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

ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report)'s share price hit a new 52-week high on Thursday . The company traded as high as $11.38 and last traded at $11.17, with a volume of 113314 shares changing hands. The stock had previously closed at $11.00.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ADTN shares. Rosenblatt Securities lifted their price objective on ADTRAN from $10.00 to $15.00 and gave the company a "buy" rating in a research note on Wednesday, January 22nd. Northland Securities raised their target price on ADTRAN from $9.00 to $10.00 and gave the company an "outperform" rating in a research note on Thursday, December 19th. Craig Hallum initiated coverage on shares of ADTRAN in a research note on Wednesday, January 8th. They issued a "buy" rating and a $15.00 price target for the company. Finally, 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. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $12.75.

ADTRAN Stock Up 2.2 %

The stock's fifty day simple moving average is $9.38 and its two-hundred day simple moving average is $7.30. 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 market capitalization of $900.17 million, a price-to-earnings ratio of -1.74 and a beta of 1.29.

Hedge Funds Weigh In On ADTRAN

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its holdings in shares of ADTRAN by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider's stock worth $10,736,000 after purchasing an additional 63,960 shares during the last quarter. State Street Corp lifted its stake in ADTRAN by 2.8% in the third quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider's stock valued at $10,484,000 after buying an additional 48,542 shares during the last quarter. First Eagle Investment Management LLC boosted its holdings in shares of ADTRAN by 24.5% during the fourth quarter. First Eagle Investment Management LLC now owns 1,246,807 shares of the communications equipment provider's stock valued at $10,386,000 after acquiring an additional 245,000 shares during the period. Assenagon Asset Management S.A. grew its position in shares of ADTRAN by 39.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 925,310 shares of the communications equipment provider's stock worth $7,708,000 after acquiring an additional 263,156 shares during the last quarter. Finally, Kovack Advisors Inc. increased its holdings in shares of ADTRAN by 2.7% in the 4th quarter. Kovack Advisors Inc. now owns 799,950 shares of the communications equipment provider's stock worth $6,664,000 after acquiring an additional 21,100 shares during the period. 80.56% of the stock is currently owned by institutional investors and hedge funds.

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.