Lumen Technologies (NYSE:LUMN) Stock Price Target Lowered at Wells Fargo & Company

Lumen Technologies (NYSE:LUMN) had its price target trimmed by Wells Fargo & Company from $7.50 to $5.00 in a research report report published on Thursday,Benzinga reports. The firm currently has an equal weight rating on the technology company’s stock.

LUMN has been the subject of several other research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lumen Technologies in a research note on Friday, July 17th. Citigroup cut their target price on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. The Goldman Sachs Group reduced their price target on shares of Lumen Technologies from $8.50 to $7.25 and set a “neutral” rating for the company in a report on Wednesday, August 5th. Wall Street Zen raised shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Finally, Moffett Nathanson raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and set a $4.00 price objective on the stock in a research report on Friday, October 30th. Ten analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Lumen Technologies currently has a consensus rating of “Reduce” and an average price target of $6.53.

Lumen Technologies Price Performance

NYSE LUMN opened at $3.98 on Thursday. The stock has a market capitalization of $4.10 billion, a P/E ratio of -3.90 and a beta of 1.94. The business has a 50 day simple moving average of $5.62 and a 200 day simple moving average of $7.17. Lumen Technologies has a one year low of $3.84 and a one year high of $11.43.

Lumen Technologies (NYSE:LUMN) last issued its quarterly earnings results on Wednesday, November 4th. The technology company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate 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. Equities analysts expect that Lumen Technologies will post -0.54 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Maryland State Retirement & Pension System grew its position in Lumen Technologies by 53.3% in the 3rd quarter. Maryland State Retirement & Pension System now owns 211,356 shares of the technology company’s stock worth $1,184,000 after purchasing an additional 73,491 shares in the last quarter. New York Life Investment Management LLC purchased a new stake in Lumen Technologies in the 3rd quarter valued at about $785,000. Penn Capital Management Company LLC lifted its position in shares of Lumen Technologies by 6.8% during the 3rd quarter. Penn Capital Management Company LLC now owns 2,719,257 shares of the technology company’s stock worth $15,257,000 after buying an additional 172,254 shares in the last quarter. Fulcrum Asset Management LLP lifted its position in shares of Lumen Technologies by 266.8% during the 3rd quarter. Fulcrum Asset Management LLP now owns 151,727 shares of the technology company’s stock worth $841,000 after buying an additional 110,367 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Lumen Technologies by 9.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 35,097 shares of the technology company’s stock worth $196,000 after buying an additional 3,009 shares during the last quarter. 66.19% of the stock is owned by institutional investors.

Trending Headlines about Lumen Technologies

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

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.