Lumen Technologies (NYSE:LUMN) Price Target Cut to $8.00 by Analysts at TD Cowen

Lumen Technologies (NYSE:LUMN) had its price target reduced by TD Cowen from $9.00 to $8.00 in a report published on Thursday,Benzinga reports. They currently have a hold rating on the technology company’s stock.

Several other equities analysts have also recently issued reports on the company. Moffett Nathanson upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and set a $4.00 price target on the stock in a research report on Friday, October 30th. Citigroup reduced their price objective on Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating for the company in a research note on Tuesday, August 11th. The Goldman Sachs Group lowered their target price on Lumen Technologies from $7.25 to $5.00 and set a “neutral” rating on the stock in a research note on Thursday. Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a report on Sunday, August 9th. Finally, Wells Fargo & Company cut their price target on Lumen Technologies from $7.50 to $5.00 and set an “equal weight” rating for the company in a research note on Thursday. Ten analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Lumen Technologies has an average rating of “Reduce” and an average target price of $6.53.

Lumen Technologies Trading Down 11.0%

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

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

Hedge Funds Weigh In On Lumen Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LUMN. Ascentis Independent Advisors acquired a new stake in shares of Lumen Technologies in the first quarter valued at approximately $27,000. Versant Capital Management Inc grew its holdings in Lumen Technologies by 90.3% during the 2nd quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock valued at $30,000 after buying an additional 1,860 shares during the last quarter. Trust Asset Management LLC purchased a new position in Lumen Technologies during the second quarter worth $34,000. Triumph Capital Management lifted its position in shares of Lumen Technologies by 2,110.2% in the second quarter. Triumph Capital Management now owns 5,614 shares of the technology company’s stock valued at $43,000 after acquiring an additional 5,360 shares in the last quarter. Finally, Global Retirement Partners LLC purchased a new stake in Lumen Technologies during the 2nd quarter worth about $45,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

More 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.