Rosenblatt Securities Reiterates “Buy” Rating for ADTRAN (NASDAQ:ADTN)

ADTRAN (NASDAQ:ADTN)‘s stock had its “buy” rating reissued by research analysts at Rosenblatt Securities in a research note issued on Thursday,Benzinga reports. They currently have a $11.00 price target on the communications equipment provider’s stock. Rosenblatt Securities’ price objective would suggest a potential upside of 9.24% from the company’s previous close.

Separately, Needham & Company LLC reaffirmed a “buy” rating and issued a $12.00 target price on shares of ADTRAN in a research note on Tuesday, November 25th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, ADTRAN has an average rating of “Hold” and an average target price of $13.00.

ADTRAN Price Performance

NASDAQ:ADTN opened at $10.07 on Thursday. ADTRAN has a 52-week low of $6.93 and a 52-week high of $12.44. The stock has a fifty day moving average of $9.29 and a 200 day moving average of $9.06. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.23 and a current ratio of 1.96. The firm has a market capitalization of $806.81 million, a price-to-earnings ratio of -9.41 and a beta of 1.39.

Insider Buying and Selling

In other ADTRAN news, CFO Timothy P. Santo purchased 6,150 shares of the firm’s stock in a transaction on Friday, November 28th. The shares were purchased at an average cost of $8.02 per share, with a total value of $49,323.00. Following the completion of the purchase, the chief financial officer owned 26,594 shares of the company’s stock, valued at $213,283.88. The trade was a 30.08% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas R. Stanton acquired 40,928 shares of the stock in a transaction dated Monday, November 24th. The stock was acquired at an average price of $7.33 per share, with a total value of $300,002.24. Following the completion of the acquisition, the chief executive officer owned 982,096 shares in the company, valued at approximately $7,198,763.68. The trade was a 4.35% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought 59,937 shares of company stock worth $449,754 in the last quarter. 1.50% of the stock is owned by insiders.

Hedge Funds Weigh In On ADTRAN

A number of large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC lifted its stake in ADTRAN by 253.7% in the first quarter. AQR Capital Management LLC now owns 348,478 shares of the communications equipment provider’s stock worth $3,039,000 after purchasing an additional 249,954 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of ADTRAN by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider’s stock worth $408,000 after buying an additional 1,946 shares during the period. New York State Teachers Retirement System purchased a new position in shares of ADTRAN in the second quarter worth about $65,000. Y Intercept Hong Kong Ltd bought a new stake in shares of ADTRAN in the 2nd quarter valued at about $2,579,000. Finally, Teacher Retirement System of Texas boosted its holdings in ADTRAN by 52.4% during the 2nd quarter. Teacher Retirement System of Texas now owns 99,711 shares of the communications equipment provider’s stock valued at $894,000 after acquiring an additional 34,305 shares during the period. Hedge funds and other institutional investors own 80.56% of the company’s stock.

ADTRAN Company Profile

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.