ADTRAN (NASDAQ:ADTN) Downgraded to “Buy” Rating by Wall Street Zen

Wall Street Zen downgraded shares of ADTRAN (NASDAQ:ADTN) from a strong-buy rating to a buy rating in a report issued on Tuesday.

A number of other research analysts also recently issued reports on the stock. Evercore started coverage on shares of ADTRAN in a research note on Tuesday, April 14th. They issued an “outperform” rating and a $18.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of ADTRAN in a report on Tuesday, June 30th. Northland Securities set a $18.00 price objective on shares of ADTRAN in a research report on Wednesday, May 6th. B. Riley Financial reaffirmed a “buy” rating and set a $21.00 price objective (down from $23.00) on shares of ADTRAN in a research report on Thursday, July 23rd. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $20.00 target price on shares of ADTRAN in a research note on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, ADTRAN currently has an average rating of “Moderate Buy” and an average target price of $18.20.

ADTRAN Price Performance

ADTN stock opened at $9.01 on Tuesday. The business’s 50-day moving average is $14.08 and its two-hundred day moving average is $12.77. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.77 and a quick ratio of 1.18. The firm has a market capitalization of $733.86 million, a P/E ratio of -23.10 and a beta of 1.44. ADTRAN has a 1 year low of $7.11 and a 1 year high of $19.98.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. ADTRAN had a positive return on equity of 10.94% and a negative net margin of 3.18%.The business had revenue of $286.09 million during the quarter, compared to the consensus estimate of $285.48 million. During the same period in the previous year, the company posted $0.03 earnings per share. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. Analysts anticipate that ADTRAN will post 0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ADTRAN

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADTN. DNB Asset Management AS raised its holdings in ADTRAN by 7.6% during the fourth quarter. DNB Asset Management AS now owns 3,123,679 shares of the communications equipment provider’s stock worth $27,145,000 after purchasing an additional 219,810 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of ADTRAN by 371.2% in the 4th quarter. Millennium Management LLC now owns 2,694,800 shares of the communications equipment provider’s stock valued at $23,418,000 after buying an additional 2,122,844 shares in the last quarter. Royce & Associates LP grew its position in shares of ADTRAN by 7.7% in the 4th quarter. Royce & Associates LP now owns 2,597,013 shares of the communications equipment provider’s stock valued at $22,568,000 after buying an additional 186,238 shares during the last quarter. State Street Corp grew its position in shares of ADTRAN by 4.5% in the 4th quarter. State Street Corp now owns 1,985,890 shares of the communications equipment provider’s stock valued at $17,257,000 after buying an additional 86,382 shares during the last quarter. Finally, Needham Investment Management LLC raised its stake in ADTRAN by 23.2% during the 4th quarter. Needham Investment Management LLC now owns 1,447,500 shares of the communications equipment provider’s stock worth $12,579,000 after acquiring an additional 272,500 shares in the last quarter. 80.56% of the stock is owned by institutional investors and hedge funds.

ADTRAN Company Profile

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.