ADTRAN (NASDAQ:ADTN) Raised to “Buy” at Rosenblatt Securities

ADTRAN (NASDAQ:ADTN) was upgraded by analysts at Rosenblatt Securities from a “neutral” rating to a “buy” rating in a research note issued on Friday, Marketbeat Ratings reports. The brokerage presently has a $10.00 price objective on the communications equipment provider’s stock, up from their prior price objective of $6.00. Rosenblatt Securities’ price target would indicate a potential upside of 23.76% from the company’s current price.

Several other brokerages have also issued reports on ADTN. Needham & Company LLC restated a “buy” rating and set a $8.00 price target on shares of ADTRAN in a research note on Thursday, August 8th. StockNews.com raised ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, ADTRAN has an average rating of “Moderate Buy” and a consensus price target of $9.50.

ADTRAN Price Performance

Shares of NASDAQ ADTN opened at $8.08 on Friday. The company has a market capitalization of $640.18 million, a PE ratio of -1.14 and a beta of 1.20. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 0.86. The stock’s 50 day moving average price is $5.92 and its 200-day moving average price is $5.56. ADTRAN has a twelve month low of $4.34 and a twelve month high of $8.16.

Hedge Funds Weigh In On ADTRAN

Several large investors have recently modified their holdings of ADTN. Inspire Investing LLC purchased a new stake in shares of ADTRAN in the first quarter worth about $356,000. Russell Investments Group Ltd. increased its holdings in ADTRAN by 12.5% during the 1st quarter. Russell Investments Group Ltd. now owns 196,990 shares of the communications equipment provider’s stock worth $1,072,000 after acquiring an additional 21,893 shares during the period. William Blair Investment Management LLC increased its holdings in ADTRAN by 22.5% during the 1st quarter. William Blair Investment Management LLC now owns 4,456,067 shares of the communications equipment provider’s stock worth $24,241,000 after acquiring an additional 817,762 shares during the period. PEAK6 Investments LLC boosted its holdings in ADTRAN by 28.5% in the 1st quarter. PEAK6 Investments LLC now owns 17,646 shares of the communications equipment provider’s stock valued at $96,000 after purchasing an additional 3,911 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in shares of ADTRAN by 3.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 83,155 shares of the communications equipment provider’s stock valued at $453,000 after purchasing an additional 2,764 shares in the last quarter. 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.