Lumen Technologies (NYSE:LUMN) Given New $8.00 Price Target at Citigroup

Lumen Technologies (NYSE:LUMN) had its target price raised by analysts at Citigroup from $6.50 to $8.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. Citigroup’s price objective would indicate a potential upside of 8.70% from the company’s current price.

LUMN has been the subject of a number of other reports. Bank of America upped their price objective on shares of Lumen Technologies from $1.00 to $2.00 and gave the company an “underperform” rating in a research note on Thursday, August 8th. TD Cowen reduced their price target on Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Moffett Nathanson increased their price target on shares of Lumen Technologies from $1.00 to $3.00 and gave the company a “sell” rating in a research report on Wednesday, August 7th. Wells Fargo & Company downgraded Lumen Technologies from an “equal weight” rating to an “underweight” rating and boosted their price target for the company from $1.75 to $4.00 in a report on Friday, August 16th. Finally, UBS Group lifted their price target on shares of Lumen Technologies from $1.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Three equities research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $4.71.

Lumen Technologies Price Performance

LUMN stock traded down $0.01 during midday trading on Friday, reaching $7.36. The company had a trading volume of 1,631,079 shares, compared to its average volume of 19,621,932. The firm has a 50-day moving average price of $7.24 and a 200-day moving average price of $4.40. The company has a debt-to-equity ratio of 53.05, a current ratio of 1.20 and a quick ratio of 1.20. The company has a market capitalization of $7.47 billion, a P/E ratio of -3.39 and a beta of 1.21. Lumen Technologies has a 1 year low of $0.97 and a 1 year high of $10.33.

Lumen Technologies (NYSE:LUMN) last released its earnings results on Tuesday, November 5th. The technology company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). Lumen Technologies had a negative net margin of 16.06% and a negative return on equity of 49.74%. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.21 billion. During the same period in the prior year, the company earned ($0.09) EPS. The firm’s revenue was down 11.5% compared to the same quarter last year. On average, research analysts anticipate that Lumen Technologies will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at Lumen Technologies

In other news, Director James Fowler bought 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of $4.70 per share, with a total value of $47,000.00. Following the completion of the acquisition, the director now owns 384,056 shares in the company, valued at $1,805,063.20. The trade was a 2.67 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.68% of the company’s stock.

Hedge Funds Weigh In On Lumen Technologies

Several institutional investors have recently made changes to their positions in LUMN. Millennium Management LLC boosted its stake in shares of Lumen Technologies by 129.8% during the 2nd quarter. Millennium Management LLC now owns 7,854,906 shares of the technology company’s stock worth $8,640,000 after acquiring an additional 4,436,710 shares during the last quarter. Front Street Capital Management Inc. grew its holdings in Lumen Technologies by 30.1% during the second quarter. Front Street Capital Management Inc. now owns 11,661,112 shares of the technology company’s stock valued at $12,827,000 after purchasing an additional 2,697,423 shares during the period. Victory Capital Management Inc. boosted its holdings in Lumen Technologies by 1,081.0% in the 3rd quarter. Victory Capital Management Inc. now owns 2,368,911 shares of the technology company’s stock worth $16,819,000 after buying an additional 2,168,325 shares during the period. Vanguard Group Inc. boosted its stake in shares of Lumen Technologies by 1.7% in the first quarter. Vanguard Group Inc. now owns 120,303,220 shares of the technology company’s stock worth $187,673,000 after acquiring an additional 1,975,400 shares during the period. Finally, Sequoia Financial Advisors LLC bought a new position in Lumen Technologies in the 3rd quarter worth approximately $10,062,000. Institutional investors own 66.19% of the company’s stock.

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.