ADTRAN (NASDAQ:ADTN) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of ADTRAN (NASDAQ:ADTN) in a research report released on Wednesday morning, Benzinga reports. The firm currently has a $8.00 price objective on the communications equipment provider’s stock.

ADTN has been the topic of a number of other research reports. StockNews.com raised ADTRAN to a sell rating in a research note on Wednesday, March 6th. Rosenblatt Securities reduced their target price on ADTRAN from $8.00 to $7.50 and set a neutral rating on the stock in a research report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $10.50.

ADTRAN Trading Up 0.4 %

Shares of ADTN stock opened at $4.65 on Wednesday. The company has a market capitalization of $367.91 million, a price-to-earnings ratio of -1.45 and a beta of 1.13. The company has a current ratio of 2.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.33. The firm has a 50-day moving average price of $5.69 and a 200 day moving average price of $6.35. ADTRAN has a twelve month low of $4.61 and a twelve month high of $11.02.

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

Hedge Funds Weigh In On ADTRAN

A number of large investors have recently bought and sold shares of ADTN. Envestnet Asset Management Inc. increased its holdings in shares of ADTRAN by 3.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 18,255 shares of the communications equipment provider’s stock worth $337,000 after buying an additional 585 shares during the last quarter. JPMorgan Chase & Co. grew its position in ADTRAN by 1.5% during the first quarter. JPMorgan Chase & Co. now owns 277,080 shares of the communications equipment provider’s stock valued at $5,112,000 after acquiring an additional 4,148 shares during the period. Raymond James & Associates increased its stake in ADTRAN by 5.3% during the first quarter. Raymond James & Associates now owns 19,939 shares of the communications equipment provider’s stock worth $368,000 after acquiring an additional 995 shares during the last quarter. Citigroup Inc. raised its holdings in shares of ADTRAN by 7.5% in the 1st quarter. Citigroup Inc. now owns 51,167 shares of the communications equipment provider’s stock worth $944,000 after purchasing an additional 3,579 shares during the period. Finally, MetLife Investment Management LLC lifted its stake in shares of ADTRAN by 51.8% in the 1st quarter. MetLife Investment Management LLC now owns 25,302 shares of the communications equipment provider’s stock valued at $467,000 after purchasing an additional 8,632 shares in the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

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.