Lumen Technologies (NYSE:LUMN) Stock Price Target Lowered at The Goldman Sachs Group

Lumen Technologies (NYSE:LUMN) had its price objective lowered by The Goldman Sachs Group from $7.25 to $5.00 in a research report report published on Thursday,Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the technology company’s stock.

A number of other brokerages also recently weighed in on LUMN. Wells Fargo & Company dropped their target price on shares of Lumen Technologies from $7.50 to $5.00 and set an “equal weight” rating for the company in a research note on Thursday. Weiss Ratings reissued a “sell (d-)” rating on shares of Lumen Technologies in a research note on Friday, July 17th. Moffett Nathanson raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and set a $4.00 price target for the company in a report on Friday, October 30th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Finally, Citigroup dropped their price objective on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating for the company in a research report on Tuesday, August 11th. Ten equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $6.53.

Lumen Technologies Stock Down 11.0%

NYSE:LUMN opened at $3.98 on Thursday. The firm has a market cap of $4.10 billion, a PE ratio of -3.90 and a beta of 1.94. Lumen Technologies has a 12 month low of $3.84 and a 12 month high of $11.43. The company’s 50-day moving average price is $5.62 and its two-hundred day moving average price is $7.17.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Wednesday, November 4th. The technology company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.09. The business had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.73 billion. On average, research analysts expect that Lumen Technologies will post -0.54 EPS for the current fiscal year.

Institutional Trading of Lumen Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Legal & General Group Plc acquired a new position in Lumen Technologies in the second quarter valued at about $18,541,000. Hsbc Holdings PLC grew its position in shares of Lumen Technologies by 10.5% during the 2nd quarter. Hsbc Holdings PLC now owns 9,685,625 shares of the technology company’s stock worth $74,242,000 after buying an additional 919,605 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Lumen Technologies during the 2nd quarter worth about $2,513,000. The Manufacturers Life Insurance Company bought a new stake in shares of Lumen Technologies in the 2nd quarter valued at about $3,980,000. Finally, Congress Asset Management Co. increased its stake in shares of Lumen Technologies by 21.3% in the 3rd quarter. Congress Asset Management Co. now owns 1,191,427 shares of the technology company’s stock valued at $6,672,000 after acquiring an additional 209,416 shares during the last quarter. Institutional investors own 66.19% of the company’s stock.

Key Lumen Technologies News

Here are the key news stories impacting Lumen Technologies this week:

• Positive Sentiment: Strategic revenue grew about 10% and reached 55% of total revenue, reflecting demand tied to AI and Lumen’s Network-as-a-Service offering. The company also reaffirmed its full-year EBITDA outlook. Earnings call highlights
• Positive Sentiment: Lumen reported a quarterly loss of $0.14 per share, narrower than the consensus estimate of a $0.23 loss, offering a bottom-line beat. Quarterly results
• Negative Sentiment: Revenue was $2.71 billion, below the $2.73 billion estimate, and declined year over year. The company also reported negative free cash flow, raising concerns about the pace and quality of its turnaround. Why Lumen shares came under pressure
• Negative Sentiment: JPMorgan cut its price target to $6 from $7, TD Cowen to $8 from $9, Goldman Sachs to $5 from $7.25, and Wells Fargo to $5 from $7.50. Their ratings remained neutral, hold, or equal weight, signaling caution despite targets above the recent share price. JPMorgan rating

Lumen Technologies Company Profile

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.