ADTRAN (NASDAQ:ADTN) Given New $11.00 Price Target at Rosenblatt Securities

ADTRAN (NASDAQ:ADTN) had its target price cut by Rosenblatt Securities from $15.00 to $11.00 in a report released on Tuesday,Benzinga reports. They currently have a buy rating on the communications equipment provider’s stock.

Other research analysts have also recently issued research reports about the stock. Craig Hallum started coverage on shares of ADTRAN in a research note on Wednesday, January 8th. They issued a “buy” rating and a $15.00 price target on the stock. Needham & Company LLC raised their target price on ADTRAN from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, February 28th. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $12.50.

ADTRAN Price Performance

Shares of NASDAQ ADTN opened at $7.47 on Tuesday. The business has a 50 day simple moving average of $9.10 and a 200-day simple moving average of $8.67. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. ADTRAN has a twelve month low of $4.34 and a twelve month high of $12.44. The company has a market capitalization of $597.32 million, a price-to-earnings ratio of -1.15 and a beta of 1.46.

Hedge Funds Weigh In On ADTRAN

Several large investors have recently made changes to their positions in ADTN. State Street Corp increased its position in shares of ADTRAN by 2.8% during the third quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock valued at $10,484,000 after purchasing an additional 48,542 shares during the period. Barclays PLC raised its stake in shares of ADTRAN by 11.4% in the 3rd quarter. Barclays PLC now owns 115,741 shares of the communications equipment provider’s stock valued at $686,000 after buying an additional 11,880 shares in the last quarter. Geode Capital Management LLC raised its position in ADTRAN by 3.7% in the third quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider’s stock worth $10,736,000 after purchasing an additional 63,960 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in ADTRAN by 12.1% during the third quarter. JPMorgan Chase & Co. now owns 124,914 shares of the communications equipment provider’s stock worth $741,000 after purchasing an additional 13,478 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in ADTRAN by 39.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 925,310 shares of the communications equipment provider’s stock valued at $7,708,000 after purchasing an additional 263,156 shares in the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

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.