Northland Securities Increases ADTRAN (NASDAQ:ADTN) Price Target to $10.00

ADTRAN (NASDAQ:ADTN) had its price target increased by equities researchers at 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’ target price would indicate a potential upside of 22.10% from the stock’s current price.

ADTN has been the topic of a number of other research reports. Rosenblatt Securities raised ADTRAN from a “neutral” rating to a “buy” rating and boosted their target price for the company from $6.00 to $10.00 in a research report on Friday, November 8th. Needham & Company LLC boosted their price objective 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 upgraded ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $10.33.

ADTRAN Price Performance

Shares of ADTN opened at $8.19 on Thursday. The firm has a 50-day simple moving average of $7.52 and a two-hundred day simple moving average of $6.20. The stock has a market cap of $649.52 million, a PE ratio of -1.26 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 has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC lifted its stake in ADTRAN by 11.4% in the third quarter. Barclays PLC now owns 115,741 shares of the communications equipment provider’s stock worth $686,000 after acquiring an additional 11,880 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of ADTRAN by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider’s stock valued at $10,736,000 after purchasing an additional 63,960 shares in the last quarter. State Street Corp lifted its position in shares of ADTRAN by 2.8% during the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock worth $10,484,000 after purchasing an additional 48,542 shares during the last quarter. Quantinno Capital Management LP acquired a new position in shares of ADTRAN during the third quarter worth $120,000. Finally, Point72 Asset Management L.P. purchased a new position in ADTRAN in the third quarter valued at $114,000. 80.56% of the stock is owned by institutional investors and hedge funds.

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.