Craig Hallum Initiates Coverage on ADTRAN (NASDAQ:ADTN)

Investment analysts at Craig Hallum began coverage on shares of ADTRAN (NASDAQ:ADTN) in a report issued on Wednesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $15.00 price target on the communications equipment provider’s stock. Craig Hallum’s price objective indicates a potential upside of 42.99% from the stock’s current price.

A number of other research analysts have also issued reports on the company. StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Rosenblatt Securities raised shares of ADTRAN from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $6.00 to $10.00 in a report on Friday, November 8th. Northland Securities raised their target price on shares of ADTRAN from $9.00 to $10.00 and gave the company an “outperform” rating in a research note on Thursday, December 19th. Finally, Needham & Company LLC upped their price target on shares of ADTRAN from $8.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $11.50.

ADTRAN Stock Performance

ADTN stock opened at $10.49 on Wednesday. ADTRAN has a 1 year low of $4.34 and a 1 year high of $10.71. The stock has a market capitalization of $831.92 million, a price-to-earnings ratio of -1.61 and a beta of 1.28. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10. The stock’s fifty day moving average is $8.31 and its two-hundred day moving average is $6.58.

Hedge Funds Weigh In On ADTRAN

Several institutional investors have recently bought and sold shares of ADTN. Renaissance Technologies LLC grew its position in shares of ADTRAN by 26.4% in the second quarter. Renaissance Technologies LLC now owns 680,340 shares of the communications equipment provider’s stock valued at $3,579,000 after purchasing an additional 142,100 shares during the last quarter. Geode Capital Management LLC boosted its stake in ADTRAN by 3.7% during 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 during the period. Paradigm Capital Management Inc. NY grew its holdings in ADTRAN by 173.1% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider’s stock valued at $12,872,000 after buying an additional 1,551,000 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in ADTRAN in the 2nd quarter worth approximately $681,000. Finally, State Street Corp lifted its holdings in shares of ADTRAN by 2.8% during the third quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock worth $10,484,000 after buying an additional 48,542 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors.

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.