ADTRAN (NASDAQ:ADTN) Reaches New 12-Month High - Still a Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report) hit a new 52-week high on Thursday . The company traded as high as $11.79 and last traded at $11.71, with a volume of 311428 shares trading hands. The stock had previously closed at $11.06.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ADTN shares. Rosenblatt Securities lifted their price objective on ADTRAN from $10.00 to $15.00 and gave the stock a "buy" rating in a report on Wednesday, January 22nd. Needham & Company LLC reiterated a "buy" rating and issued a $11.00 price target on shares of ADTRAN in a research note on Thursday, January 16th. Craig Hallum began coverage on ADTRAN in a report on Wednesday, January 8th. They set a "buy" rating and a $15.00 target price on the stock. Finally, Northland Securities upped their price target on ADTRAN from $9.00 to $10.00 and gave the company 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 given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $12.75.

ADTRAN Price Performance

The company has a market capitalization of $923.96 million, a P/E ratio of -1.79 and a beta of 1.29. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17. The company has a fifty day moving average price of $9.66 and a 200 day moving average price of $7.48.

Institutional Investors Weigh In On ADTRAN

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of ADTRAN by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 6,592,419 shares of the communications equipment provider's stock worth $54,915,000 after acquiring an additional 41,478 shares during the period. DnB Asset Management AS increased its stake in shares of ADTRAN by 3.8% in the fourth quarter. DnB Asset Management AS now owns 5,022,392 shares of the communications equipment provider's stock valued at $41,837,000 after purchasing an additional 184,627 shares during the period. William Blair Investment Management LLC increased its stake in shares of ADTRAN by 2.5% in the fourth quarter. William Blair Investment Management LLC now owns 4,647,155 shares of the communications equipment provider's stock valued at $38,711,000 after purchasing an additional 114,986 shares during the period. Geode Capital Management LLC raised its holdings 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 buying an additional 63,960 shares during the last quarter. Finally, State Street Corp grew its holdings in ADTRAN by 2.8% in the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider's stock worth $10,484,000 after buying an additional 48,542 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors.

ADTRAN Company Profile

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.