ADTRAN (NASDAQ:ADTN) Hits New 52-Week High – Still a Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $9.47 and last traded at $9.47, with a volume of 105222 shares trading hands. The stock had previously closed at $9.04.

Analysts Set New Price Targets

Several research firms have issued reports on ADTN. Rosenblatt Securities upgraded shares of ADTRAN from a “neutral” rating to a “buy” rating and upped their price target for the company from $6.00 to $10.00 in a research report on Friday, November 8th. Northland Securities increased their price target on shares of ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Needham & Company LLC raised their target price on shares of ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $10.33.

ADTRAN Stock Down 0.3 %

The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. The company’s 50 day moving average price is $8.14 and its two-hundred day moving average price is $6.53. The firm has a market cap of $764.51 million, a PE ratio of -1.48 and a beta of 1.28.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Renaissance Technologies LLC increased its holdings in ADTRAN by 26.4% in the 2nd quarter. Renaissance Technologies LLC now owns 680,340 shares of the communications equipment provider’s stock valued at $3,579,000 after acquiring an additional 142,100 shares during the last quarter. Geode Capital Management LLC increased its holdings in ADTRAN by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider’s stock valued at $10,736,000 after acquiring an additional 63,960 shares during the last quarter. Paradigm Capital Management Inc. NY increased its holdings in ADTRAN by 173.1% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider’s stock valued at $12,872,000 after acquiring an additional 1,551,000 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in ADTRAN in the 2nd quarter valued at $681,000. Finally, State Street Corp increased its holdings in ADTRAN by 2.8% in the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock valued at $10,484,000 after acquiring an additional 48,542 shares during the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

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.