Needham & Company LLC Reaffirms “Buy” Rating for ADTRAN (NASDAQ:ADTN)

ADTRAN (NASDAQ:ADTN)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a note issued to investors on Thursday,Benzinga reports. They currently have a $11.00 price objective on the communications equipment provider’s stock. Needham & Company LLC’s target price would suggest a potential upside of 7.95% from the company’s previous close.

ADTN has been the topic of several other reports. Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and raised their price target for the stock from $6.00 to $10.00 in a research report on Friday, November 8th. StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Craig Hallum began coverage on ADTRAN in a research report on Wednesday, January 8th. They set a “buy” rating and a $15.00 target price for the company. Finally, Northland Securities increased their price target on shares of ADTRAN from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $11.50.

ADTRAN Stock Up 0.6 %

Shares of NASDAQ:ADTN opened at $10.19 on Thursday. The company has a 50 day moving average of $8.71 and a 200-day moving average of $6.79. ADTRAN has a one year low of $4.34 and a one year high of $10.71. The stock has a market cap of $808.17 million, a price-to-earnings ratio of -1.57 and a beta of 1.28. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17.

Hedge Funds Weigh In On ADTRAN

Several institutional investors have recently modified their holdings of the business. Divisar Capital Management LLC raised its holdings in ADTRAN by 25.0% during the 2nd quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider’s stock worth $30,195,000 after buying an additional 1,146,774 shares during the period. Paradigm Capital Management Inc. NY raised its holdings in shares of ADTRAN by 173.1% during the second quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider’s stock worth $12,872,000 after acquiring an additional 1,551,000 shares during the period. Geode Capital Management LLC lifted its position in 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 acquiring an additional 63,960 shares in the last quarter. State Street Corp lifted its position in ADTRAN by 2.8% in the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock valued at $10,484,000 after acquiring an additional 48,542 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in ADTRAN by 8,824.3% in the 2nd quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider’s stock worth $8,151,000 after purchasing an additional 1,532,257 shares during the period. Institutional investors own 80.56% of the company’s stock.

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.