ADTRAN (NASDAQ:ADTN) Stock Gets Price Target Cut from Needham & Company LLC

ADTRAN (NASDAQ:ADTN) had its target price trimmed by Needham & Company LLC from $14.00 to $9.00 in a research report sent to investors on Tuesday morning, MarketBeat reports. The firm currently has a buy rating on the communications equipment provider’s stock.

ADTN has been the topic of several other reports. Evercore set a $11.00 price target on ADTRAN in a research note on Wednesday, August 5th. Weiss Ratings lowered ADTRAN from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, September 16th. Northland Securities set a $15.00 price objective on ADTRAN in a research report on Wednesday, August 5th. Zacks Research upgraded shares of ADTRAN from a “strong sell” rating to a “hold” rating in a report on Monday, October 5th. Finally, B. Riley Financial reaffirmed a “buy” rating and issued a $21.00 target price (down from $23.00) on shares of ADTRAN in a research report on Thursday, July 23rd. Three research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $11.21.

ADTRAN Stock Down 12.7%

ADTN stock opened at $4.13 on Tuesday. ADTRAN has a fifty-two week low of $4.03 and a fifty-two week high of $19.98. The company has a market capitalization of $336.51 million, a price-to-earnings ratio of -15.88, a price-to-earnings-growth ratio of 2.90 and a beta of 1.53. The business’s 50 day moving average price is $6.91 and its two-hundred day moving average price is $10.95. The company has a debt-to-equity ratio of 2.32, a quick ratio of 1.19 and a current ratio of 1.89.

ADTRAN (NASDAQ:ADTN) last released its earnings results on Tuesday, November 3rd. The communications equipment provider reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.05. ADTRAN had a positive return on equity of 17.76% and a negative net margin of 2.20%. The company had revenue of $281.17 million during the quarter, compared to analysts’ expectations of $285.15 million. During the same quarter last year, the business posted $0.05 EPS. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, analysts forecast that ADTRAN will post 0.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ADTRAN

Institutional investors and hedge funds have recently made changes to their positions in the business. DBA Trading LLC purchased a new position in shares of ADTRAN during the third quarter valued at approximately $239,000. StoneX Group Inc. bought a new stake in shares of ADTRAN in the 3rd quarter worth approximately $135,000. CenterBook Partners LP purchased a new stake in shares of ADTRAN in the 3rd quarter worth approximately $8,022,000. VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in shares of ADTRAN by 42.3% in the 3rd quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 40,000 shares of the communications equipment provider’s stock worth $273,000 after buying an additional 11,900 shares during the last quarter. Finally, Maxi Investments CY Ltd purchased a new stake in shares of ADTRAN in the 3rd quarter worth approximately $191,000. Institutional investors own 80.56% of the company’s stock.

About ADTRAN

ADTRAN Holdings, Inc (NASDAQ: ADTN) is a global telecommunications equipment and networking company that provides communications infrastructure for service providers, enterprises and other organizations. The company develops solutions that help network operators deliver broadband, voice, data and cloud-connected services over fiber, copper, wireless and other access technologies.

Its portfolio includes fiber access systems, passive optical networking equipment, broadband access platforms, Ethernet and data networking products, routers, switches, Wi-Fi solutions, fixed wireless access equipment and software for network management and automation.