ADTRAN (NASDAQ:ADTN) Rating Reiterated by Needham & Company LLC

ADTRAN (NASDAQ:ADTN)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report issued on Wednesday, Benzinga reports. They currently have a $8.00 target price on the communications equipment provider’s stock. Needham & Company LLC’s price target would suggest a potential upside of 48.98% from the stock’s previous close.

Several other equities analysts have also commented on ADTN. StockNews.com upgraded shares of ADTRAN to a “sell” rating in a research report on Wednesday, March 6th. Rosenblatt Securities lowered their price target on shares of ADTRAN from $8.00 to $7.50 and set a “neutral” rating for the company in a report on Wednesday, February 28th. Finally, Northland Securities raised ADTRAN from a “market perform” rating to an “outperform” rating and set a $7.50 price objective on the stock in a research note on Wednesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $9.75.

ADTRAN Price Performance

NASDAQ:ADTN opened at $5.37 on Wednesday. The company has a market capitalization of $424.85 million, a P/E ratio of -1.68 and a beta of 1.13. The business’s 50-day moving average is $5.20 and its 200 day moving average is $6.04. The company has a current ratio of 2.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.33. ADTRAN has a 12 month low of $4.34 and a 12 month 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 (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($1.01). ADTRAN had a negative return on equity of 15.65% and a negative net margin of 21.80%. The firm had revenue of $225.48 million for the quarter, compared to analysts’ expectations of $232.45 million. On average, equities research analysts forecast that ADTRAN will post -0.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ADTRAN

Institutional investors have recently made changes to their positions in the company. Federated Hermes Inc. purchased a new stake in ADTRAN in the fourth quarter worth $8,363,000. William Blair Investment Management LLC grew its holdings in shares of 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 worth $19,800,000 after purchasing an additional 875,140 shares during the last quarter. Paradigm Capital Management Inc. NY increased its stake in ADTRAN by 606.7% in the 3rd quarter. Paradigm Capital Management Inc. NY now owns 673,900 shares of the communications equipment provider’s stock worth $5,546,000 after buying an additional 578,543 shares during the period. First Eagle Investment Management LLC lifted its holdings in ADTRAN by 51.0% during the 3rd quarter. First Eagle Investment Management LLC now owns 1,136,807 shares of the communications equipment provider’s stock valued at $9,356,000 after buying an additional 384,096 shares in the last quarter. Finally, Kovack Advisors Inc. boosted its position in ADTRAN by 157.9% in 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 during the period. Institutional investors own 80.56% of the company’s stock.

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.