Lumen Technologies LUMN has announced that it is 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.The current development of cable systems is aimed at taping the growing demand for fast data transfer between different continents in real time. The ongoing digitalization and bandwidth explosion have made data flow very crucial.Per a report from the U.S. Chamber of Commerce, the U.S.-Europe trade and investment alliance depends heavily on data flows, as more data moves between the two continents than anywhere else in the globe.Lumen Technologies, Inc. Price and Consensus Lumen Technologies, Inc. price-consensus-chart | Lumen Technologies, Inc. QuoteData flows are crucial for both small and large enterprises, and they underpin international financial systems, scientific research, cybersecurity initiatives and growing global demands for high-quality content, added the report.Lumen is currently taking orders for Grace Hopper, which will be active and ready to deliver services by October.Previously, Lumen and Google collaborated by launching the Dunant trans-Atlantic cable that connects data centers between Virginia in the United States and Saint-Hilaire-de-Riez on the French Atlantic coast.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 $4.42 billion, down 9.6% 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 35.6% compared with the industry’s decline of 63.9% in the past year.Image Source: Zacks Investment ResearchStocks to ConsiderSome better-ranked stocks from the broader technology space are Synopsys SNPS, Cadence Design System CDNS and Arista Networks ANET. Arista Networks and Cadence Design System each currently sport a Zacks Rank #1 (Strong Buy), whereas Synopsys presently 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 Synopsys 2022 earnings is pegged at $8.84 per share, up 4.4% 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 decreased 4.9% in the past year.The Zacks Consensus Estimate for CDNS 2022 earnings is pegged at $4.11 per share, rising 5.7% in the past 60 days. The long-term earnings growth rate is anticipated to be 17.7%.Cadence’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 9.8%. Shares of CDNS have decreased 0.5% in the past year.The Zacks Consensus Estimate for Arista Network’s 2022 earnings is pegged at $4.04 per share, increasing 10.1% in the past 60 days. The long-term earnings growth rate is anticipated to be 18.6%.Arista Network’s earnings beat the Zacks Consensus Estimate in the last four quarters, the average being 10.1%. Shares of ANET have increased 25.8% 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 Cadence Design Systems, Inc. (CDNS): Free Stock Analysis Report Arista Networks, Inc. (ANET): Free Stock Analysis Report Lumen Technologies, Inc. (LUMN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research