ADTRAN (NASDAQ:ADTN) Upgraded by Northland Securities to Outperform

ADTRAN (NASDAQ:ADTN) was upgraded by research analysts at Northland Securities from a “market perform” rating to an “outperform” rating in a research note issued on Wednesday, Briefing.com reports. The brokerage currently has a $7.50 price objective on the communications equipment provider’s stock. Northland Securities’ price objective would suggest a potential upside of 39.15% from the stock’s current price.

A number of other research firms have also recently commented on ADTN. Rosenblatt Securities dropped their price objective on shares of ADTRAN from $8.00 to $7.50 and set a “neutral” rating on the stock in a report on Wednesday, February 28th. StockNews.com raised shares of ADTRAN to a “sell” rating in a report on Wednesday, March 6th. Finally, Needham & Company LLC reissued a “buy” rating and set a $8.00 target price on shares of ADTRAN in a report on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $9.75.

ADTRAN Price Performance

Shares of NASDAQ:ADTN opened at $5.39 on Wednesday. The firm has a market capitalization of $426.44 million, a price-to-earnings ratio of -1.68 and a beta of 1.13. The stock’s 50 day moving average is $5.22 and its 200-day moving average is $6.04. The company has a quick ratio of 1.34, a current ratio of 2.64 and a debt-to-equity ratio of 0.33. ADTRAN has a twelve month low of $4.34 and a twelve month high of $11.02.

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

Institutional Investors Weigh In On ADTRAN

Institutional investors and hedge funds have recently modified their holdings of the stock. Federated Hermes Inc. bought a new position in shares of ADTRAN in the 4th quarter worth about $8,363,000. William Blair Investment Management LLC boosted its position in shares of ADTRAN by 57.2% in the 3rd quarter. William Blair Investment Management LLC now owns 2,405,839 shares of the communications equipment provider’s stock worth $19,800,000 after purchasing an additional 875,140 shares in the last quarter. Paradigm Capital Management Inc. NY grew its stake in shares of ADTRAN by 606.7% in the 3rd quarter. Paradigm Capital Management Inc. NY now owns 673,900 shares of the communications equipment provider’s stock worth $5,546,000 after buying an additional 578,543 shares during the last quarter. First Eagle Investment Management LLC increased its position in ADTRAN by 51.0% during the 3rd quarter. First Eagle Investment Management LLC now owns 1,136,807 shares of the communications equipment provider’s stock valued at $9,356,000 after buying an additional 384,096 shares in the last quarter. Finally, Kovack Advisors Inc. raised its stake in ADTRAN by 157.9% during the fourth quarter. Kovack Advisors Inc. now owns 432,750 shares of the communications equipment provider’s stock valued at $3,176,000 after buying an additional 264,950 shares during the last quarter. 80.56% of the stock is owned by hedge funds and other institutional investors.

About ADTRAN

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.