Lumen Technologies LUMN has completed the sale of the company’s incumbent local exchange carrier (ILEC) business in 20 states to Brightspeed.According to the contract, Lumen will retain its national fiber routes and associated networks and its ILEC operations in 16 states. The company will also retain its competitive local exchange carrier networks, national fiber routes, international operations, partnerships and associated networks.The sale was approved by the Federal Communications Commission ("FCC") in August 2022. The FCC approved the transaction with all the necessary final regulatory clearances.Lumen Technologies, Inc. Price and Consensus Lumen Technologies, Inc. price-consensus-chart | Lumen Technologies, Inc. QuoteLumen plans to capitalize on the opportunity for revenue growth from market dynamics such as growth in security, IoT, Big Data, 5G, AI and the demand for edge computing. Also, the sale will allow the company to support its accelerated Quantum Fiber deployment plan.In August 2022, Lumen announced the sale of its Latin American operations “Cirion” to Stonepeak for $2.7 billion cash. The transaction will allow the company to focus its capital on a strategic mix of assets that will enable long-term growth and debt reduction.The company continues to invest heavily in its Quantum fiber business and its Enterprise business. The company added 28,000 Quantum Fiber subscribers taking the count to 858,000 at the end of the last-reported quarter.Recently, the company announced investing in a fiber pair on a subsea cable system - Grace Hopper - developed by Alphabet Inc. The new system will leverage Lumen’s landing station and infrastructure services to provide data transfer facilities between New York and Bude, Cornwall in the United Kingdom.Lumen offers a wide array of integrated services like wholesale network access, high-speed Internet access, managed hosting and colocation services etc., to its business and residential customers.For the third quarter, the Zacks Consensus Estimate for revenues stands at $4.44 billion, down 9.2% year over year. Also, the consensus mark for earnings is pegged at 36 cents per share, down 26.5% year over year.The company reported adjusted earnings (excluding special items) of 35 cents per share in second-quarter 2022 compared with 48 cents per share in the prior-year quarter.Quarterly total revenues fell 6.3% year over year to $4,612 million, owing to the conclusion of the CAF II program.Lumen currently carries a Zacks Rank #3 (Hold). Shares of the company have lost 42.7% compared with the industry’s decline of 61.1% in the past year.Image Source: Zacks Investment ResearchStocks to ConsiderSome better-ranked stocks from the broader technology space are Synopsys SNPS, Pure Storage PSTG and Arista Networks ANET. Pure Storage currently sports a Zacks Rank #1 (Strong Buy), whereas Synopsys and Arista Networks presently carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Synopsys 2022 earnings is pegged at $8.85 per share, up 4.5% in the past 60 days. The long-term earnings growth rate is anticipated to be 16.2%.Synopsys earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 3%. Shares of SNPS have increased 9.1% in the past year.The Zacks Consensus Estimate for PSTG 2022 earnings is pegged at $1.18 per share, rising 24.2% in the past 60 days. The long-term earnings growth rate is anticipated to be 35.5%.Pure Storage’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 171.8%. Shares of PSTG have increased 12.9% in the past year.The Zacks Consensus Estimate for Arista Network’s 2022 earnings is pegged at $4.04 per share, increasing 1.3% in the past 60 days. The long-term earnings growth rate is anticipated to be 15.7%.Arista Network’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 10.1%. Shares of ANET have increased 37.3% in the past year. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Synopsys, Inc. (SNPS): Free Stock Analysis Report Arista Networks, Inc. (ANET): Free Stock Analysis Report Pure Storage, Inc. (PSTG): Free Stock Analysis Report Lumen Technologies, Inc. (LUMN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research