Rosenblatt Securities Upgrades ADTRAN (NASDAQ:ADTN) to Buy

ADTRAN (NASDAQ:ADTN - Get Free Report) was upgraded by research analysts at Rosenblatt Securities from a "neutral" rating to a "buy" rating in a research note issued to investors on Friday, MarketBeat Ratings reports. The firm currently has a $10.00 price objective on the communications equipment provider's stock, up from their prior price objective of $6.00. Rosenblatt Securities' price objective indicates a potential upside of 23.76% from the company's previous close.

Several other equities research analysts have also weighed in on ADTN. Needham & Company LLC restated a "buy" rating and issued a $8.00 target price on shares of ADTRAN in a report on Thursday, August 8th. StockNews.com upgraded shares of ADTRAN from a "sell" rating to a "hold" rating in a research note on Wednesday, October 2nd. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $9.50.

ADTRAN Stock Up 7.0 %

Shares of ADTN traded up $0.53 during mid-day trading on Friday, hitting $8.08. 1,833,763 shares of the company's stock were exchanged, compared to its average volume of 818,011. The stock has a market cap of $640.19 million, a price-to-earnings ratio of -1.24 and a beta of 1.20. The firm has a fifty day moving average of $5.87 and a two-hundred day moving average of $5.53. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 0.86. ADTRAN has a twelve month low of $4.34 and a twelve month high of $8.16.

ADTRAN (NASDAQ:ADTN - Get Free Report) last posted its earnings results on Monday, August 5th. The communications equipment provider reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.14). ADTRAN had a negative net margin of 58.64% and a negative return on equity of 29.26%. The company had revenue of $225.99 million for the quarter, compared to the consensus estimate of $225.95 million. On average, sell-side analysts forecast that ADTRAN will post -0.41 earnings per share for the current year.

Hedge Funds Weigh In On ADTRAN

Several large investors have recently bought and sold shares of ADTN. Divisar Capital Management LLC raised its holdings in ADTRAN by 25.0% in the 2nd quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider's stock valued at $30,195,000 after acquiring an additional 1,146,774 shares in the last quarter. DNB Asset Management AS raised its stake in shares of ADTRAN by 33.4% in the second quarter. DNB Asset Management AS now owns 4,631,848 shares of the communications equipment provider's stock valued at $24,364,000 after purchasing an additional 1,159,809 shares in the last quarter. William Blair Investment Management LLC raised its stake in shares of ADTRAN by 22.5% in the first quarter. William Blair Investment Management LLC now owns 4,456,067 shares of the communications equipment provider's stock valued at $24,241,000 after purchasing an additional 817,762 shares in the last quarter. Paradigm Capital Management Inc. NY lifted its position in ADTRAN by 173.1% in 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 purchasing an additional 1,551,000 shares during the period. Finally, Millennium Management LLC boosted its stake in ADTRAN by 8,824.3% during the second quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider's stock worth $8,151,000 after buying an additional 1,532,257 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

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.