ADTRAN (NASDAQ:ADTN) Rating Reiterated by Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of ADTRAN (NASDAQ:ADTN) in a research note released on Monday, Benzinga reports. The firm currently has a $8.00 price objective on the communications equipment provider’s stock.

Several other analysts also recently commented on ADTN. Rosenblatt Securities dropped their price objective on 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 shares of ADTRAN to a sell rating in a report on Wednesday, March 6th. Northland Securities upgraded ADTRAN from a market perform rating to an outperform rating and set a $7.50 price target for the company in a research note on Wednesday, May 8th. Finally, Northland Capmk raised shares of ADTRAN from a hold rating to a strong-buy rating in a research report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of Moderate Buy and an average price target of $7.67.

ADTRAN Stock Down 0.2 %

NASDAQ ADTN opened at $5.33 on Monday. The stock has a market capitalization of $421.69 million, a P/E ratio of -0.77 and a beta of 1.13. ADTRAN has a 52 week low of $4.34 and a 52 week high of $11.02. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.33 and a current ratio of 2.46. The stock has a fifty day moving average of $5.10 and a 200-day moving average of $5.95.

ADTRAN (NASDAQ:ADTN) last issued its 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 51.42% and a negative return on equity of 18.98%. The business had revenue of $225.48 million for the quarter, compared to the consensus estimate of $232.45 million. On average, equities research analysts forecast that ADTRAN will post -0.23 EPS for the current year.

Institutional Trading of ADTRAN

Several hedge funds have recently added to or reduced their stakes in ADTN. Federated Hermes Inc. bought a new position in ADTRAN during the fourth quarter worth about $8,363,000. William Blair Investment Management LLC lifted its stake in ADTRAN by 57.2% during the third quarter. William Blair Investment Management LLC now owns 2,405,839 shares of the communications equipment provider’s stock worth $19,800,000 after purchasing an additional 875,140 shares during the last quarter. Paradigm Capital Management Inc. NY boosted its stake in ADTRAN by 606.7% in the third quarter. Paradigm Capital Management Inc. NY now owns 673,900 shares of the communications equipment provider’s stock valued at $5,546,000 after buying an additional 578,543 shares in the last quarter. First Eagle Investment Management LLC boosted its stake in shares of ADTRAN by 51.0% in the 3rd quarter. First Eagle Investment Management LLC now owns 1,136,807 shares of the communications equipment provider’s stock valued at $9,356,000 after purchasing an additional 384,096 shares in the last quarter. Finally, Kovack Advisors Inc. grew its stake in shares of ADTRAN by 157.9% during the fourth quarter. Kovack Advisors Inc. now owns 432,750 shares of the communications equipment provider’s stock worth $3,176,000 after buying an additional 264,950 shares during the last quarter. 80.56% of the stock is 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.