ADTRAN (NASDAQ:ADTN) Upgraded to Strong-Buy at Wall Street Zen

ADTRAN (NASDAQ:ADTN) was upgraded by equities researchers at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued on Saturday.

Other equities research analysts have also recently issued research reports about the stock. Rosenblatt Securities boosted their target price on shares of ADTRAN from $16.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of ADTRAN in a research report on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ADTRAN in a research note on Tuesday. Northland Securities set a $18.00 price objective on shares of ADTRAN in a report on Wednesday, May 6th. Finally, Evercore assumed coverage on shares of ADTRAN in a research report on Tuesday, April 14th. They set an “outperform” rating and a $18.00 target price on the stock. Four 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’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $18.00.

ADTRAN Stock Performance

NASDAQ:ADTN opened at $12.71 on Friday. The stock has a 50 day simple moving average of $15.47 and a 200 day simple moving average of $12.40. The stock has a market cap of $1.03 billion, a P/E ratio of -32.59 and a beta of 1.44. ADTRAN has a 1-year low of $7.11 and a 1-year high of $19.98. The company has a current ratio of 1.77, a quick ratio of 1.18 and a debt-to-equity ratio of 1.59.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.05. The firm had revenue of $286.09 million for the quarter, compared to analyst estimates of $285.48 million. ADTRAN had a positive return on equity of 10.94% and a negative net margin of 3.18%.The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.03 EPS. Research analysts anticipate that ADTRAN will post 0.43 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its position in ADTRAN by 12.4% during the first quarter. Bank of America Corp DE now owns 367,226 shares of the communications equipment provider’s stock valued at $4,620,000 after purchasing an additional 40,595 shares in the last quarter. Quantinno Capital Management LP lifted its stake in ADTRAN by 18.7% during the first quarter. Quantinno Capital Management LP now owns 52,455 shares of the communications equipment provider’s stock worth $660,000 after purchasing an additional 8,281 shares during the last quarter. Entropy Technologies LP boosted its holdings in shares of ADTRAN by 53.6% in the 1st quarter. Entropy Technologies LP now owns 15,793 shares of the communications equipment provider’s stock valued at $199,000 after purchasing an additional 5,510 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of ADTRAN by 60.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 455,647 shares of the communications equipment provider’s stock valued at $5,732,000 after purchasing an additional 171,145 shares in the last quarter. Finally, Caxton Associates LLP bought a new position in shares of ADTRAN in the 1st quarter valued at $308,000. 80.56% of the stock is owned by institutional investors.

About ADTRAN

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.