ADTRAN (NASDAQ:ADTN) Raised to Buy at Wall Street Zen

ADTRAN (NASDAQ:ADTN) was upgraded by analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

Other analysts also recently issued research reports about the stock. Rosenblatt Securities reduced their price target on shares of ADTRAN from $15.00 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Needham & Company LLC reduced their price target on shares of ADTRAN from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $12.00.

ADTRAN Stock Down 0.6%

Shares of NASDAQ ADTN opened at $7.89 on Friday. ADTRAN has a 12-month low of $4.62 and a 12-month high of $12.44. The company has a market capitalization of $631.04 million, a PE ratio of -4.64 and a beta of 1.30. The company has a debt-to-equity ratio of 1.37, a current ratio of 2.02 and a quick ratio of 1.18. The firm’s 50-day moving average is $7.89 and its two-hundred day moving average is $8.92.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Wednesday, May 7th. The communications equipment provider reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.05. ADTRAN had a negative net margin of 14.58% and a negative return on equity of 20.07%. During the same period in the prior year, the firm earned $0.02 EPS. The firm’s revenue was up 9.5% compared to the same quarter last year. Equities analysts anticipate that ADTRAN will post -0.5 EPS for the current fiscal year.

Hedge Funds Weigh In On ADTRAN

Institutional investors and hedge funds have recently modified their holdings of the company. William Blair Investment Management LLC lifted its stake in shares of ADTRAN by 2.5% during the fourth quarter. William Blair Investment Management LLC now owns 4,647,155 shares of the communications equipment provider’s stock valued at $38,711,000 after buying an additional 114,986 shares during the period. Quantbot Technologies LP lifted its stake in shares of ADTRAN by 104.5% during the fourth quarter. Quantbot Technologies LP now owns 14,945 shares of the communications equipment provider’s stock valued at $124,000 after buying an additional 7,636 shares during the period. American Century Companies Inc. lifted its stake in shares of ADTRAN by 53.5% during the fourth quarter. American Century Companies Inc. now owns 172,100 shares of the communications equipment provider’s stock valued at $1,434,000 after buying an additional 59,985 shares during the period. Raymond James Financial Inc. purchased a new position in shares of ADTRAN during the fourth quarter valued at approximately $2,146,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of ADTRAN during the fourth quarter valued at approximately $6,095,000. Hedge funds and other institutional investors 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.