Needham & Company LLC Has Lowered Expectations for ADTRAN (NASDAQ:ADTN) Stock Price

ADTRAN (NASDAQ:ADTN) had its price target cut by Needham & Company LLC from $14.00 to $12.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the communications equipment provider’s stock.

Separately, Rosenblatt Securities decreased their price objective on shares of ADTRAN from $15.00 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $12.00.

ADTRAN Price Performance

Shares of NASDAQ:ADTN opened at $7.71 on Friday. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89. The company has a market cap of $616.51 million, a price-to-earnings ratio of -1.18 and a beta of 1.33. ADTRAN has a fifty-two week low of $4.62 and a fifty-two week high of $12.44. The firm’s 50-day simple moving average is $8.26 and its 200-day simple moving average is $8.84.

ADTRAN (NASDAQ:ADTN) last released its earnings results on Wednesday, May 7th. The communications equipment provider reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.05. ADTRAN had a negative return on equity of 38.62% and a negative net margin of 56.95%. ADTRAN’s revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.02 EPS. As a group, equities research analysts predict that ADTRAN will post -0.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Schonfeld Strategic Advisors LLC acquired a new stake in ADTRAN in the 4th quarter valued at about $12,921,000. Royce & Associates LP grew its position in shares of ADTRAN by 188.5% in the first quarter. Royce & Associates LP now owns 1,406,500 shares of the communications equipment provider’s stock valued at $12,265,000 after purchasing an additional 919,000 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of ADTRAN by 591.5% during the 4th quarter. JPMorgan Chase & Co. now owns 863,807 shares of the communications equipment provider’s stock worth $7,196,000 after purchasing an additional 738,893 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of ADTRAN during the 4th quarter worth approximately $6,095,000. Finally, Vanguard Group Inc. raised its position in shares of ADTRAN by 7.6% during the 1st quarter. Vanguard Group Inc. now owns 7,093,931 shares of the communications equipment provider’s stock worth $61,859,000 after purchasing an additional 501,512 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.