ADTRAN’s (ADTN) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of ADTRAN (NASDAQ:ADTN) in a research note issued to investors on Wednesday, Benzinga reports. Needham & Company LLC currently has a $8.00 price target on the communications equipment provider’s stock.

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

ADTRAN Trading Down 0.8 %

NASDAQ ADTN opened at $4.69 on Wednesday. ADTRAN has a 12-month low of $4.59 and a 12-month high of $11.02. The company has a fifty day simple moving average of $5.62 and a two-hundred day simple moving average of $6.31. 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 stock has a market cap of $371.07 million, a P/E ratio of -1.47 and a beta of 1.13.

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

Institutional Investors Weigh In On ADTRAN

A number of institutional investors and hedge funds have recently made changes to their positions in ADTN. Vanguard Group Inc. increased its holdings in ADTRAN by 43.9% in the 3rd quarter. Vanguard Group Inc. now owns 7,539,783 shares of the communications equipment provider’s stock valued at $147,629,000 after purchasing an additional 2,298,501 shares during the last quarter. Federated Hermes Inc. acquired a new stake in shares of ADTRAN in the fourth quarter valued at $8,363,000. BlackRock Inc. raised its holdings in shares of ADTRAN by 7.7% in the 2nd quarter. BlackRock Inc. now owns 13,266,379 shares of the communications equipment provider’s stock valued at $139,695,000 after buying an additional 951,700 shares during the period. William Blair Investment Management LLC lifted its stake in ADTRAN by 57.2% during the 3rd quarter. William Blair Investment Management LLC now owns 2,405,839 shares of the communications equipment provider’s stock worth $19,800,000 after acquiring an additional 875,140 shares in the last quarter. Finally, State Street Corp boosted its holdings in ADTRAN by 40.6% during the 3rd quarter. State Street Corp now owns 2,328,697 shares of the communications equipment provider’s stock valued at $45,596,000 after acquiring an additional 672,282 shares during the period. 80.56% of the stock is owned by hedge funds and other institutional investors.

About ADTRAN

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.