Lumen (LUMN) Launches Data Protect to Tackle Security Breaches
Lumen Technologies LUMN announced the launch of Lumen Data Protect, which is a service designed to help companies combat the increasing risks associated with data corruption and security breaches.
The Lumen Data Protect is a fully managed enterprise-grade data protection service built on the company’s edge infrastructure and supported by its extensive global fiber network. The new product will likely help companies improve data protection to prevent significant incidents that could lead to loss of time, money, and reputation amid the ongoing threats of ransomware and data corruption.
Lumen Data Protect offers cost-effective backup and recovery options for critical business data and applications, regardless of location. Companies can leverage the infrastructure-free and “pay-as-you-go” data protection that adapt to changing business requirements. The service also provides flexibility through various on-site or off-site storage alternatives.
Lumen Technologies, Inc. Price and Consensus
Lumen Technologies, Inc. price-consensus-chart | Lumen Technologies, Inc. Quote
Overall, Lumen Data Protect aims to tap the growing demand for cybersecurity solutions. Per a report from Fortune Business Insights, the global cyber security market size is projected to grow from $172.3 billion in 2023 to $424.9 billion in 2030, at a CAGR of 13.8%. The industry is likely to benefit from the increased adoption of cloud computing and rising cybersecurity attacks, added the report.
Lumen provides a range of networking and cloud and security solutions to government agencies and consumers. Their services include Internet connectivity, voice and video services and managed services.
In April, the company announced that it expanded its Secure Access Service Edge (SASE) portfolio to tackle the rising cyber threats. The company has added Versa Networks and developed Rapid Threat Defense to further boost its SASE portfolio.
Lumen currently carries a Zacks Rank #3 (Hold). Shares of the company have lost 83.2% compared with the sub-industry’s decline of 16.1% in the past year.
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Stocks to Consider
Some better-ranked stocks in the broader technology space are Watts Water Technologies WTS, Badger Meter BMI and Woodward WWD. Badger Meter and Woodward sport a Zacks Rank #1 (Strong Buy), whereas Watts Water carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Watts Water’s 2023 earnings per share (EPS) has increased 5.8% in the past 60 days to $7.61. The company’s long-term earnings growth rate is 8%.
Watts Water’s earnings beat estimates in all the trailing four quarters, delivering an average surprise of 12.5%. Shares of WTS have rallied 28.3% in the past year.
The Zacks Consensus Estimate for Badger Meter’s 2023 EPS has increased 6.3% in the past 60 days to $2.86.
Badger Meter’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average being 6.7%. Shares of BMI have surged 63.7% in the past year.
The Zacks Consensus Estimate for Woodward’s fiscal 2023 EPS has increased 12.6% in the past 60 days to $4.03.
WWD’s long-term earnings growth rate is 13.5%. Shares of WWD have gained 27.2% in the past year.
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