ADTRAN (NASDAQ:ADTN) Rating Increased to Outperform at Northland Securities

ADTRAN (NASDAQ:ADTN) was upgraded by equities researchers at Northland Securities from a “market perform” rating to an “outperform” rating in a research report issued on Thursday, The Fly reports.

ADTN has been the subject of a number of other reports. BidaskClub lowered ADTRAN from a “hold” rating to a “sell” rating in a report on Monday, March 2nd. ValuEngine raised ADTRAN from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 11th. Zacks Investment Research raised ADTRAN from a “strong sell” rating to a “hold” rating and set a $8.50 price target for the company in a report on Monday, January 6th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of ADTRAN in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating, four have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $11.63.

NASDAQ ADTN traded up $0.73 on Thursday, hitting $6.93. 62,623 shares of the stock traded hands, compared to its average volume of 428,850. The business’s fifty day moving average is $7.82 and its two-hundred day moving average is $9.36. ADTRAN has a 12 month low of $4.80 and a 12 month high of $17.81. The firm has a market capitalization of $305.35 million, a price-to-earnings ratio of -6.36 and a beta of 1.31.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings data on Wednesday, February 5th. The communications equipment provider reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.09. ADTRAN had a positive return on equity of 0.06% and a negative net margin of 9.99%. The business had revenue of $115.79 million during the quarter, compared to analyst estimates of $112.70 million. On average, analysts forecast that ADTRAN will post -0.46 earnings per share for the current fiscal year.

In other ADTRAN news, insider Daniel T. Whalen acquired 6,500 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were bought at an average price of $8.71 per share, for a total transaction of $56,615.00. Following the completion of the transaction, the insider now owns 23,200 shares of the company’s stock, valued at approximately $202,072. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel T. Whalen acquired 13,500 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was acquired at an average price of $8.95 per share, for a total transaction of $120,825.00. Following the transaction, the insider now directly owns 23,200 shares of the company’s stock, valued at approximately $207,640. The disclosure for this purchase can be found here. Company insiders own 2.52% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Bank of Montreal Can increased its position in shares of ADTRAN by 47.2% during the 4th quarter. Bank of Montreal Can now owns 6,875 shares of the communications equipment provider’s stock worth $67,000 after purchasing an additional 2,203 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in ADTRAN in the fourth quarter worth $95,000. Magnus Financial Group LLC acquired a new position in shares of ADTRAN in the fourth quarter valued at approximately $109,000. Lapides Asset Management LLC lifted its position in shares of ADTRAN by 81.7% in the 4th quarter. Lapides Asset Management LLC now owns 18,900 shares of the communications equipment provider’s stock worth $187,000 after buying an additional 8,500 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in ADTRAN by 8.3% during the fourth quarter. SG Americas Securities LLC now owns 37,987 shares of the communications equipment provider’s stock valued at $376,000 after acquiring an additional 2,925 shares in the last quarter. Institutional investors own 90.53% of the company’s stock.

About ADTRAN

ADTRAN, Inc provides networking and communications equipment worldwide. The company operates through two segments, Network Solutions and Services & Support. It offers access and aggregation solutions, including network management and subscriber services control and orchestration software within a SD-access architecture; SDN-controlled programmable network elements; fiber to the premises and fiber to the node (FTTN) multi-service access nodes (MSAN); fiber aggregation and FTTN MSAN; fiber to the distribution point optical network units; optical line terminals; optical networking edge aggregation; and IP digital subscriber line access multiplexers.

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