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Analysts at Needham & Company LLC cut their target price on shares of ADTRAN (NASDAQ:ADTN) from $30.00 to $28.00 in a research report issued to clients and investors on Thursday. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price target indicates a potential upside of 23.29% from the stock’s previous close.

ADTRAN (NASDAQ:ADTN) opened at 22.71 on Thursday. ADTRAN has a 52-week low of $20.72 and a 52-week high of $27.98. The stock’s 50-day moving average is $22.28 and its 200-day moving average is $24.09. The company has a market cap of $1.281 billion and a P/E ratio of 27.81.

ADTRAN (NASDAQ:ADTN) last released its earnings data on Wednesday, July 16th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.01. The company had revenue of $176.10 million for the quarter, compared to the consensus estimate of $175.68 million. During the same quarter in the previous year, the company posted $0.17 earnings per share. The company’s revenue for the quarter was up 8.6% on a year-over-year basis. Analysts expect that ADTRAN will post $1.01 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which is scheduled for Thursday, August 14th. Investors of record on Thursday, July 31st will be given a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date of this dividend is Tuesday, July 29th.

Other equities research analysts have also recently issued reports about the stock. Analysts at MKM Partners reiterated a “” rating on shares of ADTRAN in a research note on Tuesday, July 8th. They now have a $26.00 price target on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of ADTRAN in a research note on Wednesday, April 30th. They now have a $24.00 price target on the stock. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. ADTRAN currently has a consensus rating of “Hold” and a consensus price target of $23.64.

ADTRAN, Inc designs, manufactures and markets solutions and provides services and support for communications networks.

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