ADTRAN (NASDAQ:ADTN) Stock Rating Reaffirmed by Needham & Company LLC

ADTRAN (NASDAQ:ADTN)‘s stock had its “buy” rating reissued by Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They currently have a $8.00 target price on the communications equipment provider’s stock. Needham & Company LLC’s target price suggests a potential upside of 48.98% from the company’s previous close.

Several other research analysts have also commented on the stock. StockNews.com raised shares of ADTRAN to a “sell” rating in a research note on Wednesday, March 6th. Rosenblatt Securities decreased their price target on shares of ADTRAN from $8.00 to $7.50 and set a “neutral” rating for the company in a research report on Wednesday, February 28th. Finally, Northland Securities upgraded shares of ADTRAN from a “market perform” rating to an “outperform” rating and set a $7.50 price target for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $9.75.

ADTRAN Stock Down 1.8 %

Shares of NASDAQ ADTN opened at $5.37 on Wednesday. ADTRAN has a 52-week low of $4.34 and a 52-week high of $11.02. The business’s 50 day moving average is $5.20 and its two-hundred day moving average is $6.04. The firm has a market cap of $424.85 million, a price-to-earnings ratio of -1.68 and a beta of 1.13. The company has a quick ratio of 1.34, a current ratio of 2.64 and a debt-to-equity ratio of 0.33.

ADTRAN (NASDAQ:ADTN) last posted its earnings results on Monday, February 26th. The communications equipment provider reported ($1.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($1.01). ADTRAN had a negative return on equity of 15.65% and a negative net margin of 21.80%. The firm had revenue of $225.48 million for the quarter, compared to analyst estimates of $232.45 million. Research analysts predict that ADTRAN will post -0.25 EPS for the current year.

Institutional Investors Weigh In On ADTRAN

A number of hedge funds and other institutional investors have recently modified their holdings of ADTN. Federated Hermes Inc. purchased a new position in ADTRAN in the fourth quarter valued at $8,363,000. Kovack Advisors Inc. boosted its position in shares of ADTRAN by 157.9% during the 4th quarter. Kovack Advisors Inc. now owns 432,750 shares of the communications equipment provider’s stock worth $3,176,000 after acquiring an additional 264,950 shares in the last quarter. Keeley Teton Advisors LLC increased its holdings in shares of ADTRAN by 154.6% in the 3rd quarter. Keeley Teton Advisors LLC now owns 404,935 shares of the communications equipment provider’s stock valued at $3,333,000 after acquiring an additional 245,911 shares during the last quarter. William Blair Investment Management LLC raised its position in shares of ADTRAN by 57.2% during the 3rd quarter. William Blair Investment Management LLC now owns 2,405,839 shares of the communications equipment provider’s stock worth $19,800,000 after acquiring an additional 875,140 shares in the last quarter. Finally, B. Riley Asset Management LLC lifted its stake in ADTRAN by 17.3% during the third quarter. B. Riley Asset Management LLC now owns 360,555 shares of the communications equipment provider’s stock worth $2,967,000 after purchasing an additional 53,155 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Company Profile

ADTRAN Holdings, Inc, through its subsidiaries, provides networking and communications platforms, software, systems, and services in the United States, Germany, the United Kingdom, and internationally. It operates through two segments, Network Solutions, and Services & Support. It offers residential gateways; ethernet passive optical network ONUs; gigabit passive optical network/XGS-PON ONTs; traditional SSE, routers, and switches; edge cloud; carrier ethernet network interface devices; Optical Line Terminals; Packet Aggregation, Copper Access, and Oscilloquartz; optical transport and engine solutions; infrastructure monitoring solution; and training, professional, software, and managed services.