Lumen Technologies (NYSE:LUMN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Lumen Technologies (NYSE:LUMN) from a sell rating to a hold rating in a research note published on Sunday morning.

Other analysts have also issued reports about the stock. The Goldman Sachs Group cut their target price on shares of Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating on the stock in a research note on Wednesday, August 5th. JPMorgan Chase & Co. lifted their price target on shares of Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a research note on Monday, May 11th. Wells Fargo & Company lowered their price target on shares of Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating for the company in a report on Wednesday, August 5th. UBS Group increased their price objective on shares of Lumen Technologies from $6.00 to $8.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Finally, Zacks Research lowered shares of Lumen Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Nine research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus price target of $7.86.

Lumen Technologies Price Performance

LUMN opened at $6.38 on Friday. The business has a fifty day moving average price of $7.25 and a 200 day moving average price of $7.80. Lumen Technologies has a 12 month low of $3.75 and a 12 month high of $11.95. The stock has a market capitalization of $6.58 billion, a price-to-earnings ratio of -6.25 and a beta of 1.78.

Lumen Technologies (NYSE:LUMN) last posted its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.06. The company had revenue of $2.81 billion during the quarter, compared to analyst estimates of $2.74 billion. Lumen Technologies’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) EPS. On average, research analysts anticipate that Lumen Technologies will post -0.42 earnings per share for the current year.

Insider Activity at Lumen Technologies

In other Lumen Technologies news, CEO Kathleen E. Johnson bought 100,000 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were acquired at an average price of $6.13 per share, with a total value of $613,000.00. Following the transaction, the chief executive officer owned 100,000 shares of the company’s stock, valued at approximately $613,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Lumen Technologies

Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in shares of Lumen Technologies by 3.5% during the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company’s stock worth $1,092,571,000 after buying an additional 4,796,141 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Lumen Technologies by 324.7% in the 4th quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company’s stock valued at $172,585,000 after buying an additional 16,981,326 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Lumen Technologies by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 18,390,473 shares of the technology company’s stock valued at $142,894,000 after buying an additional 473,242 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Lumen Technologies by 1.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,994,640 shares of the technology company’s stock worth $104,156,000 after acquiring an additional 144,664 shares in the last quarter. Finally, Norges Bank purchased a new stake in Lumen Technologies in the fourth quarter valued at $106,557,000. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

Lumen Technologies Company Profile

Lumen Technologies is a multinational technology company specializing in integrated network, edge cloud, security and collaboration services for enterprise and public sector clients. The company’s core offerings include high-capacity fiber and IP-based connectivity, managed edge computing solutions designed to accelerate applications and data processing closer to end users, and cybersecurity services ranging from DDoS protection to unified threat management. Through its unified portfolio, Lumen enables organizations to support digital transformation initiatives, modernize infrastructure and enhance operational resilience.

Leveraging one of the largest fiber footprints in North America, as well as infrastructure in Latin America and parts of Europe, Lumen connects customers across more than 60 countries.