Needham & Company LLC Issues Positive Forecast for ADTRAN (NASDAQ:ADTN) Stock Price

ADTRAN (NASDAQ:ADTN) had its price target increased by stock analysts at Needham & Company LLC from $8.00 to $11.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 37.50% from the stock’s previous close.

A number of other research analysts also recently commented on ADTN. Rosenblatt Securities raised ADTRAN from a “neutral” rating to a “buy” rating and boosted their price target for the company from $6.00 to $10.00 in a research note on Friday. StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $9.50.

ADTRAN Stock Up 6.0 %

ADTN opened at $8.00 on Friday. The stock has a fifty day moving average of $5.87 and a 200-day moving average of $5.53. The company has a market capitalization of $633.84 million, a P/E ratio of -1.07 and a beta of 1.20. ADTRAN has a fifty-two week low of $4.34 and a fifty-two week high of $8.00. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.31 and a current ratio of 2.31.

ADTRAN (NASDAQ:ADTN) last announced its earnings results on Monday, August 5th. The communications equipment provider reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.14). ADTRAN had a negative return on equity of 29.26% and a negative net margin of 58.64%. The business had revenue of $225.99 million for the quarter, compared to the consensus estimate of $225.95 million. On average, equities analysts expect that ADTRAN will post -0.41 EPS for the current year.

Hedge Funds Weigh In On ADTRAN

Institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. grew its holdings 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 during the last quarter. Park Avenue Securities LLC acquired a new position in ADTRAN in the 3rd quarter valued at approximately $65,000. Point72 DIFC Ltd bought a new position in shares of ADTRAN during the second quarter valued at $69,000. SG Americas Securities LLC acquired a new position in shares of ADTRAN during the second quarter worth $90,000. Finally, PEAK6 Investments LLC grew its stake in shares of ADTRAN by 28.5% in the first quarter. PEAK6 Investments LLC now owns 17,646 shares of the communications equipment provider’s stock worth $96,000 after purchasing an additional 3,911 shares during the last quarter. Institutional investors and hedge funds 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.