Lumen Technologies, Inc. $LUMN Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lessened its holdings in shares of Lumen Technologies, Inc. (NYSE:LUMN) by 39.9% in the third quarter, Holdings Channel.com reports. The institutional investor owned 209,171 shares of the technology company’s stock after selling 138,742 shares during the quarter. State of Alaska Department of Revenue’s holdings in Lumen Technologies were worth $1,170,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Versant Capital Management Inc raised its stake in Lumen Technologies by 90.3% during the second quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock worth $30,000 after acquiring an additional 1,860 shares during the period. Ascentis Independent Advisors acquired a new position in Lumen Technologies in the first quarter valued at approximately $27,000. Trust Asset Management LLC acquired a new position in Lumen Technologies in the second quarter valued at approximately $34,000. Triumph Capital Management grew its holdings in shares of Lumen Technologies by 2,110.2% during the second quarter. Triumph Capital Management now owns 5,614 shares of the technology company’s stock valued at $43,000 after purchasing an additional 5,360 shares during the last quarter. Finally, Global Retirement Partners LLC bought a new position in shares of Lumen Technologies during the second quarter valued at approximately $45,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

Insider Activity at Lumen Technologies

In other Lumen Technologies news, CEO Kathleen Johnson purchased 100,000 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were bought at an average price of $6.13 per share, with a total value of $613,000.00. Following the completion of the acquisition, the chief executive officer owned 100,000 shares in the company, valued at approximately $613,000. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

LUMN has been the topic of a number of research reports. Citigroup dropped their price target on Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research report on Tuesday, August 11th. The Goldman Sachs Group reduced their price objective on Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating for the company in a research report on Wednesday, August 5th. Wells Fargo & Company lowered their price objective on Lumen Technologies from $9.00 to $7.50 and set an “equal weight” rating for the company in a research note on Wednesday, August 5th. Wall Street Zen upgraded Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a research report on Friday, July 17th. Nine equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $7.86.

Lumen Technologies Stock Up 0.4%

LUMN stock opened at $4.48 on Wednesday. The stock has a market cap of $4.62 billion, a PE ratio of -4.39 and a beta of 1.84. The firm’s 50-day simple moving average is $6.01 and its 200 day simple moving average is $7.30. Lumen Technologies, Inc. has a fifty-two week low of $4.31 and a fifty-two week high of $11.95.

Lumen Technologies (NYSE:LUMN) last posted its earnings results on Tuesday, August 4th. The technology company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.06. The firm had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.74 billion. During the same period in the previous year, the firm earned ($0.03) earnings per share. The company’s revenue for the quarter was down 9.3% on a year-over-year basis. Equities analysts forecast that Lumen Technologies, Inc. will post -0.54 EPS for the current fiscal year.

About Lumen Technologies

Lumen Technologies, Inc is a communications and technology company that provides network, connectivity, cloud, cybersecurity and managed services primarily to businesses, government organizations and wholesale customers. Its offerings include fiber-based internet and data transport, software-defined networking, network security, unified communications, voice services, edge computing and related information technology solutions.

The company operates one of the largest enterprise fiber networks in the United States and also serves customers internationally through its global network and wholesale operations.