Citigroup Has Lowered Expectations for Lumen Technologies (NYSE:LUMN) Stock Price

Key Points

• Citigroup lowered its price target for Lumen Technologies from $10.00 to $8.25 while maintaining a neutral rating. The revised target implies about 29.4% upside from the stock’s $6.38 price.
• Analyst sentiment remains cautious, with nine Hold ratings and one Sell rating; MarketBeat reports a consensus Reduce rating and an average price target of $7.86.
• Lumen exceeded quarterly EPS and revenue estimates, but revenue fell 9.3% year over year. CEO Kathleen E. Johnson also bought 100,000 shares at an average price of $6.13, while institutional investors own 66.19% of the company.

Lumen Technologies (NYSE:LUMN - Get Free Report) had its price objective cut by research analysts at Citigroup from $10.00 to $8.25 in a report released on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the technology company's stock. Citigroup's price objective indicates a potential upside of 29.41% from the stock's current price.

LUMN has been the subject of a number of other research reports. Wells Fargo & Company reduced their price objective on Lumen Technologies from $9.00 to $7.50 and set an "equal weight" rating for the company in a research note on Wednesday, August 5th. JPMorgan Chase & Co. raised their price objective on shares of Lumen Technologies from $6.00 to $7.00 and gave the company a "neutral" rating in a research note on Monday, May 11th. Wall Street Zen upgraded shares of Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday. The Goldman Sachs Group cut their price target on Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating for the company in a research note on Wednesday, August 5th. Finally, UBS Group lifted their target price on Lumen Technologies from $6.00 to $8.00 and gave the company a "neutral" rating in a research report on Wednesday, May 6th. Nine analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Lumen Technologies has a consensus rating of "Reduce" and an average price target of $7.86.

Lumen Technologies Stock Performance

Shares of LUMN stock traded down $0.27 on Tuesday, hitting $6.38. The company had a trading volume of 8,168,360 shares, compared to its average volume of 13,731,379. Lumen Technologies has a twelve month low of $3.75 and a twelve month high of $11.95. The firm has a market cap of $6.58 billion, a P/E ratio of -6.23 and a beta of 1.79. The stock's 50-day moving average is $7.33 and its two-hundred day moving average is $7.81.

Lumen Technologies (NYSE:LUMN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The technology company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.06. The company had revenue of $2.81 billion during the quarter, compared to the consensus estimate of $2.74 billion. The business's revenue was down 9.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.03) earnings per share. Equities research analysts predict that Lumen Technologies will post -0.42 EPS for the current year.

Insider Activity at Lumen Technologies

In related news, CEO Kathleen E. Johnson bought 100,000 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The shares were bought at an average cost of $6.13 per share, with a total value of $613,000.00. Following the acquisition, the chief executive officer owned 100,000 shares in the company, valued at $613,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its stake in shares of Lumen Technologies by 324.7% during the 4th quarter. JPMorgan Chase & Co. now owns 22,211,742 shares of the technology company's stock valued at $172,585,000 after acquiring an additional 16,981,326 shares during the period. Norges Bank purchased a new position in Lumen Technologies during the fourth quarter valued at approximately $106,557,000. Price T Rowe Associates Inc. MD boosted its position in shares of Lumen Technologies by 737.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 8,043,124 shares of the technology company's stock worth $62,496,000 after purchasing an additional 7,082,560 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Lumen Technologies by 87.2% in the second quarter. Bank of New York Mellon Corp now owns 10,489,367 shares of the technology company's stock worth $80,558,000 after purchasing an additional 4,886,999 shares in the last quarter. Finally, BlackRock Inc. raised its position in shares of Lumen Technologies by 3.5% during the 2nd quarter. BlackRock Inc. now owns 142,261,845 shares of the technology company's stock valued at $1,092,571,000 after purchasing an additional 4,796,141 shares during the period. Institutional investors own 66.19% of the company's stock.

Lumen Technologies Company Profile

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.

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