ADTRAN (NASDAQ:ADTN) Rating Reiterated by Needham & Company LLC

ADTRAN (NASDAQ:ADTN)‘s stock had its “buy” rating reissued by Needham & Company LLC in a report released on Wednesday, Benzinga reports. They currently have a $8.00 target price on the communications equipment provider’s stock. Needham & Company LLC’s target price points to a potential upside of 69.13% from the company’s current price.

A number of other research firms have also recently issued reports on ADTN. StockNews.com raised ADTRAN to a “sell” rating in a research note on Wednesday, March 6th. Rosenblatt Securities reduced their price objective on ADTRAN from $8.00 to $7.50 and set a “neutral” rating for the company in a research report on Wednesday, February 28th. One research analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $10.50.

ADTRAN Stock Up 1.7 %

NASDAQ:ADTN opened at $4.73 on Wednesday. ADTRAN has a 1 year low of $4.59 and a 1 year high of $11.02. The company has a current ratio of 2.64, a quick ratio of 1.34 and a debt-to-equity ratio of 0.33. The stock has a market cap of $374.22 million, a price-to-earnings ratio of -1.48 and a beta of 1.13. The stock has a 50-day moving average price of $5.65 and a two-hundred day moving average price of $6.34.

ADTRAN (NASDAQ:ADTN) last posted its earnings results on Monday, February 26th. The communications equipment provider reported ($1.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($1.01). ADTRAN had a negative net margin of 21.80% and a negative return on equity of 15.65%. The business had revenue of $225.48 million during the quarter, compared to analyst estimates of $232.45 million. As a group, equities analysts expect that ADTRAN will post -0.25 earnings per share for the current year.

Institutional Trading of ADTRAN

Several institutional investors and hedge funds have recently bought and sold shares of ADTN. Envestnet Asset Management Inc. raised its holdings in ADTRAN by 3.3% during the first quarter. Envestnet Asset Management Inc. now owns 18,255 shares of the communications equipment provider’s stock worth $337,000 after acquiring an additional 585 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in ADTRAN by 1.5% during the first quarter. JPMorgan Chase & Co. now owns 277,080 shares of the communications equipment provider’s stock worth $5,112,000 after acquiring an additional 4,148 shares in the last quarter. Raymond James & Associates raised its holdings in ADTRAN by 5.3% during the first quarter. Raymond James & Associates now owns 19,939 shares of the communications equipment provider’s stock worth $368,000 after acquiring an additional 995 shares in the last quarter. Citigroup Inc. raised its holdings in ADTRAN by 7.5% during the first quarter. Citigroup Inc. now owns 51,167 shares of the communications equipment provider’s stock worth $944,000 after acquiring an additional 3,579 shares in the last quarter. Finally, MetLife Investment Management LLC raised its holdings in ADTRAN by 51.8% during the first quarter. MetLife Investment Management LLC now owns 25,302 shares of the communications equipment provider’s stock worth $467,000 after acquiring an additional 8,632 shares in the last quarter. 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.