Argus Upgrades ADTRAN (NASDAQ:ADTN) to Hold

ADTRAN (NASDAQ:ADTN) was upgraded by stock analysts at Argus to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other brokerages also recently commented on ADTN. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price target on shares of ADTRAN in a research report on Thursday, February 26th. Wall Street Zen upgraded ADTRAN from a “hold” rating to a “buy” rating in a research note on Saturday, February 28th. Finally, Rosenblatt Securities lifted their target price on ADTRAN from $11.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $15.33.

ADTRAN Trading Down 1.9%

Shares of ADTRAN stock opened at $10.06 on Wednesday. The stock has a fifty day simple moving average of $9.55 and a 200 day simple moving average of $9.15. The company has a market capitalization of $811.44 million, a P/E ratio of -19.73 and a beta of 1.37. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 1.50. ADTRAN has a 12-month low of $6.93 and a 12-month high of $11.10.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ADTN. Mackenzie Financial Corp increased its holdings in ADTRAN by 33.9% in the 4th quarter. Mackenzie Financial Corp now owns 361,607 shares of the communications equipment provider’s stock worth $3,194,000 after acquiring an additional 91,457 shares during the last quarter. XTX Topco Ltd boosted its position in ADTRAN by 11.8% during the fourth quarter. XTX Topco Ltd now owns 66,690 shares of the communications equipment provider’s stock worth $580,000 after purchasing an additional 7,033 shares during the period. Voloridge Investment Management LLC boosted its position in ADTRAN by 685.0% during the fourth quarter. Voloridge Investment Management LLC now owns 146,148 shares of the communications equipment provider’s stock worth $1,270,000 after purchasing an additional 127,530 shares during the period. Tudor Investment Corp ET AL increased its stake in shares of ADTRAN by 5.6% in the fourth quarter. Tudor Investment Corp ET AL now owns 947,508 shares of the communications equipment provider’s stock worth $8,234,000 after purchasing an additional 50,393 shares in the last quarter. Finally, Twinbeech Capital LP bought a new stake in shares of ADTRAN in the fourth quarter valued at approximately $96,000. 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.