ADTRAN (NASDAQ:ADTN) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of ADTRAN (NASDAQ:ADTN) in a research note published on Wednesday morning, Benzinga reports. Needham & Company LLC currently has a $8.00 price objective on the communications equipment provider’s stock.

ADTN has been the topic of several other reports. StockNews.com raised ADTRAN to a sell rating in a report on Wednesday, March 6th. Northland Securities upgraded shares of ADTRAN from a market perform rating to an outperform rating and set a $7.50 target price on the stock in a research report on Wednesday. Finally, Rosenblatt Securities dropped their price target on ADTRAN from $8.00 to $7.50 and set a neutral rating for the company in a research report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, ADTRAN presently has an average rating of Hold and an average price target of $9.75.

ADTRAN Price Performance

Shares of NASDAQ:ADTN opened at $5.47 on Wednesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.34 and a current ratio of 2.64. The firm has a market cap of $432.76 million, a price-to-earnings ratio of -1.71 and a beta of 1.13. The firm has a fifty day moving average price of $5.21 and a 200 day moving average price of $6.04. ADTRAN has a fifty-two week low of $4.34 and a fifty-two week high of $11.02.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Monday, February 26th. The communications equipment provider reported ($1.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($1.01). The firm had revenue of $225.48 million for the quarter, compared to analysts’ expectations of $232.45 million. ADTRAN had a negative net margin of 21.80% and a negative return on equity of 15.65%. As a group, sell-side analysts expect that ADTRAN will post -0.25 earnings per share for the current fiscal year.

Institutional Trading of ADTRAN

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADTN. Federated Hermes Inc. purchased a new stake in shares of ADTRAN in the fourth quarter worth approximately $8,363,000. Kovack Advisors Inc. lifted its holdings in ADTRAN by 157.9% during the 4th 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. Keeley Teton Advisors LLC boosted its position in ADTRAN by 154.6% in the 3rd quarter. Keeley Teton Advisors LLC now owns 404,935 shares of the communications equipment provider’s stock valued at $3,333,000 after buying an additional 245,911 shares during the period. William Blair Investment Management LLC grew its stake in ADTRAN by 57.2% in the 3rd quarter. William Blair Investment Management LLC now owns 2,405,839 shares of the communications equipment provider’s stock worth $19,800,000 after acquiring an additional 875,140 shares in the last quarter. Finally, B. Riley Asset Management LLC increased its position in shares of ADTRAN by 17.3% during the third quarter. B. Riley Asset Management LLC now owns 360,555 shares of the communications equipment provider’s stock worth $2,967,000 after acquiring an additional 53,155 shares during the period. 80.56% of the stock is owned by hedge funds and other institutional investors.

ADTRAN Company Profile

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.