Lumen Technologies, Inc. (NYSE:LUMN) Stock Has Average Target Price of $7.86 According to Brokerages

Key Points

• Analyst sentiment remains cautious: Ten brokerages give Lumen Technologies a consensus “Reduce” rating, with nine holds and one sell. The average 12-month price target is $7.86, though several firms recently lowered their targets.
• Recent operating results exceeded expectations but declined year over year: Lumen reported quarterly EPS of negative $0.07 versus the expected negative $0.13, while revenue reached $2.81 billion. Revenue fell 9.3% from the prior-year quarter.
• Insiders and institutions increased exposure: CEO Kathleen Johnson bought 100,000 shares at $6.13 each, while institutional investors own 66.19% of the stock. LUMN recently traded at $4.87, near its 12-month low of $4.38.

Shares of Lumen Technologies, Inc. (NYSE:LUMN - Get Free Report) have been given a consensus rating of "Reduce" by the ten brokerages that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating and nine have assigned a hold rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $7.86.

A number of brokerages have recently weighed in on LUMN. Citigroup dropped their price objective on shares of Lumen Technologies from $10.00 to $8.25 and set a "neutral" rating on the stock in a report on Tuesday, August 11th. Weiss Ratings restated a "sell (d-)" rating on shares of Lumen Technologies in a research note on Friday, July 17th. The Goldman Sachs Group decreased their target price on Lumen Technologies from $8.50 to $7.25 and set a "neutral" rating for the company in a report on Wednesday, August 5th. Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a research report on Sunday, August 9th. Finally, Wells Fargo & Company cut their price target on shares of Lumen Technologies from $9.00 to $7.50 and set an "equal weight" rating on the stock in a report on Wednesday, August 5th.

Insider Transactions at Lumen Technologies

In related news, CEO Kathleen Johnson purchased 100,000 shares of the business's stock in a transaction 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 transaction, the chief executive officer owned 100,000 shares of the company's stock, valued at approximately $613,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of LUMN. Avior Wealth Management LLC lifted its stake in shares of Lumen Technologies by 7.4% in the 3rd quarter. Avior Wealth Management LLC now owns 71,204 shares of the technology company's stock valued at $399,000 after purchasing an additional 4,933 shares during the period. Congress Asset Management Co. raised its position in shares of Lumen Technologies by 21.3% in the third quarter. Congress Asset Management Co. now owns 1,191,427 shares of the technology company's stock worth $6,672,000 after acquiring an additional 209,416 shares during the period. Envestnet Portfolio Solutions Inc. grew its position in shares of Lumen Technologies by 2.5% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 122,070 shares of the technology company's stock valued at $937,000 after acquiring an additional 2,936 shares during the period. Envestnet Asset Management Inc. grew its position in shares of Lumen Technologies by 55.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 65,258 shares of the technology company's stock valued at $501,000 after acquiring an additional 23,259 shares during the period. Finally, State Street Corp raised its holdings in Lumen Technologies by 4.3% in the 2nd quarter. State Street Corp now owns 48,003,189 shares of the technology company's stock worth $368,664,000 after purchasing an additional 1,990,860 shares during the period. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies Trading Up 7.0%

Shares of LUMN opened at $4.87 on Friday. The firm has a market cap of $5.02 billion, a PE ratio of -4.77 and a beta of 1.84. Lumen Technologies has a 12 month low of $4.38 and a 12 month high of $11.95. The stock has a fifty day moving average price of $6.13 and a 200-day moving average price of $7.35.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.06. The business had revenue of $2.81 billion for the quarter, compared to analysts' expectations of $2.74 billion. During the same quarter in the previous year, the firm posted ($0.03) EPS. Lumen Technologies's revenue was down 9.3% on a year-over-year basis. As a group, research analysts forecast that Lumen Technologies will post -0.54 EPS for the current year.

About Lumen Technologies

Lumen Technologies, Inc is a telecommunications and technology company that provides connectivity, networking, cloud, security and communications services to businesses, government organizations and other customers. Its offerings include fiber-based internet access, wide-area networking, software-defined networking, managed network services, cybersecurity, voice and unified communications, and data center and edge-computing solutions.

The company also serves residential customers in selected U.S.

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