MKM Partners Lowers ADTRAN (NASDAQ:ADTN) Price Target to $17.00

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ADTRAN (NASDAQ:ADTN) had its target price lowered by analysts at MKM Partners to $17.00 in a research note issued to investors on Friday, The Fly reports. The brokerage presently has a “buy” rating on the communications equipment provider’s stock. MKM Partners’ price target indicates a potential upside of 47.44% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. ValuEngine raised Zogenix from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 27th. Cowen set a $75.00 price target on Baxter International and gave the stock a “hold” rating in a research note on Monday, April 22nd. BidaskClub raised Westport Fuel Systems from a “hold” rating to a “buy” rating in a research note on Friday, July 12th. Finally, Zacks Investment Research cut Horiba from a “hold” rating to a “sell” rating in a research note on Wednesday, May 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $18.80.

NASDAQ:ADTN opened at $11.53 on Friday. The stock has a 50 day moving average price of $15.69. The company has a market cap of $551.24 million, a P/E ratio of 52.41, a price-to-earnings-growth ratio of 10.64 and a beta of 1.25. ADTRAN has a 1-year low of $10.21 and a 1-year high of $19.30.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Wednesday, April 17th. The communications equipment provider reported $0.10 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.19. The business had revenue of $143.79 million for the quarter, compared to analysts’ expectations of $140.55 million. ADTRAN had a return on equity of 2.34% and a net margin of 0.85%. As a group, sell-side analysts forecast that ADTRAN will post 0.22 EPS for the current fiscal year.

In other news, VP Roger D. Shannon sold 5,701 shares of the business’s stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $17.65, for a total transaction of $100,622.65. Following the transaction, the vice president now directly owns 19,009 shares of the company’s stock, valued at $335,508.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.52% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of ADTN. Quantamental Technologies LLC purchased a new position in shares of ADTRAN during the first quarter valued at approximately $52,000. Financial Gravity Wealth Inc. purchased a new position in shares of ADTRAN during the first quarter valued at approximately $59,000. Investors Research Corp purchased a new position in shares of ADTRAN during the first quarter valued at approximately $62,000. Public Employees Retirement System of Ohio increased its stake in shares of ADTRAN by 11.8% during the fourth quarter. Public Employees Retirement System of Ohio now owns 6,876 shares of the communications equipment provider’s stock valued at $74,000 after buying an additional 726 shares during the period. Finally, GSA Capital Partners LLP purchased a new position in shares of ADTRAN during the fourth quarter valued at approximately $143,000. 91.30% of the stock is currently owned by hedge funds and other institutional investors.

About ADTRAN

ADTRAN, Inc provides networking and communications equipment worldwide. The company operates through two segments, Network Solutions and Services & Support. It offers access and aggregation solutions, including network management and subscriber services control and orchestration software within a SD-access architecture; SDN-controlled programmable network elements; fiber to the premises and fiber to the node (FTTN) multi-service access nodes (MSAN); fiber aggregation and FTTN MSAN; fiber to the distribution point optical network units; optical line terminals; optical networking edge aggregation; and IP digital subscriber line access multiplexers.

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Analyst Recommendations for ADTRAN (NASDAQ:ADTN)

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