Needham & Company LLC Reaffirms Buy Rating for ADTRAN (NASDAQ:ADTN)

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

ADTN has been the subject of several other reports. Northland Capmk upgraded shares of ADTRAN from a hold rating to a strong-buy rating in a research note on Wednesday, May 8th. Rosenblatt Securities decreased their price target 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. Finally, Northland Securities upgraded shares of ADTRAN from a market perform rating to an outperform rating and set a $7.50 target price for the company in a 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 issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $7.67.

ADTRAN Stock Down 0.2 %

Shares of ADTRAN stock opened at $5.33 on Monday. The firm’s 50 day moving average price is $5.10 and its 200-day moving average price is $5.95. The company has a market cap of $421.69 million, a P/E ratio of -0.77 and a beta of 1.13. The company has a quick ratio of 1.33, a current ratio of 2.46 and a debt-to-equity ratio of 0.73. ADTRAN has a 52-week low of $4.34 and a 52-week high of $11.02.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings data 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 return on equity of 18.98% and a negative net margin of 51.42%. The company had revenue of $225.48 million for the quarter, compared to analyst estimates of $232.45 million. On average, sell-side analysts predict that ADTRAN will post -0.23 EPS for the current fiscal year.

Institutional Investors Weigh In On ADTRAN

A number of hedge funds and other institutional investors have recently modified their holdings of ADTN. Federated Hermes Inc. purchased a new stake in ADTRAN during the fourth quarter worth approximately $8,363,000. William Blair Investment Management LLC grew its stake in ADTRAN by 57.2% during the 3rd quarter. William Blair Investment Management LLC now owns 2,405,839 shares of the communications equipment provider’s stock worth $19,800,000 after buying an additional 875,140 shares during the last quarter. Paradigm Capital Management Inc. NY raised its position in ADTRAN by 606.7% in the 3rd quarter. Paradigm Capital Management Inc. NY now owns 673,900 shares of the communications equipment provider’s stock valued at $5,546,000 after purchasing an additional 578,543 shares during the last quarter. First Eagle Investment Management LLC boosted its stake in shares of ADTRAN by 51.0% during the third quarter. First Eagle Investment Management LLC now owns 1,136,807 shares of the communications equipment provider’s stock worth $9,356,000 after buying an additional 384,096 shares during the period. Finally, Kovack Advisors Inc. grew its stake in shares of ADTRAN by 157.9% in the 4th quarter. Kovack Advisors Inc. now owns 432,750 shares of the communications equipment provider’s stock valued at $3,176,000 after purchasing an additional 264,950 shares during the last quarter. 80.56% of the stock is currently 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.