Citigroup Cuts Lumen Technologies (NYSE:LUMN) Price Target to $8.25

Lumen Technologies (NYSE:LUMN) had its target price decreased by Citigroup from $10.00 to $8.25 in a report published on Tuesday,Benzinga reports. Citigroup currently has a neutral rating on the technology company’s stock.

Other equities research analysts also recently issued research reports about the company. Zacks Research lowered Lumen Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Lumen Technologies in a research note on Friday, July 17th. JPMorgan Chase & Co. boosted their target price on Lumen Technologies from $6.00 to $7.00 and gave the stock a “neutral” rating in a report on Monday, May 11th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Finally, The Goldman Sachs Group cut their price target on shares of Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating on the stock in a report on Wednesday, August 5th. Nine investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $7.86.

Lumen Technologies Price Performance

NYSE LUMN opened at $6.39 on Tuesday. The company has a market cap of $6.60 billion, a P/E ratio of -6.27 and a beta of 1.78. Lumen Technologies has a 12 month low of $4.12 and a 12 month high of $11.95. The company has a 50-day moving average of $7.11 and a 200-day moving average of $7.77.

Lumen Technologies (NYSE:LUMN) last released 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 company had revenue of $2.81 billion during the quarter, compared to analysts’ expectations of $2.74 billion. During the same quarter in the previous year, the firm posted ($0.03) earnings per share. Lumen Technologies’s revenue for the quarter was down 9.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Lumen Technologies will post -0.42 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Kathleen E. Johnson bought 100,000 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was acquired at an average cost of $6.13 per share, for a total transaction of $613,000.00. Following the completion of the purchase, the chief executive officer owned 100,000 shares of the company’s stock, valued at $613,000. This trade represents a ∞ 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 hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lumen Technologies

Hedge funds have recently bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in shares of Lumen Technologies by 210.6% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 562,520 shares of the technology company’s stock worth $4,372,000 after purchasing an additional 381,391 shares during the last quarter. CapWealth Advisors LLC grew its position in Lumen Technologies by 3.2% in the fourth quarter. CapWealth Advisors LLC now owns 6,699,685 shares of the technology company’s stock worth $52,057,000 after buying an additional 204,970 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Lumen Technologies by 8.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 7,954,306 shares of the technology company’s stock valued at $55,282,000 after buying an additional 610,364 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Lumen Technologies by 3,775.1% during the 1st quarter. Fifth Third Bancorp now owns 224,216 shares of the technology company’s stock valued at $1,558,000 after acquiring an additional 218,430 shares during the last quarter. Finally, Edgestream Partners L.P. bought a new stake in shares of Lumen Technologies during the 1st quarter worth $2,632,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

About Lumen Technologies

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.