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

Needham & Company LLC restated their buy rating on shares of ADTRAN (NASDAQ:ADTN) in a report issued on Wednesday morning, Benzinga reports. They currently have a $8.00 price objective on the communications equipment provider’s stock.

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

ADTRAN Price Performance

Shares of NASDAQ:ADTN opened at $5.47 on Wednesday. ADTRAN has a 52 week low of $4.34 and a 52 week high of $11.02. The company has a 50-day moving average price of $5.21 and a 200 day moving average price of $6.04. The company has a market cap of $432.76 million, a P/E ratio of -1.71 and a beta of 1.13. The company has a quick ratio of 1.34, a current ratio of 2.64 and a debt-to-equity ratio of 0.33.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings data on Monday, February 26th. The communications equipment provider reported ($1.13) earnings per share for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $232.45 million. Research analysts predict that ADTRAN will post -0.25 earnings per share for the current year.

Institutional Investors Weigh In On ADTRAN

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in ADTRAN by 19.7% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,185 shares of the communications equipment provider’s stock worth $125,000 after buying an additional 2,500 shares in the last quarter. Victory Capital Management Inc. increased its position in 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 purchasing an additional 3,326 shares in the last quarter. Cape Investment Advisory Inc. purchased a new stake in ADTRAN during the 4th quarter worth about $27,000. PNC Financial Services Group Inc. raised 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 during the last quarter. Finally, Nisa Investment Advisors LLC lifted its holdings in 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 valued at $51,000 after purchasing an additional 6,867 shares in the last quarter. Hedge funds and other institutional investors 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.