ADTRAN (NASDAQ:ADTN) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of ADTRAN (NASDAQ:ADTN) in a report issued on Thursday,Benzinga reports. They currently have a $11.00 price target on the communications equipment provider’s stock.

A number of other research firms also recently commented on ADTN. Rosenblatt Securities upgraded 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. StockNews.com upgraded shares of ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Craig Hallum initiated coverage on shares of ADTRAN in a research note on Wednesday, January 8th. They set a “buy” rating and a $15.00 price objective for the company. Finally, Northland Securities increased their price objective 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. One research 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’s stock. According to data from MarketBeat.com, ADTRAN has an average rating of “Buy” and a consensus target price of $11.50.

ADTRAN Price Performance

ADTN opened at $10.13 on Thursday. ADTRAN has a 1 year low of $4.34 and a 1 year high of $10.71. The company’s 50 day simple moving average is $8.67 and its 200 day simple moving average is $6.76. The stock has a market capitalization of $803.41 million, a PE ratio of -1.56 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.

Hedge Funds Weigh In On ADTRAN

Institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. lifted its position in shares of ADTRAN by 798.7% during the third quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock worth $28,000 after purchasing an additional 4,177 shares in the last quarter. Park Avenue Securities LLC purchased a new stake in ADTRAN during the 3rd quarter worth approximately $65,000. Point72 DIFC Ltd bought a new stake in shares of ADTRAN in the second quarter worth $69,000. Intech Investment Management LLC acquired a new stake in ADTRAN in the third quarter valued at $92,000. Finally, Harbor Capital Advisors Inc. boosted its stake in ADTRAN by 94.8% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 18,906 shares of the communications equipment provider’s stock valued at $112,000 after acquiring an additional 9,202 shares during the last quarter. Hedge funds and other 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.