Lumen Technologies (NYSE:LUMN) Coverage Initiated at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group has reaffirmed a neutral rating for Lumen Technologies, setting a price target of $4.10, indicating a potential downside of 17.75% from its previous close.
• Other analysts have varying ratings for Lumen, with Raymond James increasing its target to $5.00 and maintaining an "outperform" rating, while the consensus among analysts is a "Hold" with an average target price of $5.14.
• Recent insider purchases include CFO Christopher Stansbury acquiring 40,000 shares at $4.44 each and CEO Kathleen E. Johnson buying 135,870 shares at $3.69 each, demonstrating confidence in the company's future.

Analysts at The Goldman Sachs Group began coverage on shares of Lumen Technologies (NYSE:LUMN - Get Free Report) in a report issued on Tuesday, Marketbeat reports. The brokerage set a "neutral" rating and a $4.10 price target on the technology company's stock. The Goldman Sachs Group's target price points to a potential downside of 15.22% from the stock's previous close.

Several other equities analysts also recently commented on the stock. Wall Street Zen upgraded shares of Lumen Technologies from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Raymond James Financial upped their price target on shares of Lumen Technologies from $4.50 to $5.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Finally, BNP Paribas upgraded shares of Lumen Technologies to a "hold" rating in a report on Wednesday, June 25th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $5.14.

Lumen Technologies Stock Performance

Shares of LUMN stock traded down $0.13 during mid-day trading on Tuesday, reaching $4.84. 952,157 shares of the company's stock traded hands, compared to its average volume of 12,173,416. The company has a debt-to-equity ratio of 59.98, a quick ratio of 2.13 and a current ratio of 2.13. Lumen Technologies has a 12 month low of $3.01 and a 12 month high of $10.33. The firm has a 50 day moving average price of $4.41 and a two-hundred day moving average price of $4.22. The firm has a market capitalization of $4.96 billion, a PE ratio of -4.08 and a beta of 1.42.

Lumen Technologies (NYSE:LUMN - Get Free Report) last released its earnings results on Thursday, July 31st. The technology company reported ($0.03) earnings per share for the quarter, beating analysts' consensus estimates of ($0.24) by $0.21. The company had revenue of $3.09 billion for the quarter, compared to analysts' expectations 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 revenue for the quarter was down 5.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.13) EPS. On average, research analysts forecast that Lumen Technologies will post -0.87 EPS for the current year.

Insider Activity at Lumen Technologies

In other Lumen Technologies news, CEO Kathleen E. Johnson purchased 135,870 shares of the stock in a transaction dated Tuesday, August 5th. The stock was purchased at an average price of $3.69 per share, with a total value of $501,360.30. Following the transaction, the chief executive officer owned 9,616,947 shares of the company's stock, valued at approximately $35,486,534.43. This trade represents a 1.43% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Christopher Stansbury purchased 40,000 shares of the stock in a transaction dated Friday, August 15th. The stock was acquired at an average cost of $4.44 per share, with a total value of $177,600.00. Following the transaction, the chief financial officer directly owned 535,000 shares in the company, valued at approximately $2,375,400. This trade represents a 8.08% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 217,870 shares of company stock valued at $859,140 in the last ninety days. Corporate insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On Lumen Technologies

Several institutional investors have recently bought and sold shares of the company. Northern Trust Corp boosted its stake in Lumen Technologies by 8.6% in the fourth quarter. Northern Trust Corp now owns 12,354,499 shares of the technology company's stock valued at $65,602,000 after acquiring an additional 982,206 shares in the last quarter. Front Street Capital Management Inc. boosted its stake in Lumen Technologies by 1.1% in the second quarter. Front Street Capital Management Inc. now owns 11,969,084 shares of the technology company's stock valued at $52,425,000 after acquiring an additional 132,131 shares in the last quarter. Man Group plc boosted its stake in Lumen Technologies by 3.3% in the second quarter. Man Group plc now owns 11,486,835 shares of the technology company's stock valued at $50,312,000 after acquiring an additional 364,436 shares in the last quarter. Norges Bank acquired a new stake in Lumen Technologies in the second quarter valued at approximately $47,923,000. Finally, Invesco Ltd. boosted its stake in Lumen Technologies by 6.3% in the second quarter. Invesco Ltd. now owns 10,928,906 shares of the technology company's stock valued at $47,869,000 after acquiring an additional 652,124 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors and hedge funds.

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.