ADTRAN (NASDAQ:ADTN) Downgraded by Zacks Research to “Strong Sell”

Zacks Research lowered shares of ADTRAN (NASDAQ:ADTN) from a hold rating to a strong sell rating in a research note published on Tuesday,Zacks.com reports.

Several other brokerages have also recently weighed in on ADTN. Rosenblatt Securities reduced their price target on ADTRAN from $20.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of ADTRAN in a research note on Tuesday, June 30th. Northland Securities set a $15.00 price objective on ADTRAN in a research report on Wednesday. Craig Hallum set a $12.00 price objective on ADTRAN in a research note on Wednesday. Finally, Evercore set a $11.00 target price on ADTRAN in a research note on Wednesday. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, ADTRAN currently has an average rating of “Hold” and a consensus target price of $14.67.

ADTRAN Stock Down 9.7%

Shares of NASDAQ ADTN opened at $7.91 on Tuesday. ADTRAN has a 52 week low of $7.11 and a 52 week high of $19.98. The company has a market cap of $644.27 million, a P/E ratio of -28.25 and a beta of 1.47. The company has a quick ratio of 1.18, a current ratio of 1.79 and a debt-to-equity ratio of 1.69. The business has a 50-day simple moving average of $13.16 and a two-hundred day simple moving average of $12.75.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Monday, August 3rd. The communications equipment provider reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). ADTRAN had a positive return on equity of 14.24% and a negative net margin of 2.29%.The business had revenue of $281.15 million during the quarter, compared to analysts’ expectations of $290.19 million. The company’s revenue was up 6.0% compared to the same quarter last year. Research analysts anticipate that ADTRAN will post 0.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership boosted its holdings in shares of ADTRAN by 60.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 455,647 shares of the communications equipment provider’s stock worth $5,732,000 after buying an additional 171,145 shares during the last quarter. Heartland Advisors Inc. bought a new position in ADTRAN in the 1st quarter worth $9,435,000. Sei Investments Co. grew its holdings in ADTRAN by 162.0% during the first quarter. Sei Investments Co. now owns 1,105,110 shares of the communications equipment provider’s stock valued at $13,902,000 after purchasing an additional 683,262 shares during the period. Kovack Advisors Inc. raised its stake in shares of ADTRAN by 6.4% in the fourth quarter. Kovack Advisors Inc. now owns 753,550 shares of the communications equipment provider’s stock worth $6,669,000 after buying an additional 45,650 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of ADTRAN during the 4th quarter valued at approximately $563,000. Institutional investors own 80.56% of the company’s stock.

About ADTRAN

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.