ADTRAN’s (ADTN) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of ADTRAN (NASDAQ:ADTN) in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has a $11.00 price objective on the communications equipment provider’s stock.

Separately, Needham & Company LLC restated a “buy” rating and set a $12.00 price objective on shares of ADTRAN in a research report on Tuesday, November 25th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $13.00.

ADTRAN Stock Performance

NASDAQ:ADTN opened at $10.07 on Thursday. The company has a market cap of $806.81 million, a P/E ratio of -9.41 and a beta of 1.39. ADTRAN has a twelve month low of $6.93 and a twelve month high of $12.44. The company’s 50-day moving average price is $9.29 and its 200-day moving average price is $9.07. The company has a current ratio of 1.96, a quick ratio of 1.23 and a debt-to-equity ratio of 1.54.

Insider Buying and Selling at ADTRAN

In related news, CEO Thomas R. Stanton acquired 40,928 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were purchased at an average cost of $7.33 per share, for a total transaction of $300,002.24. Following the acquisition, the chief executive officer owned 982,096 shares in the company, valued at $7,198,763.68. The trade was a 4.35% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Timothy P. Santo acquired 6,150 shares of the stock in a transaction that occurred on Friday, November 28th. The shares were bought at an average cost of $8.02 per share, with a total value of $49,323.00. Following the transaction, the chief financial officer directly owned 26,594 shares in the company, valued at $213,283.88. This trade represents a 30.08% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 59,937 shares of company stock valued at $449,754 over the last 90 days. 1.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Millennium Management LLC raised its holdings in shares of ADTRAN by 371.2% in the 4th quarter. Millennium Management LLC now owns 2,694,800 shares of the communications equipment provider’s stock valued at $23,418,000 after buying an additional 2,122,844 shares during the period. Alyeska Investment Group L.P. purchased a new position in shares of ADTRAN in the third quarter valued at approximately $10,168,000. Paradigm Capital Management Inc. NY increased its stake in ADTRAN by 527.7% during the 4th quarter. Paradigm Capital Management Inc. NY now owns 1,129,909 shares of the communications equipment provider’s stock worth $9,819,000 after buying an additional 949,909 shares during the period. SG Capital Management LLC purchased a new position in ADTRAN in the 2nd quarter valued at approximately $7,601,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of ADTRAN by 691.6% in the third quarter. Assenagon Asset Management S.A. now owns 932,680 shares of the communications equipment provider’s stock worth $8,749,000 after acquiring an additional 814,864 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Company Profile

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.