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

by · The Markets Daily

Lumen Technologies (NYSE:LUMN – Get Free Report) had its target price raised by The Goldman Sachs Group from $4.00 to $4.50 in a research report issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. The Goldman Sachs Group’s target price would suggest a potential downside of 33.63% from the company’s current price.

A number of other equities research analysts have also recently weighed in on the stock. Citigroup raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and boosted their price target for the company from $1.25 to $3.15 in a research report on Tuesday, August 6th. TD Cowen boosted their target price on Lumen Technologies from $2.50 to $7.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Moffett Nathanson raised their price target on Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a research note on Wednesday, August 7th. Wells Fargo & Company cut Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their price objective for the company from $1.75 to $4.00 in a research note on Friday, August 16th. Finally, 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 report on Thursday, August 8th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $4.09.

Get Our Latest Stock Report on LUMN

Lumen Technologies Trading Up 1.5 %

NYSE:LUMN opened at $6.78 on Friday. 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 has a 1 year low of $0.78 and a 1 year high of $7.83. The stock has a market cap of $6.88 billion, a P/E ratio of -0.62 and a beta of 1.19. The stock has a 50-day simple moving average of $5.62 and a 200-day simple moving average of $2.80.

Lumen Technologies (NYSE:LUMN – Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.13) earnings per share (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 analyst estimates of $3.25 billion. During the same period last year, the company earned $0.10 earnings per share. The business’s revenue for the quarter was down 10.7% compared to the same quarter last year. As a group, analysts anticipate that Lumen Technologies will post -0.17 earnings per share for the current fiscal year.

Insider Transactions at Lumen Technologies

In other news, Director James Fowler bought 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $4.70 per share, with a total value of $47,000.00. Following the completion of the acquisition, the director now directly owns 384,056 shares in the company, valued at approximately $1,805,063.20. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.68% of the company’s stock.

Institutional Trading of Lumen Technologies

Hedge funds have recently modified their holdings of the business. Sanctuary Advisors LLC purchased a new stake in shares of Lumen Technologies during the 2nd quarter worth $25,000. Algert Global LLC purchased a new stake in Lumen Technologies during the second quarter worth about $112,000. Mackenzie Financial Corp grew its position in Lumen Technologies by 267.4% during the second quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company’s stock worth $260,000 after buying an additional 172,040 shares during the period. The Manufacturers Life Insurance Company increased its holdings 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 valued at $561,000 after buying an additional 9,922 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Lumen Technologies by 129.8% during the 2nd quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock valued at $8,640,000 after acquiring an additional 4,436,710 shares during the period. 66.19% of the stock is owned by institutional investors and hedge funds.

About Lumen Technologies

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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.

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