada reiterated a “sector perform” rating and set a $4.25 price target on shares of Lumen Technologies in a report on Monday, February 10th. Finally, The Goldman Sachs Group boosted their price objective on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $4.78.

Lumen Technologies Price Performance

Shares of LUMN opened at $4.68 on Friday. Lumen Technologies has a fifty-two week low of $0.97 and a fifty-two week high of $10.33. The firm’s 50-day simple moving average is $5.34 and its two-hundred day simple moving average is $6.18. The stock has a market cap of $4.74 billion, a PE ratio of -93.48 and a beta of 1.28. The company has a debt-to-equity ratio of 37.70, a quick ratio of 1.20 and a current ratio of 1.21.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings data on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.14. Lumen Technologies had a negative return on equity of 46.17% and a negative net margin of 0.42%. Analysts anticipate that Lumen Technologies will post -0.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lumen Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in LUMN. Concord Wealth Partners raised its stake in Lumen Technologies by 98.8% during the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after buying an additional 1,992 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in shares of Lumen Technologies in the third quarter worth $30,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Lumen Technologies in the third quarter valued at about $36,000. Allspring Global Investments Holdings LLC purchased a new position in Lumen Technologies in the third quarter worth about $46,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of Lumen Technologies by 173.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 6,745 shares of the technology company’s stock valued at $36,000 after purchasing an additional 4,277 shares during the period. 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.