ADTRAN (NASDAQ:ADTN) Sets New 12-Month High – Time to Buy?
by Mitch Edgeman · The Markets DailyADTRAN Holdings, Inc. (NASDAQ:ADTN – Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $11.38 and last traded at $11.4070, with a volume of 494567 shares changing hands. The stock had previously closed at $10.79.
Analyst Ratings Changes
ADTN has been the subject of a number of analyst reports. Argus upgraded shares of ADTRAN to a “hold” rating in a research report on Wednesday, March 4th. Wall Street Zen raised ADTRAN from a “buy” rating to a “strong-buy” rating in a report on Sunday, March 8th. Needham & Company LLC reissued a “buy” rating and set a $14.00 target price on shares of ADTRAN in a report on Thursday, February 26th. Finally, Rosenblatt Securities raised their price target on ADTRAN from $11.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $15.33.
View Our Latest Stock Report on ADTRAN
ADTRAN Stock Up 6.6%
The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.16 and a current ratio of 1.76. The stock’s fifty day simple moving average is $9.76 and its two-hundred day simple moving average is $9.21. The stock has a market capitalization of $927.99 million, a P/E ratio of -22.55 and a beta of 1.37.
ADTRAN (NASDAQ:ADTN – Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.08. ADTRAN had a negative net margin of 4.15% and a positive return on equity of 4.23%. The firm had revenue of $291.56 million during the quarter, compared to the consensus estimate of $281.12 million. The business’s revenue was up 20.0% compared to the same quarter last year. As a group, research analysts expect that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of ADTN. AQR Capital Management LLC increased its stake in shares of ADTRAN by 253.7% in the first quarter. AQR Capital Management LLC now owns 348,478 shares of the communications equipment provider’s stock valued at $3,039,000 after buying an additional 249,954 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in ADTRAN by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider’s stock valued at $408,000 after acquiring an additional 1,946 shares during the last quarter. Police & Firemen s Retirement System of New Jersey boosted its holdings in ADTRAN by 19.7% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 19,531 shares of the communications equipment provider’s stock valued at $175,000 after acquiring an additional 3,217 shares during the last quarter. SG Americas Securities LLC increased its position in ADTRAN by 1.4% during the 2nd quarter. SG Americas Securities LLC now owns 237,207 shares of the communications equipment provider’s stock valued at $2,128,000 after purchasing an additional 3,370 shares during the period. Finally, Creative Planning increased its position in ADTRAN by 5.7% during the 2nd quarter. Creative Planning now owns 63,774 shares of the communications equipment provider’s stock valued at $572,000 after purchasing an additional 3,424 shares during the period. 80.56% of the stock is owned by institutional investors and hedge funds.
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.