Lumen Technologies (NYSE:LUMN) Given New $4.60 Price Target at The Goldman Sachs Group

Lumen Technologies (NYSE:LUMN) had its price objective raised by The Goldman Sachs Group from $4.10 to $4.60 in a report released on Friday morning,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

LUMN has been the subject of several other research reports. Citigroup boosted their price objective on Lumen Technologies from $6.00 to $7.50 and gave the company a “buy” rating in a report on Thursday, September 25th. Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 3rd. Raymond James Financial upped their price target on Lumen Technologies from $4.50 to $5.00 and gave the stock an “outperform” rating in a report on Friday, August 1st. Finally, BNP Paribas raised Lumen Technologies to a “hold” rating in a report on Wednesday, June 25th. Two investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Lumen Technologies currently has an average rating of “Hold” and a consensus target price of $5.39.

Lumen Technologies Stock Performance

Shares of LUMN stock opened at $6.57 on Friday. The stock has a market cap of $6.74 billion, a PE ratio of -5.56 and a beta of 1.45. The business has a 50-day simple moving average of $5.02 and a 200-day simple moving average of $4.38. The company has a quick ratio of 2.13, a current ratio of 2.13 and a debt-to-equity ratio of 59.98. Lumen Technologies has a 52-week low of $3.01 and a 52-week high of $10.33.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings data on Thursday, July 31st. The technology company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.21. The business had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.11 billion. Lumen Technologies had a negative return on equity of 158.40% and a negative net margin of 9.19%.The company’s revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.13) EPS. On average, equities analysts expect that Lumen Technologies will post -0.87 EPS for the current year.

Insider Activity at Lumen Technologies

In other news, CEO Kathleen E. Johnson acquired 135,870 shares of the business’s stock in a transaction on Tuesday, August 5th. The stock was bought at an average cost of $3.69 per share, for a total transaction of $501,360.30. Following the purchase, the chief executive officer owned 9,616,947 shares in the company, valued at approximately $35,486,534.43. This represents a 1.43% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Christopher Stansbury acquired 40,000 shares of the business’s stock in a transaction on Friday, August 15th. The shares were purchased at an average price of $4.44 per share, with a total value of $177,600.00. Following the completion of the purchase, the chief financial officer owned 535,000 shares in the company, valued at $2,375,400. This represents a 8.08% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 217,870 shares of company stock valued at $859,140. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Lumen Technologies

A number of large investors have recently made changes to their positions in LUMN. Farther Finance Advisors LLC grew its position in shares of Lumen Technologies by 132.3% in the second quarter. Farther Finance Advisors LLC now owns 5,954 shares of the technology company’s stock valued at $26,000 after purchasing an additional 3,391 shares in the last quarter. MRP Capital Investments LLC grew its position in shares of Lumen Technologies by 160.0% in the second quarter. MRP Capital Investments LLC now owns 6,500 shares of the technology company’s stock valued at $28,000 after purchasing an additional 4,000 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of Lumen Technologies by 3,527.9% in the second quarter. Caitong International Asset Management Co. Ltd now owns 6,639 shares of the technology company’s stock valued at $29,000 after purchasing an additional 6,456 shares in the last quarter. Conning Inc. purchased a new stake in shares of Lumen Technologies in the first quarter valued at approximately $39,000. Finally, OneDigital Investment Advisors LLC purchased a new stake in shares of Lumen Technologies in the first quarter valued at approximately $41,000. 66.19% of the stock is currently owned by hedge funds and other institutional investors.

About Lumen Technologies

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.