ADTRAN (NASDAQ:ADTN) Lowered to Buy Rating by Wall Street Zen

by · The Cerbat Gem

Wall Street Zen lowered shares of ADTRAN (NASDAQ:ADTN – Free Report) from a strong-buy rating to a buy rating in a report released on Sunday morning.

A number of other brokerages have also weighed in on ADTN. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price target on shares of ADTRAN in a research note on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADTRAN in a research note on Thursday, April 2nd. Rosenblatt Securities lifted their price target on shares of ADTRAN from $16.00 to $20.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Northland Securities set a $18.00 price target on shares of ADTRAN in a research note on Wednesday, May 6th. Finally, Argus raised shares of ADTRAN to a “hold” rating in a research note on Wednesday, March 4th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, ADTRAN has a consensus rating of “Hold” and an average target price of $18.00.

Read Our Latest Research Report on ADTN

ADTRAN Price Performance

Shares of NASDAQ ADTN opened at $14.91 on Friday. The stock has a market cap of $1.21 billion, a P/E ratio of -38.23 and a beta of 1.45. The firm has a 50 day moving average price of $13.84 and a 200 day moving average price of $10.72. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.18 and a current ratio of 1.77. ADTRAN has a 52-week low of $7.11 and a 52-week high of $18.69.

ADTRAN (NASDAQ:ADTN – Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.05. The firm had revenue of $286.09 million during the quarter, compared to analysts’ expectations of $285.48 million. ADTRAN had a negative net margin of 3.18% and a positive return on equity of 10.94%. The business’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.03 earnings per share. Analysts expect that ADTRAN will post 0.39 EPS for the current year.

Institutional Trading of ADTRAN

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of ADTRAN by 2.7% in the third quarter. Vanguard Group Inc. now owns 8,383,305 shares of the communications equipment provider’s stock valued at $78,635,000 after purchasing an additional 217,148 shares during the last quarter. DNB Asset Management AS raised its holdings in shares of ADTRAN by 7.6% in the fourth quarter. DNB Asset Management AS now owns 3,123,679 shares of the communications equipment provider’s stock valued at $27,145,000 after purchasing an additional 219,810 shares during the last quarter. Millennium Management LLC raised its holdings in shares of ADTRAN by 371.2% in the fourth quarter. Millennium Management LLC now owns 2,694,800 shares of the communications equipment provider’s stock valued at $23,418,000 after purchasing an additional 2,122,844 shares during the last quarter. Royce & Associates LP raised its holdings in shares of ADTRAN by 7.7% in the fourth quarter. Royce & Associates LP now owns 2,597,013 shares of the communications equipment provider’s stock valued at $22,568,000 after purchasing an additional 186,238 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of ADTRAN by 4.5% in the fourth quarter. State Street Corp now owns 1,985,890 shares of the communications equipment provider’s stock valued at $17,257,000 after purchasing an additional 86,382 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

ADTRAN Company Profile

(Get Free Report)

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.

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