Needham & Company LLC Forecasts Strong Price Appreciation for ADTRAN (NASDAQ:ADTN) Stock

ADTRAN (NASDAQ:ADTN) had its target price upped by research analysts at Needham & Company LLC from $8.00 to $11.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s target price would indicate a potential upside of 36.14% from the stock’s previous close.

ADTN has been the topic of a number of other reports. Rosenblatt Securities raised shares of ADTRAN from a “neutral” rating to a “buy” rating and upped their target price for the company from $6.00 to $10.00 in a report on Friday. StockNews.com raised ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $9.50.

ADTRAN Price Performance

NASDAQ:ADTN opened at $8.08 on Friday. The stock has a market capitalization of $640.18 million, a PE ratio of -1.14 and a beta of 1.20. ADTRAN has a 1-year low of $4.34 and a 1-year high of $8.16. The firm has a fifty day simple moving average of $5.92 and a 200 day simple moving average of $5.56. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.86.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ADTN. Massachusetts Financial Services Co. MA lifted its holdings in shares of ADTRAN by 3.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 71,403 shares of the communications equipment provider’s stock worth $376,000 after buying an additional 2,396 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in ADTRAN by 3.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 83,155 shares of the communications equipment provider’s stock worth $453,000 after purchasing an additional 2,764 shares in the last quarter. Inspire Investing LLC boosted its holdings in ADTRAN by 5.1% in the 3rd quarter. Inspire Investing LLC now owns 69,640 shares of the communications equipment provider’s stock valued at $413,000 after purchasing an additional 3,387 shares during the period. Dimensional Fund Advisors LP grew its position in shares of ADTRAN by 1.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 279,915 shares of the communications equipment provider’s stock worth $1,472,000 after purchasing an additional 3,638 shares in the last quarter. Finally, PEAK6 Investments LLC increased its holdings in shares of ADTRAN by 28.5% during the first quarter. PEAK6 Investments LLC now owns 17,646 shares of the communications equipment provider’s stock worth $96,000 after purchasing an additional 3,911 shares during the period. 80.56% of the stock is owned by 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.