Lumen Technologies (NYSE:LUMN) Given New $8.00 Price Target at Citigroup

Lumen Technologies (NYSE:LUMN) had its price target raised by Citigroup from $6.50 to $8.00 in a research note published on Friday,Benzinga reports. Citigroup currently has a neutral rating on the technology company’s stock.

A number of other research analysts have also weighed in on LUMN. JPMorgan Chase & Co. raised Lumen Technologies from an “underweight” rating to a “neutral” rating in a report on Wednesday, August 7th. UBS Group upped their price target on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Wells Fargo & Company downgraded shares of Lumen Technologies from an “equal weight” rating to an “underweight” rating and raised their price objective for the stock from $1.75 to $4.00 in a research report on Friday, August 16th. Bank of America increased their target price on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note on Thursday, August 8th. Finally, TD Cowen reduced their price target on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. Three research analysts have rated the stock with a sell rating and five have issued a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $4.71.

Lumen Technologies Stock Down 0.4 %

NYSE:LUMN opened at $7.34 on Friday. Lumen Technologies has a twelve month low of $0.97 and a twelve month high of $10.33. The firm has a market capitalization of $7.45 billion, a price-to-earnings ratio of -3.38 and a beta of 1.21. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 53.05. The stock’s 50 day moving average price is $7.25 and its two-hundred day moving average price is $4.47.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings results on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.21 billion. Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The business’s revenue was down 11.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.09) EPS. Equities research analysts expect that Lumen Technologies will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at Lumen Technologies

In other news, Director James Fowler acquired 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the completion of the transaction, the director now directly owns 384,056 shares in the company, valued at approximately $1,805,063.20. This trade represents a 2.67 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 1.68% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lumen Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. Sawgrass Asset Management LLC boosted its stake 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 valued at $25,000 after buying an additional 9,263 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Lumen Technologies during the 2nd quarter valued at approximately $25,000. ANTIPODES PARTNERS Ltd acquired a new position in Lumen Technologies during the 2nd quarter worth approximately $26,000. Concord Wealth Partners lifted its stake in Lumen Technologies by 98.8% in the 3rd quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock valued at $28,000 after purchasing an additional 1,992 shares during the last quarter. Finally, Legacy Investment Solutions LLC acquired a new stake in Lumen Technologies in the third quarter valued at approximately $30,000. Institutional investors 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.