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

Key Points

• Goldman Sachs has raised its price target for Lumen Technologies from $4.10 to $4.60, maintaining a "neutral" rating on the stock, which indicates a potential downside of approximately 28.87% from its current price.
• Institutional investors have recently increased their stakes in Lumen Technologies, with 66.19% of the stock now owned by institutional investors and hedge funds, reflecting growing interest in the company.
• Lumen Technologies reported a quarterly loss of ($0.03) EPS, exceeding analyst expectations, while revenue declined by 5.4% compared to the same quarter last year, indicating ongoing financial challenges.

Lumen Technologies (NYSE:LUMN - Get Free Report) had its price objective boosted by investment analysts at The Goldman Sachs Group from $4.10 to $4.60 in a research report issued on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the technology company's stock. The Goldman Sachs Group's price objective points to a potential downside of 28.87% from the company's current price.

A number of other analysts also recently issued reports on LUMN. BNP Paribas raised Lumen Technologies to a "hold" rating in a research report on Wednesday, June 25th. Citigroup upped their price objective on Lumen Technologies from $6.00 to $7.50 and gave the company a "buy" rating in a research report on Thursday, September 25th. Wall Street Zen upgraded Lumen Technologies from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Finally, Raymond James Financial boosted their price objective on shares of Lumen Technologies from $4.50 to $5.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Lumen Technologies has a consensus rating of "Hold" and a consensus target price of $5.39.

Lumen Technologies Stock Performance

NYSE LUMN traded up $0.09 on Friday, reaching $6.47. 5,799,131 shares of the stock were exchanged, compared to its average volume of 13,084,880. The firm has a market capitalization of $6.64 billion, a PE ratio of -5.50 and a beta of 1.45. The company has a current ratio of 2.13, a quick ratio of 2.13 and a debt-to-equity ratio of 59.98. Lumen Technologies has a one year low of $3.01 and a one year high of $10.33. The company's 50-day simple moving average is $4.97 and its two-hundred day simple moving average is $4.37.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The technology company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.21. The company had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.11 billion. Lumen Technologies had a negative net margin of 9.19% and a negative return on equity of 158.40%. Lumen Technologies's quarterly revenue was down 5.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.13) earnings per share. Analysts expect that Lumen Technologies will post -0.87 EPS for the current fiscal year.

Insider Activity

In other Lumen Technologies 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 price of $3.69 per share, for a total transaction of $501,360.30. Following the acquisition, the chief executive officer owned 9,616,947 shares in the company, valued at approximately $35,486,534.43. The trade was a 1.43% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Christopher Stansbury purchased 42,000 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was acquired at an average cost of $4.29 per share, with a total value of $180,180.00. Following the transaction, the chief financial officer directly owned 518,000 shares in the company, valued at $2,222,220. This trade represents a 8.82% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 217,870 shares of company stock valued at $859,140. Insiders own 2.30% of the company's stock.

Institutional Trading of Lumen Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC increased its stake in Lumen Technologies by 3.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 76,905 shares of the technology company's stock valued at $408,000 after buying an additional 2,220 shares during the period. First Citizens Bank & Trust Co. lifted its stake in Lumen Technologies by 64.9% in the first quarter. First Citizens Bank & Trust Co. now owns 44,999 shares of the technology company's stock valued at $176,000 after acquiring an additional 17,716 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Lumen Technologies by 103.4% in the first quarter. SG Americas Securities LLC now owns 170,464 shares of the technology company's stock valued at $668,000 after purchasing an additional 86,637 shares during the period. Compagnie Lombard Odier SCmA raised its position in shares of Lumen Technologies by 122.2% in the first quarter. Compagnie Lombard Odier SCmA now owns 100,000 shares of the technology company's stock valued at $392,000 after purchasing an additional 55,000 shares during the period. Finally, Polianta Ltd increased its position in Lumen Technologies by 109.8% during the first quarter. Polianta Ltd now owns 273,600 shares of the technology company's stock worth $1,072,000 after acquiring an additional 143,200 shares during the period. 66.19% of the stock is owned by institutional investors and hedge funds.

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.

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