Needham & Company LLC Reaffirms “Buy” Rating for ADTRAN (NASDAQ:ADTN)

Needham & Company LLC reaffirmed their buy rating on shares of ADTRAN (NASDAQ:ADTN) in a report issued on Wednesday, Benzinga reports. The brokerage currently has a $8.00 target price on the communications equipment provider’s stock.

A number of other brokerages have also recently issued reports on ADTN. Rosenblatt Securities decreased their target price on ADTRAN from $8.00 to $7.50 and set a neutral rating for the company in a report on Wednesday, February 28th. StockNews.com upgraded shares of ADTRAN to a sell rating in a research note on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, ADTRAN currently has an average rating of Hold and a consensus target price of $10.50.

ADTRAN Stock Down 0.8 %

Shares of ADTN opened at $4.69 on Wednesday. The firm has a market cap of $371.07 million, a PE ratio of -1.47 and a beta of 1.13. The company has a quick ratio of 1.34, a current ratio of 2.64 and a debt-to-equity ratio of 0.33. The company’s fifty day moving average is $5.62 and its two-hundred day moving average is $6.31. ADTRAN has a fifty-two week low of $4.59 and a fifty-two week high of $11.02.

ADTRAN (NASDAQ:ADTN) last issued its earnings results on Monday, February 26th. The communications equipment provider reported ($1.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($1.01). The firm had revenue of $225.48 million during the quarter, compared to analyst estimates of $232.45 million. ADTRAN had a negative net margin of 21.80% and a negative return on equity of 15.65%. Analysts forecast that ADTRAN will post -0.25 earnings per share for the current year.

Institutional Investors Weigh In On ADTRAN

Several institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC lifted its position in ADTRAN by 41.3% during the 2nd quarter. FMR LLC now owns 1,965 shares of the communications equipment provider’s stock worth $35,000 after acquiring an additional 574 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of ADTRAN by 3.3% during the first quarter. Envestnet Asset Management Inc. now owns 18,255 shares of the communications equipment provider’s stock worth $337,000 after purchasing an additional 585 shares in the last quarter. Raymond James & Associates boosted its stake in shares of ADTRAN by 5.3% in the first quarter. Raymond James & Associates now owns 19,939 shares of the communications equipment provider’s stock valued at $368,000 after purchasing an additional 995 shares during the period. Vident Investment Advisory LLC grew its holdings in ADTRAN by 6.1% during the 1st quarter. Vident Investment Advisory LLC now owns 19,517 shares of the communications equipment provider’s stock valued at $360,000 after purchasing an additional 1,130 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in ADTRAN by 1.0% during the 2nd quarter. Legal & General Group Plc now owns 117,812 shares of the communications equipment provider’s stock worth $2,066,000 after buying an additional 1,221 shares during the period. Hedge funds and other institutional investors 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.