Lumen Technologies (NYSE:LUMN) Price Target Raised to $9.00 at Wells Fargo & Company

Key Points

• Lumen Technologies had its price target raised by Wells Fargo from $8.00 to $9.00 with an "equal weight" rating, implying about a 6.5% upside from the prior close.
• Analysts remain largely cautious—nine Hold ratings and one Sell—leaving an average consensus rating of "Reduce" and an average price target of $8.04.
• The company recently missed quarterly EPS (reported -$0.47 vs. -$0.13 expected) while revenue declined 8.9% year-over-year to $2.90 billion, and shares trade around $8.45 (market cap ~$8.7B).

Lumen Technologies (NYSE:LUMN - Get Free Report) had its target price raised by investment analysts at Wells Fargo & Company from $8.00 to $9.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an "equal weight" rating on the technology company's stock. Wells Fargo & Company's target price points to a potential upside of 6.53% from the stock's previous close.

Several other equities research analysts have also issued reports on LUMN. Citigroup dropped their price target on Lumen Technologies from $11.00 to $10.00 and set a "neutral" rating on the stock in a research report on Thursday, February 5th. TD Cowen upped their price target on Lumen Technologies from $8.00 to $9.00 and gave the company a "hold" rating in a research report on Wednesday. The Goldman Sachs Group increased their target price on Lumen Technologies from $5.50 to $7.25 and gave the stock a "neutral" rating in a research report on Wednesday, February 4th. Zacks Research lowered Lumen Technologies from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Finally, UBS Group increased their target price on Lumen Technologies from $6.00 to $8.00 and gave the stock a "neutral" rating in a research report on Wednesday. Nine analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Reduce" and an average price target of $8.04.

Lumen Technologies Price Performance

Shares of LUMN stock traded down $0.01 on Friday, hitting $8.45. 1,898,303 shares of the stock traded hands, compared to its average volume of 13,404,487. The company has a market capitalization of $8.70 billion, a PE ratio of -4.85 and a beta of 1.65. Lumen Technologies has a 1-year low of $3.37 and a 1-year high of $11.95. The company's fifty day moving average is $7.48 and its 200 day moving average is $8.06.

Lumen Technologies (NYSE:LUMN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The technology company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.34). The company had revenue of $2.90 billion during the quarter, compared to analyst estimates of $2.83 billion. The company's quarterly revenue was down 8.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.13) earnings per share. As a group, equities research analysts expect that Lumen Technologies will post -0.09 EPS for the current year.

Insiders Place Their Bets

In other Lumen Technologies news, Director Diankha Linear sold 45,000 shares of the stock in a transaction on Friday, February 20th. The stock was sold at an average price of $7.89, for a total value of $355,050.00. Following the sale, the director directly owned 198,229 shares of the company's stock, valued at $1,564,026.81. This trade represents a 18.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Kemnay Advisory Services Inc. acquired a new position in shares of Lumen Technologies during the fourth quarter valued at $25,000. International Assets Investment Management LLC acquired a new position in shares of Lumen Technologies during the fourth quarter valued at $30,000. Ascentis Independent Advisors acquired a new position in shares of Lumen Technologies during the first quarter valued at $27,000. UMB Bank n.a. increased its holdings in shares of Lumen Technologies by 49.1% during the third quarter. UMB Bank n.a. now owns 4,105 shares of the technology company's stock valued at $25,000 after purchasing an additional 1,351 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Lumen Technologies during the fourth quarter valued at $35,000. 66.19% of the stock is owned by institutional investors and hedge funds.

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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