Wall Street Zen Downgrades ADTRAN (NASDAQ:ADTN) to Buy

ADTRAN (NASDAQ:ADTN) was downgraded by equities research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Several other equities analysts also recently weighed in on ADTN. Argus raised shares of ADTRAN to a “hold” rating in a report on Wednesday, March 4th. Rosenblatt Securities raised their price objective on shares of ADTRAN from $11.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Finally, Needham & Company LLC restated a “buy” rating and set a $14.00 target price on shares of ADTRAN in a research note on Thursday, February 26th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $15.33.

ADTRAN Stock Performance

Shares of ADTN opened at $11.46 on Friday. The business has a 50-day simple moving average of $9.93 and a two-hundred day simple moving average of $9.26. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 1.50. ADTRAN has a 52 week low of $6.93 and a 52 week high of $12.29. The stock has a market cap of $924.36 million, a price-to-earnings ratio of -22.47 and a beta of 1.37.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings data on Wednesday, February 25th. The communications equipment provider reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.08. The firm had revenue of $291.56 million for the quarter, compared to analysts’ expectations of $281.12 million. ADTRAN had a positive return on equity of 4.23% and a negative net margin of 4.15%.The firm’s revenue was up 20.0% on a year-over-year basis. On average, analysts expect that ADTRAN will post -0.5 EPS for the current year.

Hedge Funds Weigh In On ADTRAN

Several hedge funds have recently modified their holdings of the stock. Wolverine Asset Management LLC bought a new position in shares of ADTRAN during the third quarter worth $2,443,000. Dynamic Technology Lab Private Ltd increased its holdings in ADTRAN by 106.7% in the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 116,368 shares of the communications equipment provider’s stock valued at $1,092,000 after acquiring an additional 60,070 shares during the last quarter. Hussman Strategic Advisors Inc. bought a new stake in ADTRAN in the 3rd quarter valued at $1,379,000. Granahan Investment Management LLC lifted its stake in ADTRAN by 190.8% in the 3rd quarter. Granahan Investment Management LLC now owns 582,490 shares of the communications equipment provider’s stock worth $5,464,000 after purchasing an additional 382,170 shares in the last quarter. Finally, Squarepoint Ops LLC lifted its stake in ADTRAN by 56.4% in the 2nd quarter. Squarepoint Ops LLC now owns 630,846 shares of the communications equipment provider’s stock worth $5,659,000 after purchasing an additional 227,448 shares in the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

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.