Lumen Technologies (NYSE:LUMN) Raised to Equal Weight at Wells Fargo & Company

Lumen Technologies (NYSE:LUMN) was upgraded by Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a research report issued on Friday, Marketbeat reports. The brokerage presently has a $5.00 price target on the technology company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 6.95% from the company’s previous close.

Several other research analysts also recently commented on LUMN. Citigroup raised their price target on shares of Lumen Technologies from $6.50 to $8.00 and gave the stock a “neutral” rating in a research note on Friday, November 29th. Royal Bank of Canada reiterated a “sector perform” rating and set a $4.25 target price on shares of Lumen Technologies in a report on Monday, February 10th. The Goldman Sachs Group increased their target price on shares of Lumen Technologies from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, TD Cowen dropped their target price on shares of Lumen Technologies from $7.00 to $6.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. According to data from MarketBeat, Lumen Technologies has a consensus rating of “Hold” and a consensus price target of $4.78.

Lumen Technologies Price Performance

LUMN stock opened at $4.68 on Friday. Lumen Technologies has a 52 week low of $0.97 and a 52 week high of $10.33. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 37.70. The company has a fifty day simple moving average of $5.34 and a two-hundred day simple moving average of $6.19. The firm has a market capitalization of $4.74 billion, a P/E ratio of -93.48 and a beta of 1.28.

Lumen Technologies (NYSE:LUMN) last announced its earnings results on Tuesday, February 4th. The technology company reported $0.09 earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.14. Lumen Technologies had a negative net margin of 0.42% and a negative return on equity of 46.17%. Analysts anticipate that Lumen Technologies will post -0.87 earnings per share for the current fiscal year.

Institutional Trading of Lumen Technologies

A number of institutional investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of Lumen Technologies by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 23,344,313 shares of the technology company’s stock valued at $165,776,000 after buying an additional 383,693 shares in the last quarter. Northern Trust Corp boosted its stake in Lumen Technologies by 8.6% in the 4th quarter. Northern Trust Corp now owns 12,354,499 shares of the technology company’s stock worth $65,602,000 after purchasing an additional 982,206 shares in the last quarter. Norges Bank acquired a new stake in Lumen Technologies in the 4th quarter worth approximately $63,638,000. Renaissance Technologies LLC boosted its stake in Lumen Technologies by 76.3% in the 4th quarter. Renaissance Technologies LLC now owns 11,664,009 shares of the technology company’s stock worth $61,936,000 after purchasing an additional 5,049,709 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Lumen Technologies by 368.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,812,495 shares of the technology company’s stock worth $52,111,000 after purchasing an additional 7,717,596 shares in the last quarter. 66.19% of the stock is currently owned by institutional investors.

Lumen Technologies Company Profile

Lumen Technologies, Inc, a facilities-based technology and communications company, provides various integrated products and services to business and residential customers in the United States and internationally. The company operates in two segments, Business and Mass Markets. It offers dark fiber, edge cloud services, internet protocol, managed security, software-defined wide area networks, secure access service edge, unified communications and collaboration, and optical wavelengths services; ethernet and VPN data networks services; and legacy services to manage cash flow, including time division multiplexing voice, private line, and other legacy services, as well as sells communication equipment, and IT solutions.