Northland Securities Upgrades ADTRAN (NASDAQ:ADTN) to Outperform

ADTRAN (NASDAQ:ADTN) was upgraded by analysts at Northland Securities from a “market perform” rating to an “outperform” rating in a note issued to investors on Wednesday, Briefing.com reports. The brokerage currently has a $7.50 price target on the communications equipment provider’s stock. Northland Securities’ price target points to a potential upside of 39.15% from the stock’s current price.

A number of other research analysts have also issued reports on the company. StockNews.com raised ADTRAN to a “sell” rating in a report on Wednesday, March 6th. Needham & Company LLC restated a “buy” rating and issued a $8.00 price objective on shares of ADTRAN in a research report on Wednesday, April 17th. Finally, Rosenblatt Securities dropped 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 two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $9.75.

ADTRAN Stock Up 14.4 %

ADTN opened at $5.39 on Wednesday. ADTRAN has a one year low of $4.34 and a one year high of $11.02. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.34 and a current ratio of 2.64. The stock has a market capitalization of $426.44 million, a P/E ratio of -1.68 and a beta of 1.13. The business’s 50-day simple moving average is $5.22 and its 200-day simple moving average is $6.04.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of ADTRAN by 19.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,185 shares of the communications equipment provider’s stock valued at $125,000 after buying an additional 2,500 shares in the last quarter. Victory Capital Management Inc. raised its position in ADTRAN by 28.4% during the fourth quarter. Victory Capital Management Inc. now owns 15,041 shares of the communications equipment provider’s stock worth $110,000 after acquiring an additional 3,326 shares during the last quarter. Cape Investment Advisory Inc. purchased a new stake in shares of ADTRAN in the fourth quarter valued at about $27,000. PNC Financial Services Group Inc. grew its position in shares of ADTRAN by 91.5% in the third quarter. PNC Financial Services Group Inc. now owns 12,933 shares of the communications equipment provider’s stock valued at $106,000 after purchasing an additional 6,179 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its stake in shares of ADTRAN by 20,809.1% during the 4th quarter. Nisa Investment Advisors LLC now owns 6,900 shares of the communications equipment provider’s stock worth $51,000 after purchasing an additional 6,867 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

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.