ADTRAN (NASDAQ:ADTN) Given New $10.00 Price Target at Northland Securities

ADTRAN (NASDAQ:ADTN) had its price target upped by Northland Securities from $9.00 to $10.00 in a research note issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the communications equipment provider’s stock. Northland Securities’ price target points to a potential upside of 23.15% from the stock’s previous close.

Several other brokerages have also recently issued reports on ADTN. Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and boosted their price target for the company from $6.00 to $10.00 in a research report on Friday, November 8th. Needham & Company LLC boosted their target price on ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, StockNews.com raised ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, ADTRAN currently has a consensus rating of “Buy” and an average target price of $10.33.

ADTRAN Trading Down 3.3 %

Shares of ADTRAN stock opened at $8.12 on Thursday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10. The company has a market capitalization of $643.96 million, a P/E ratio of -1.25 and a beta of 1.29. ADTRAN has a 1 year low of $4.34 and a 1 year high of $9.21. The company’s fifty day moving average is $7.47 and its two-hundred day moving average is $6.18.

Hedge Funds Weigh In On ADTRAN

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADTN. Paradigm Capital Management Inc. NY lifted its holdings in shares of ADTRAN by 173.1% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider’s stock valued at $12,872,000 after buying an additional 1,551,000 shares during the period. Millennium Management LLC lifted its holdings in ADTRAN by 8,824.3% in the second quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider’s stock valued at $8,151,000 after acquiring an additional 1,532,257 shares during the period. Divisar Capital Management LLC boosted its position in shares of ADTRAN by 25.0% during the 2nd quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider’s stock worth $30,195,000 after purchasing an additional 1,146,774 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of ADTRAN by 1,545.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 662,154 shares of the communications equipment provider’s stock worth $3,927,000 after purchasing an additional 621,906 shares during the period. Finally, Marshall Wace LLP increased its holdings in shares of ADTRAN by 3,656.1% in the 2nd quarter. Marshall Wace LLP now owns 444,198 shares of the communications equipment provider’s stock valued at $2,336,000 after purchasing an additional 432,372 shares in the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

ADTRAN Company Profile

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.