Prospera Private Wealth LLC Makes New Investment in Lumen Technologies, Inc. (NYSE:LUMN)

Prospera Private Wealth LLC purchased a new stake in Lumen Technologies, Inc. (NYSE:LUMN) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 12,260 shares of the technology company’s stock, valued at approximately $87,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sawgrass Asset Management LLC grew its stake in Lumen Technologies by 68.5% in the 2nd quarter. Sawgrass Asset Management LLC now owns 22,786 shares of the technology company’s stock valued at $25,000 after acquiring an additional 9,263 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in Lumen Technologies in the second quarter valued at approximately $25,000. ANTIPODES PARTNERS Ltd acquired a new position in shares of Lumen Technologies during the 2nd quarter valued at $26,000. Concord Wealth Partners boosted its position in shares of Lumen Technologies by 98.8% in the third quarter. Concord Wealth Partners now owns 4,008 shares of the technology company’s stock worth $28,000 after buying an additional 1,992 shares during the period. Finally, Fifth Third Wealth Advisors LLC purchased a new position in Lumen Technologies in the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 66.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Citigroup upgraded Lumen Technologies from a “sell” rating to a “neutral” rating and raised their price objective for the company from $1.25 to $3.15 in a research note on Tuesday, August 6th. The Goldman Sachs Group upped their target price on Lumen Technologies from $4.50 to $5.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. UBS Group increased their price objective on shares of Lumen Technologies from $1.50 to $5.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Wells Fargo & Company downgraded Lumen Technologies from an “equal weight” rating to an “underweight” rating and lifted their target price for the company from $1.75 to $4.00 in a research note on Friday, August 16th. Finally, Bank of America upped their price target on shares of Lumen Technologies from $1.00 to $2.00 and gave the stock an “underperform” rating in a research note on Thursday, August 8th. Three research analysts have rated the stock with a sell rating and five have given a hold rating to the stock. Based on data from MarketBeat.com, Lumen Technologies has an average rating of “Hold” and a consensus price target of $4.02.

Lumen Technologies Trading Up 4.4 %

Shares of NYSE:LUMN opened at $7.88 on Friday. The stock has a market capitalization of $8.00 billion, a price-to-earnings ratio of -3.63 and a beta of 1.21. Lumen Technologies, Inc. has a 1-year low of $0.97 and a 1-year high of $10.33. The company has a 50 day moving average price of $7.11 and a 200 day moving average price of $4.19. The company has a debt-to-equity ratio of 53.05, a quick ratio of 1.20 and a current ratio of 1.20.

Lumen Technologies (NYSE:LUMN) last issued its earnings results on Tuesday, November 5th. The technology company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.04). Lumen Technologies had a negative return on equity of 49.74% and a negative net margin of 16.06%. The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.21 billion. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. The business’s revenue was down 11.5% compared to the same quarter last year. On average, research analysts anticipate that Lumen Technologies, Inc. will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director James Fowler acquired 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average cost of $4.70 per share, for a total transaction of $47,000.00. Following the transaction, the director now owns 384,056 shares in the company, valued at approximately $1,805,063.20. This trade represents a 2.67 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.68% of the company’s stock.

Lumen Technologies 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.