Citigroup Raises Lumen Technologies (NYSE:LUMN) Price Target to $8.00

Lumen Technologies (NYSE:LUMN) had its price objective boosted by equities researchers at Citigroup from $6.50 to $8.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Citigroup’s price objective would indicate a potential upside of 8.99% from the stock’s current price.

LUMN has been the topic of a number of other research reports. Moffett Nathanson upped their target price on shares of Lumen Technologies from $1.00 to $3.00 and gave the stock a “sell” rating in a report on Wednesday, August 7th. TD Cowen dropped their target price on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Bank of America upped their price target on Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a report on Thursday, August 8th. The Goldman Sachs Group raised their price objective on Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. upgraded shares of Lumen Technologies from an “underweight” rating to a “neutral” rating in a research note on Wednesday, August 7th. Three research analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $4.71.

Lumen Technologies Trading Down 0.4 %

Shares of LUMN stock opened at $7.34 on Friday. The company has a market cap of $7.45 billion, a P/E ratio of -3.38 and a beta of 1.21. Lumen Technologies has a fifty-two week low of $0.97 and a fifty-two week high of $10.33. The stock has a 50 day simple moving average of $7.25 and a two-hundred day simple moving average of $4.45. The company has a debt-to-equity ratio of 53.05, a quick ratio of 1.20 and a current ratio of 1.20.

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

Insiders Place Their Bets

In other Lumen Technologies news, Director James Fowler purchased 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, with a total value of $47,000.00. Following the completion of the purchase, the director now directly owns 384,056 shares of the company’s stock, valued at approximately $1,805,063.20. This trade represents a 2.67 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.68% of the company’s stock.

Institutional Investors Weigh In On Lumen Technologies

Large investors have recently added to or reduced their stakes in the company. Crossmark Global Holdings Inc. purchased a new position in shares of Lumen Technologies during the third quarter valued at approximately $433,000. Congress Asset Management Co. purchased a new stake in shares of Lumen Technologies in the 3rd quarter worth about $2,592,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Lumen Technologies by 9.9% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 3,265,415 shares of the technology company’s stock valued at $23,184,000 after purchasing an additional 294,679 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Lumen Technologies by 267.4% during the second quarter. Mackenzie Financial Corp now owns 236,390 shares of the technology company’s stock valued at $260,000 after buying an additional 172,040 shares during the period. Finally, State of New Jersey Common Pension Fund D bought a new position in Lumen Technologies in the third quarter worth about $2,710,000. 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.