ADTRAN (NASDAQ:ADTN) Now Covered by Analysts at Craig Hallum

Craig Hallum assumed coverage on shares of ADTRAN (NASDAQ:ADTN) in a research note issued to investors on Wednesday morning, MarketBeat reports. The brokerage issued a buy rating and a $15.00 price objective on the communications equipment provider’s stock.

Several other research firms also recently weighed in on ADTN. Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and raised their target price for the company from $6.00 to $10.00 in a research report on Friday, November 8th. Needham & Company LLC raised their price objective on ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a report on Friday, November 8th. Northland Securities upped their target price on shares of ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. Finally, StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. One investment 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $11.50.

ADTRAN Stock Up 8.8 %

ADTN opened at $10.49 on Wednesday. The company has a market cap of $831.92 million, a PE ratio of -1.61 and a beta of 1.28. ADTRAN has a twelve month low of $4.34 and a twelve month high of $10.71. The company has a 50-day moving average price of $8.23 and a 200 day moving average price of $6.55. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89.

Institutional Investors Weigh In On ADTRAN

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Divisar Capital Management LLC increased its position in shares of ADTRAN by 25.0% during the 2nd quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider’s stock worth $30,195,000 after purchasing an additional 1,146,774 shares during the last quarter. Paradigm Capital Management Inc. NY boosted its stake in ADTRAN by 173.1% during the second quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider’s stock worth $12,872,000 after buying an additional 1,551,000 shares during the period. Geode Capital Management LLC increased its position in shares of ADTRAN by 3.7% during the third quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider’s stock valued at $10,736,000 after acquiring an additional 63,960 shares during the last quarter. State Street Corp raised its stake in shares of ADTRAN by 2.8% in the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock valued at $10,484,000 after acquiring an additional 48,542 shares during the period. Finally, Millennium Management LLC lifted its holdings in shares of ADTRAN by 8,824.3% in the 2nd quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider’s stock worth $8,151,000 after acquiring an additional 1,532,257 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.