Lumen Technologies (NYSE:LUMN) Director Michelle Goldberg Buys 25,000 Shares of Company Stock

Lumen Technologies, Inc. (NYSE:LUMN) Director Michelle Goldberg bought 25,000 shares of the firm’s stock in a transaction that occurred on Friday, November 6th. The shares were acquired at an average price of $3.91 per share, with a total value of $97,750.00. Following the purchase, the director owned 101,591 shares of the company’s stock, valued at $397,220.81. The trade was a 32.64% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Lumen Technologies Trading Up 8.3%

Shares of Lumen Technologies stock opened at $4.32 on Tuesday. The company has a fifty day simple moving average of $5.54 and a 200-day simple moving average of $7.13. Lumen Technologies, Inc. has a 12-month low of $3.84 and a 12-month high of $11.39. The stock has a market cap of $4.46 billion, a price-to-earnings ratio of -4.24 and a beta of 1.94.

Lumen Technologies (NYSE:LUMN) last announced its quarterly 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 company had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.73 billion. On average, analysts forecast that Lumen Technologies, Inc. will post -0.54 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on LUMN shares. Moffett Nathanson upgraded shares of Lumen Technologies from a “sell” rating to a “neutral” rating and set a $4.00 target price for the company in a research note on Friday, October 30th. TD Cowen cut their price objective on shares of Lumen Technologies from $9.00 to $8.00 and set a “hold” rating for the company in a research report on Thursday, November 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Lumen Technologies in a research report on Friday, July 17th. Wall Street Zen raised Lumen Technologies from a “sell” rating to a “hold” rating in a research note on Sunday, August 9th. Finally, The Goldman Sachs Group dropped their price objective on Lumen Technologies from $7.25 to $5.00 and set a “neutral” rating on the stock in a report on Thursday, November 5th. Ten research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Lumen Technologies has an average rating of “Reduce” and an average price target of $6.19.

Hedge Funds Weigh In On Lumen Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Ascentis Independent Advisors purchased a new stake in shares of Lumen Technologies in the 1st quarter worth about $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 raised its holdings 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 worth $43,000 after acquiring an additional 5,360 shares during the last quarter. Finally, Global Retirement Partners LLC purchased a new stake in shares of Lumen Technologies in the second quarter valued at $45,000. 66.19% of the stock is owned by institutional investors and hedge funds.

Lumen Technologies News Roundup

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

• Positive Sentiment: CEO Kathleen Johnson bought 100,000 shares for about $397,000, doubling her position, and director Michelle J. Goldberg bought 25,000 shares for about $97,750. The purchases may signal confidence in Lumen, though they do not change the company’s fundamentals. CEO purchase filing Director purchase filing
• Positive Sentiment: On its Q3 earnings call, management pointed to growing demand for AI networking and a 10% year-over-year increase in strategic sales. Lumen also expanded its Microsoft collaboration to help enterprises connect applications and data with Azure AI services. Q3 earnings call Microsoft AI connectivity collaboration
• Neutral Sentiment: Analyst views remain mixed: TD Cowen maintained a Hold rating, while other coverage described disagreement on the stock. Some commentary argues Lumen may be undervalued based on future cash flow, but that view depends on the company delivering on its outlook. TD Cowen rating Cash flow valuation commentary
• Negative Sentiment: Citigroup, TD Cowen, and JPMorgan reportedly reduced their price targets, adding pressure to sentiment. The reports provided here do not specify the revised targets. Citigroup price target reduction TD Cowen price target trim JPMorgan price target cut
• Negative Sentiment: Q3 revenue of $2.72 billion was slightly below consensus, and Lumen reported a $265 million net loss. The strategic-sales growth is encouraging, but investors still face execution and profitability risks. Q3 results and call

About Lumen Technologies

Lumen Technologies is a telecommunications and technology company that provides network and digital services primarily to businesses, government agencies, and wholesale customers. Its offerings include fiber and internet connectivity, private networking, voice and collaboration services, cloud connectivity, and managed security solutions.

The company serves customers across North America and in international markets through its fiber network and related technology platforms. Lumen has shifted its focus toward enterprise services in recent years, including after selling consumer and local-exchange operations in several states.

Lumen was known as CenturyLink until adopting its current name in 2020.