ProShare Advisors LLC Increases Position in Lumen Technologies, Inc. (NYSE:LUMN)

ProShare Advisors LLC grew its holdings in Lumen Technologies, Inc. (NYSE:LUMN - Free Report) by 42.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 313,124 shares of the technology company's stock after buying an additional 92,538 shares during the period. ProShare Advisors LLC's holdings in Lumen Technologies were worth $1,663,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Empowered Funds LLC purchased a new stake in Lumen Technologies in the 4th quarter valued at $1,139,000. Strategic Financial Concepts LLC boosted its position in shares of Lumen Technologies by 430.7% during the 4th quarter. Strategic Financial Concepts LLC now owns 179,335 shares of the technology company's stock valued at $952,000 after acquiring an additional 145,542 shares during the last quarter. Mariner Investment Group LLC purchased a new stake in shares of Lumen Technologies in the fourth quarter valued at about $531,000. Atria Wealth Solutions Inc. acquired a new stake in Lumen Technologies during the fourth quarter worth about $69,000. Finally, Envestnet Portfolio Solutions Inc. raised its stake in Lumen Technologies by 15.8% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 20,852 shares of the technology company's stock worth $111,000 after purchasing an additional 2,844 shares during the period. 66.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Royal Bank of Canada reissued a "sector perform" rating and issued a $4.25 price target on shares of Lumen Technologies in a research note on Monday, February 10th. Raymond James upgraded Lumen Technologies from a "market perform" rating to an "outperform" rating and set a $4.50 price objective for the company in a research report on Monday, May 5th. Citigroup upgraded Lumen Technologies from a "neutral" rating to a "buy" rating and reduced their target price for the company from $8.00 to $6.50 in a research report on Wednesday, February 26th. Finally, Wells Fargo & Company upgraded Lumen Technologies from an "underweight" rating to an "equal weight" rating and set a $5.00 price target for the company in a report on Friday, February 21st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, Lumen Technologies currently has an average rating of "Hold" and a consensus price target of $4.58.

Lumen Technologies Trading Down 2.9%

Shares of NYSE LUMN traded down $0.11 during trading on Friday, reaching $3.73. The stock had a trading volume of 10,269,915 shares, compared to its average volume of 19,393,349. The business's 50-day moving average price is $3.85 and its 200-day moving average price is $5.20. Lumen Technologies, Inc. has a fifty-two week low of $0.97 and a fifty-two week high of $10.33. The company has a debt-to-equity ratio of 37.70, a quick ratio of 1.20 and a current ratio of 1.21. The company has a market cap of $3.83 billion, a P/E ratio of -74.59 and a beta of 1.34.

Lumen Technologies (NYSE:LUMN - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The technology company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.29) by $0.16. The company had revenue of $3.18 billion for the quarter, compared to analyst estimates of $3.12 billion. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. The business's revenue for the quarter was down 3.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.04) earnings per share. On average, equities research analysts predict that Lumen Technologies, Inc. will post -0.87 EPS for the current fiscal year.

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.