ADTRAN (NASDAQ:ADTN – Free Report) had its price target hoisted by Needham & Company LLC from $8.00 to $11.00 in a research note issued to investors on Friday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the communications equipment provider’s stock.
Other analysts have also issued reports about the company. Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $6.00 to $10.00 in a report on Friday. StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $9.50.
Read Our Latest Stock Analysis on ADTN
ADTRAN Stock Performance
Institutional Trading of ADTRAN
Several hedge funds have recently made changes to their positions in the company. William Blair Investment Management LLC grew its position in shares of ADTRAN by 22.5% in the first quarter. William Blair Investment Management LLC now owns 4,456,067 shares of the communications equipment provider’s stock valued at $24,241,000 after purchasing an additional 817,762 shares in the last quarter. 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 in the last quarter. Paradigm Capital Management Inc. NY grew its position in shares of ADTRAN by 173.1% in the second 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 purchasing an additional 1,551,000 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of ADTRAN in the second quarter valued at $681,000. Finally, Inspire Investing LLC purchased a new position in shares of ADTRAN in the first quarter valued at $356,000. 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.
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