BidaskClub Downgrades ADTRAN, Inc. (ADTN) to Strong Sell
ADTRAN, Inc. (NASDAQ:ADTN) was downgraded by stock analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a note issued to investors on Wednesday.
Several other research firms also recently commented on ADTN. Needham & Company LLC dropped their price objective on shares of ADTRAN from $25.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, April 20th. Zacks Investment Research raised shares of ADTRAN from a “hold” rating to a “strong-buy” rating and set a $25.00 price target for the company in a report on Friday, July 21st. Northland Securities reaffirmed a “buy” rating on shares of ADTRAN in a report on Friday, July 21st. MKM Partners reaffirmed a “buy” rating and issued a $26.50 price target (down previously from $27.50) on shares of ADTRAN in a report on Monday, April 24th. Finally, Cowen and Company reaffirmed a “market perform” rating and issued a $18.00 price target (up previously from $16.00) on shares of ADTRAN in a report on Saturday, July 22nd. One analyst has rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. ADTRAN has a consensus rating of “Buy” and an average target price of $23.57.
Shares of ADTRAN (NASDAQ ADTN) traded up 0.69% during midday trading on Wednesday, reaching $21.85. The company’s stock had a trading volume of 236,187 shares. The company’s 50-day moving average price is $21.85 and its 200-day moving average price is $20.92. ADTRAN has a 12 month low of $17.55 and a 12 month high of $24.05. The company has a market cap of $1.04 billion, a PE ratio of 27.28 and a beta of 0.65.
ADTRAN (NASDAQ:ADTN) last released its quarterly earnings data on Tuesday, July 18th. The communications equipment provider reported $0.30 EPS for the quarter, beating the 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 business had revenue of $184.67 million during the quarter, compared to the consensus estimate of $183.05 million. During the same quarter in the prior year, the firm earned $0.21 EPS. On average, equities analysts anticipate that ADTRAN will post $0.81 EPS for the current fiscal year.
In related news, SVP Michael Foliano sold 24,000 shares of the stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $23.77, for a total value of $570,480.00. Following the sale, the senior vice president now directly owns 5,417 shares of the company’s stock, valued at approximately $128,762.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.96% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Guggenheim Capital LLC raised its stake in ADTRAN by 124.0% in the fourth quarter. Guggenheim Capital LLC now owns 25,220 shares of the communications equipment provider’s stock worth $563,000 after buying an additional 13,959 shares during the period. Norges Bank bought a new position in shares of ADTRAN during the fourth quarter worth approximately $8,783,000. Teachers Advisors LLC raised its position in shares of ADTRAN by 5.7% in the fourth quarter. Teachers Advisors LLC now owns 85,426 shares of the communications equipment provider’s stock worth $1,909,000 after buying an additional 4,602 shares during the period. Fox Run Management L.L.C. raised its position in shares of ADTRAN by 31.5% in the first quarter. Fox Run Management L.L.C. now owns 26,700 shares of the communications equipment provider’s stock worth $554,000 after buying an additional 6,400 shares during the period. Finally, Louisiana State Employees Retirement System raised its position in shares of ADTRAN by 1.5% in the first quarter. Louisiana State Employees Retirement System now owns 19,800 shares of the communications equipment provider’s stock worth $411,000 after buying an additional 300 shares during the period. 90.07% of the stock is currently owned by institutional investors.
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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