Rosenblatt Securities Reaffirms Buy Rating for ADTRAN (NASDAQ:ADTN)

ADTRAN (NASDAQ:ADTN)‘s stock had its “buy” rating reissued by analysts at Rosenblatt Securities in a research note issued on Friday,Benzinga reports. They presently have a $15.00 price objective on the communications equipment provider’s stock. Rosenblatt Securities’ price objective would suggest a potential upside of 41.91% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. Northland Securities boosted their target price on shares of ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Needham & Company LLC lifted their price target on ADTRAN from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Craig Hallum began coverage on ADTRAN in a research note on Wednesday, January 8th. They set a “buy” rating and a $15.00 price target for the company. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, ADTRAN presently has a consensus rating of “Buy” and an average price target of $13.50.

ADTRAN Stock Performance

Shares of ADTN opened at $10.57 on Friday. The company’s 50 day simple moving average is $10.17 and its 200-day simple moving average is $7.86. ADTRAN has a 12-month low of $4.34 and a 12-month high of $12.44. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. The firm has a market cap of $838.26 million, a PE ratio of -1.62 and a beta of 1.29.

Institutional Investors Weigh In On ADTRAN

Several institutional investors and hedge funds have recently made changes to their positions in the company. Quantinno Capital Management LP raised its position in shares of ADTRAN by 4.3% during the 4th quarter. Quantinno Capital Management LP now owns 21,180 shares of the communications equipment provider’s stock valued at $176,000 after acquiring an additional 877 shares in the last quarter. Catalyst Funds Management Pty Ltd grew its stake in shares of ADTRAN by 6.0% in the fourth quarter. Catalyst Funds Management Pty Ltd now owns 22,800 shares of the communications equipment provider’s stock worth $190,000 after purchasing an additional 1,300 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of ADTRAN by 11.4% in the fourth quarter. Hsbc Holdings PLC now owns 14,681 shares of the communications equipment provider’s stock worth $122,000 after purchasing an additional 1,501 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of ADTRAN by 3.7% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 44,821 shares of the communications equipment provider’s stock worth $373,000 after purchasing an additional 1,605 shares in the last quarter. Finally, Tudor Investment Corp ET AL grew its stake in shares of ADTRAN by 0.6% in the fourth quarter. Tudor Investment Corp ET AL now owns 278,489 shares of the communications equipment provider’s stock worth $2,320,000 after purchasing an additional 1,670 shares in the last quarter. 80.56% of the stock is owned by institutional investors and hedge funds.

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.