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

Lumen Technologies (NYSE:LUMN) had its price objective increased by analysts at The Goldman Sachs Group from $4.00 to $4.50 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. The Goldman Sachs Group’s price target suggests a potential downside of 33.23% from the company’s previous close.

A number of other research firms have also issued reports on LUMN. Citigroup raised Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their target price for the company from $1.25 to $3.15 in a report on Tuesday, August 6th. Bank of America raised their target price on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note on Thursday, August 8th. 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. TD Cowen raised their price objective on shares of Lumen Technologies from $2.50 to $7.00 and gave the company a “hold” 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 increased their target price for the stock from $1.75 to $4.00 in a research note on Friday, August 16th. Three equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $4.09.

Lumen Technologies Stock Performance

NYSE LUMN traded up $0.06 on Friday, reaching $6.74. The stock had a trading volume of 3,106,636 shares, compared to its average volume of 20,327,221. The stock has a market cap of $6.84 billion, a P/E ratio of -0.61 and a beta of 1.18. Lumen Technologies has a 12-month low of $0.78 and a 12-month high of $7.83. The business’s 50-day moving average price is $5.52 and its 200 day moving average price is $2.77. The company has a debt-to-equity ratio of 39.51, a quick ratio of 1.01 and a current ratio of 1.01.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, August 6th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.07). Lumen Technologies had a negative net margin of 15.06% and a negative return on equity of 18.52%. The business had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.25 billion. During the same period in the previous year, the company posted $0.10 earnings per share. Lumen Technologies’s quarterly revenue was down 10.7% on a year-over-year basis. As a group, equities analysts expect that Lumen Technologies will post -0.17 earnings per share for the current year.

Insider Buying and Selling

In other Lumen Technologies news, Director James Fowler acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of $4.70 per share, with a total value of $47,000.00. Following the purchase, the director now directly owns 384,056 shares in the company, valued at approximately $1,805,063.20. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.68% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Xponance Inc. grew its holdings 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 buying an additional 2,487 shares in the last quarter. Arizona State Retirement System raised its holdings in Lumen Technologies by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 282,687 shares of the technology company’s stock valued at $311,000 after acquiring an additional 5,418 shares during the last quarter. Texas Permanent School Fund Corp lifted its stake in shares of Lumen Technologies by 0.9% during the 2nd quarter. Texas Permanent School Fund Corp now owns 888,228 shares of the technology company’s stock worth $977,000 after purchasing an additional 7,922 shares during the period. Sawgrass Asset Management LLC boosted its holdings in shares of Lumen Technologies by 68.5% during the second quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock worth $25,000 after purchasing an additional 9,263 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of 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 valued at $561,000 after purchasing an additional 9,922 shares during the period. Institutional investors and hedge funds own 66.19% of the company’s stock.

Lumen Technologies Company Profile

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.