ADTRAN (NASDAQ:ADTN) Upgraded to Strong-Buy at Wall Street Zen

ADTRAN (NASDAQ:ADTN) was upgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Sunday.

A number of other analysts have also recently issued reports on ADTN. Needham & Company LLC restated a “buy” rating and set a $14.00 price objective on shares of ADTRAN in a research report on Thursday, February 26th. Rosenblatt Securities raised their target price on ADTRAN from $11.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Finally, Argus upgraded shares of ADTRAN to a “hold” rating in a research note on Wednesday. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $15.33.

ADTRAN Stock Down 4.7%

ADTN stock opened at $9.59 on Friday. ADTRAN has a twelve month low of $6.93 and a twelve month high of $11.10. The company has a market cap of $773.53 million, a PE ratio of -18.80 and a beta of 1.37. The business’s 50-day simple moving average is $9.57 and its 200 day simple moving average is $9.16. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 1.50.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings results on Wednesday, February 25th. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.08. ADTRAN had a positive return on equity of 4.23% and a negative net margin of 4.15%.The firm had revenue of $291.56 million for the quarter, compared to analyst estimates of $281.12 million. ADTRAN’s quarterly revenue was up 20.0% compared to the same quarter last year. On average, research analysts anticipate that ADTRAN will post -0.5 earnings per share for the current year.

Hedge Funds Weigh In On ADTRAN

Several institutional investors have recently bought and sold shares of the business. Millennium Management LLC increased its position in ADTRAN by 371.2% in the 4th quarter. Millennium Management LLC now owns 2,694,800 shares of the communications equipment provider’s stock valued at $23,418,000 after acquiring an additional 2,122,844 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in shares of ADTRAN in the third quarter worth about $10,168,000. Paradigm Capital Management Inc. NY lifted its position in shares of ADTRAN by 527.7% during the fourth quarter. Paradigm Capital Management Inc. NY now owns 1,129,909 shares of the communications equipment provider’s stock worth $9,819,000 after purchasing an additional 949,909 shares in the last quarter. SG Capital Management LLC bought a new stake in shares of ADTRAN during the second quarter valued at approximately $7,601,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of ADTRAN by 691.6% during the third quarter. Assenagon Asset Management S.A. now owns 932,680 shares of the communications equipment provider’s stock valued at $8,749,000 after purchasing an additional 814,864 shares during the last quarter. Institutional investors own 80.56% of the company’s stock.

About ADTRAN

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.