JPMorgan Chase & Co. Issues Positive Forecast for Lumen Technologies (NYSE:LUMN) Stock Price

Lumen Technologies (NYSE:LUMN) had its target price upped by equities research analysts at JPMorgan Chase & Co. from $6.00 to $7.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price target would suggest a potential downside of 16.42% from the stock’s current price.

A number of other research analysts have also issued reports on the stock. TD Cowen increased their target price on shares of Lumen Technologies from $8.00 to $9.00 and gave the stock a “hold” rating in a research report on Wednesday, May 6th. The Goldman Sachs Group boosted their price target on Lumen Technologies from $5.50 to $7.25 and gave the company a “neutral” rating in a research note on Wednesday, February 4th. Zacks Research downgraded Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Raymond James Financial reaffirmed a “market perform” rating on shares of Lumen Technologies in a report on Wednesday, February 4th. Finally, UBS Group increased their target price on Lumen Technologies from $6.00 to $8.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Ten investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $7.91.

Lumen Technologies Stock Performance

NYSE:LUMN traded down $0.11 during mid-day trading on Monday, hitting $8.38. 9,396,316 shares of the stock were exchanged, compared to its average volume of 13,474,075. The stock has a market capitalization of $8.63 billion, a price-to-earnings ratio of -4.81 and a beta of 1.65. The firm’s 50-day simple moving average is $7.48 and its 200 day simple moving average is $8.06. Lumen Technologies has a fifty-two week low of $3.37 and a fifty-two week high of $11.95.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Tuesday, May 5th. The technology company reported ($0.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.34). The business had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.83 billion. During the same quarter last year, the company posted ($0.13) earnings per share. Lumen Technologies’s quarterly revenue was down 8.9% on a year-over-year basis. On average, analysts predict that Lumen Technologies will post -0.39 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Diankha Linear sold 45,000 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $7.89, for a total value of $355,050.00. Following the completion of the transaction, the director owned 198,229 shares of the company’s stock, valued at approximately $1,564,026.81. This represents a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Lumen Technologies by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 113,552,549 shares of the technology company’s stock valued at $694,942,000 after acquiring an additional 1,295,177 shares during the period. Vaughan Nelson Investment Management L.P. grew its stake in shares of Lumen Technologies by 58.3% in the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 4,768,300 shares of the technology company’s stock worth $37,050,000 after purchasing an additional 1,755,368 shares during the last quarter. Allianz Asset Management GmbH grew its stake in shares of Lumen Technologies by 5.6% in the third quarter. Allianz Asset Management GmbH now owns 10,056,824 shares of the technology company’s stock worth $61,548,000 after purchasing an additional 536,324 shares during the last quarter. Private Advisory Group LLC acquired a new stake in Lumen Technologies in the fourth quarter valued at $1,200,000. Finally, Public Sector Pension Investment Board raised its position in Lumen Technologies by 5.3% during the 3rd quarter. Public Sector Pension Investment Board now owns 3,682,348 shares of the technology company’s stock worth $22,536,000 after purchasing an additional 184,883 shares during the last quarter. Institutional investors and hedge funds own 66.19% of the company’s stock.

About Lumen Technologies

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.