ADTRAN’s (ADTN) “Buy” Rating Reaffirmed at Needham & Company LLC

ADTRAN (NASDAQ:ADTN)‘s stock had its “buy” rating reaffirmed by equities researchers 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 target price points to a potential upside of 48.42% from the company’s current price.

Other equities analysts have also issued research reports about the company. 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. Northland Securities raised shares of 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. Finally, StockNews.com upgraded ADTRAN to a “sell” rating in a research note on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $9.75.

ADTRAN Stock Up 14.4 %

ADTN opened at $5.39 on Wednesday. The company has a current ratio of 2.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.33. The stock’s fifty day simple moving average is $5.22 and its 200 day simple moving average is $6.04. ADTRAN has a 1-year low of $4.34 and a 1-year high of $11.02. The stock has a market cap of $426.44 million, a PE ratio of -1.68 and a beta of 1.13.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ADTN. Federated Hermes Inc. acquired a new stake in ADTRAN in the fourth quarter worth $8,363,000. William Blair Investment Management LLC raised its position in shares of 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 period. Paradigm Capital Management Inc. NY lifted its holdings in shares of 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 worth $5,546,000 after purchasing an additional 578,543 shares in the last quarter. First Eagle Investment Management LLC increased its stake in ADTRAN by 51.0% during 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. lifted its stake in shares of ADTRAN by 157.9% in the fourth quarter. Kovack Advisors Inc. now owns 432,750 shares of the communications equipment provider’s stock valued at $3,176,000 after buying an additional 264,950 shares in the last quarter. Institutional investors own 80.56% of the company’s stock.

About ADTRAN

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.