ADTRAN, Inc. (NASDAQ:ADTN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released on Friday. The brokerage presently has a $25.00 price target on the communications equipment provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 5.04% from the company’s previous close.

According to Zacks, “Shares of ADTRAN have outperformed the industry to which it belongs over the last three months. Ushering in further good news, ADTRAN performed very well in the second quarter of 2017 reporting better than expected earnings per share and revenues. The impressive performance of its Network Solutions portfolio drove results. Sales from its services and support unit also displayed impressive growth in the quarter. Its efforts to reward shareholders also raise optimism. ADTRAN continues to impress with its lucrative product offering and solutions which are some of the best in the industry. The company's efforts to expand internationally are also encouraging. However, the company remains exposed to foreign currency related headwinds.”

A number of other equities research analysts have also commented on the stock. Needham & Company LLC upped their price objective on shares of ADTRAN from $24.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday. Northland Securities reissued a “buy” rating and set a $24.00 target price on shares of ADTRAN in a research note on Tuesday, July 4th. Argus raised shares of ADTRAN from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a research note on Thursday, April 20th. Finally, MKM Partners reissued a “buy” rating and set a $26.50 target price (down from $27.50) on shares of ADTRAN in a research note on Monday, April 24th. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $24.33.

Shares of ADTRAN (NASDAQ:ADTN) traded down 0.17% during trading on Friday, reaching $23.76. 63,952 shares of the company’s stock were exchanged. The stock has a market cap of $1.15 billion, a PE ratio of 31.26 and a beta of 0.62. The stock’s 50 day moving average price is $20.52 and its 200-day moving average price is $20.85. ADTRAN has a 52-week low of $17.55 and a 52-week high of $23.85.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Tuesday, July 18th. The communications equipment provider reported $0.30 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.11. ADTRAN had a net margin of 5.68% and a return on equity of 8.39%. The firm had revenue of $184.67 million during the quarter, compared to analysts’ expectations of $183.05 million. During the same period in the prior year, the company posted $0.21 EPS. On average, equities research analysts forecast that ADTRAN will post $0.81 EPS for the current year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADTN. BlackRock Inc. increased its stake in shares of ADTRAN by 75,959.4% in the first quarter. BlackRock Inc. now owns 5,930,353 shares of the communications equipment provider’s stock valued at $123,054,000 after buying an additional 5,922,556 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of ADTRAN by 6.0% in the first quarter. Vanguard Group Inc. now owns 4,434,998 shares of the communications equipment provider’s stock valued at $92,026,000 after buying an additional 252,733 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of ADTRAN by 10.2% in the first quarter. Victory Capital Management Inc. now owns 3,835,026 shares of the communications equipment provider’s stock valued at $79,577,000 after buying an additional 356,159 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of ADTRAN by 6.4% in the first quarter. Dimensional Fund Advisors LP now owns 2,870,230 shares of the communications equipment provider’s stock valued at $59,558,000 after buying an additional 172,439 shares in the last quarter. Finally, Van Berkom & Associates Inc. increased its stake in shares of ADTRAN by 0.4% in the second quarter. Van Berkom & Associates Inc. now owns 2,018,137 shares of the communications equipment provider’s stock valued at $41,675,000 after buying an additional 7,790 shares in the last quarter. Hedge funds and other institutional investors own 91.50% of the company’s stock.

ADTRAN Company Profile

ADTRAN, Inc (ADTRAN) is a provider of networking and communications equipment. The Company’s solutions enable voice, data, video and Internet communications across a range of network infrastructures. It operates through two segments: Network Solutions and Services & Support. Network Solutions includes software and hardware products that enable CSPs and enterprise customers to realize a fully connected world.

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