ADTRAN, Inc. (NASDAQ:ADTN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday.

According to Zacks, “Shares of ADTRAN have outperformed the industry over the last six months. Ushering in further good news, the company reported better-than-expected earnings per share in the third quarter of 2017.  The bottom line also increased on a year-over-year basis. Total revenues climbed 9.6% year over year on the back of strong growth displayed by the company's Network Solutions portfolio. ADTRAN’s efforts to reward shareholders also raise optimism in the stock. However, Research and development expenses and Selling, general and administrative expenses have increased in the third quarter. Continuous increase in costs is concerning and has the potential to hurt results in the near term.”

Several other research analysts also recently commented on the stock. Northland Securities set a $28.00 price target on shares of ADTRAN and gave the stock a “buy” rating in a research note on Wednesday, October 18th. BidaskClub raised shares of ADTRAN from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. Needham & Company LLC lifted their price target on shares of ADTRAN from $25.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, August 10th. Finally, Cowen and Company reissued a “market perform” rating and set a $18.00 price target (up from $16.00) on shares of ADTRAN in a research note on Saturday, July 22nd. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $24.29.

ADTRAN (ADTN) traded down 1.025% during trading on Monday, reaching $21.725. 146,581 shares of the company were exchanged. The firm’s 50-day moving average is $23.08 and its 200 day moving average is $21.37. The company has a market capitalization of $1.04 billion, a P/E ratio of 24.688 and a beta of 0.75. ADTRAN has a one year low of $17.55 and a one year high of $25.10.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings results on Tuesday, October 17th. The communications equipment provider reported $0.37 EPS for the quarter, topping the consensus estimate of $0.24 by $0.13. The firm had revenue of $185.11 million for the quarter, compared to the consensus estimate of $185.43 million. ADTRAN had a net margin of 6.05% and a return on equity of 9.05%. On average, analysts anticipate that ADTRAN will post $0.89 EPS for the current fiscal year.

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In other news, SVP Michael Foliano sold 24,000 shares of the business’s stock in a transaction on Tuesday, July 25th. The shares were sold at an average price of $23.77, for a total transaction of $570,480.00. Following the sale, the senior vice president now owns 5,417 shares in the company, valued at approximately $128,762.09. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.96% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio boosted its holdings in shares of ADTRAN by 5.8% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 6,804 shares of the communications equipment provider’s stock valued at $141,000 after buying an additional 373 shares in the last quarter. Piedmont Investment Advisors LLC bought a new stake in shares of ADTRAN during the 2nd quarter valued at $216,000. Dean Capital Management boosted its holdings in shares of ADTRAN by 39.7% during the 2nd quarter. Dean Capital Management now owns 120,080 shares of the communications equipment provider’s stock valued at $2,480,000 after buying an additional 34,105 shares in the last quarter. State Street Corp boosted its holdings in shares of ADTRAN by 4.3% during the 2nd quarter. State Street Corp now owns 1,332,947 shares of the communications equipment provider’s stock valued at $27,527,000 after buying an additional 54,671 shares in the last quarter. Finally, QS Investors LLC bought a new stake in shares of ADTRAN during the 2nd quarter valued at $1,917,000. Hedge funds and other institutional investors own 89.47% 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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Analyst Recommendations for ADTRAN (NASDAQ:ADTN)

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