Needham & Company LLC Reiterates “Buy” Rating for ADTRAN (NASDAQ:ADTN)

ADTRAN (NASDAQ:ADTN)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a report issued on Wednesday, Benzinga reports. They presently have a $8.00 price target on the communications equipment provider’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 48.42% from the stock’s previous close.

Several other equities analysts have also recently commented on ADTN. Rosenblatt Securities decreased their price target on shares of ADTRAN from $8.00 to $7.50 and set a “neutral” rating for the company in a research report on Wednesday, February 28th. StockNews.com raised ADTRAN to a “sell” rating in a research note on Wednesday, March 6th. Finally, Northland Securities upgraded ADTRAN from a “market perform” rating to an “outperform” rating and set a $7.50 price objective for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $9.75.

ADTRAN Price Performance

ADTRAN stock opened at $5.39 on Wednesday. ADTRAN has a 1 year low of $4.34 and a 1 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 company’s 50 day simple moving average is $5.22 and its 200-day simple moving average is $6.04. The company has a market capitalization of $426.44 million, a price-to-earnings ratio of -1.68 and a beta of 1.13.

ADTRAN (NASDAQ:ADTN) last posted 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). The firm had revenue of $225.48 million during the quarter, compared to analysts’ expectations of $232.45 million. ADTRAN had a negative net margin of 21.80% and a negative return on equity of 15.65%. As a group, equities research analysts expect that ADTRAN will post -0.25 earnings per share for the current year.

Institutional Trading of ADTRAN

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cape Investment Advisory Inc. purchased a new stake in shares of ADTRAN during the fourth quarter worth approximately $27,000. Nisa Investment Advisors LLC lifted its stake in shares of ADTRAN by 20,809.1% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,900 shares of the communications equipment provider’s stock worth $51,000 after acquiring an additional 6,867 shares during the period. RPO LLC purchased a new position in ADTRAN in the fourth quarter valued at about $84,000. PNC Financial Services Group Inc. increased its stake in ADTRAN by 91.5% in the 3rd 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 in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of ADTRAN by 28.4% during the 4th quarter. Victory Capital Management Inc. now owns 15,041 shares of the communications equipment provider’s stock worth $110,000 after buying an additional 3,326 shares during the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

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.