Needham & Company LLC Reiterates “Buy” Rating for ADTRAN (NASDAQ:ADTN)

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

A number of other equities analysts have also commented on the stock. StockNews.com raised shares of ADTRAN to a sell rating in a research note on Wednesday, March 6th. Rosenblatt Securities decreased their target price 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 investment analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $10.50.

ADTRAN Trading Up 0.4 %

Shares of NASDAQ ADTN opened at $4.65 on Wednesday. The business has a fifty day simple moving average of $5.69 and a 200-day simple moving average of $6.35. The company has a market cap of $367.91 million, a price-to-earnings ratio of -1.45 and a beta of 1.13. ADTRAN has a 12 month low of $4.61 and a 12 month high of $11.02. The company has a quick ratio of 1.34, a current ratio of 2.64 and a debt-to-equity ratio of 0.33.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings data on Monday, February 26th. The communications equipment provider reported ($1.13) EPS 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%. Sell-side analysts predict that ADTRAN will post -0.25 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of ADTRAN by 43.9% during the 3rd quarter. Vanguard Group Inc. now owns 7,539,783 shares of the communications equipment provider’s stock valued at $147,629,000 after buying an additional 2,298,501 shares during the period. Federated Hermes Inc. acquired a new stake in ADTRAN during the fourth quarter valued at $8,363,000. BlackRock Inc. grew its stake in ADTRAN by 7.7% in the second quarter. BlackRock Inc. now owns 13,266,379 shares of the communications equipment provider’s stock valued at $139,695,000 after purchasing an additional 951,700 shares in the last quarter. William Blair Investment Management LLC grew its stake in ADTRAN by 57.2% in the third quarter. William Blair Investment Management LLC now owns 2,405,839 shares of the communications equipment provider’s stock valued at $19,800,000 after purchasing an additional 875,140 shares in the last quarter. Finally, State Street Corp increased its position in ADTRAN by 40.6% in the 3rd quarter. State Street Corp now owns 2,328,697 shares of the communications equipment provider’s stock worth $45,596,000 after purchasing an additional 672,282 shares during the last quarter. 80.56% of the stock is owned by hedge funds and other institutional investors.

About ADTRAN

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.