Needham & Company LLC Reiterates "Buy" Rating for ADTRAN (NASDAQ:ADTN)

ADTRAN (NASDAQ:ADTN - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $11.00 target price on the communications equipment provider's stock. Needham & Company LLC's price target suggests a potential upside of 8.59% from the stock's current price.

ADTN has been the topic of a number of other reports. StockNews.com upgraded shares of ADTRAN from a "sell" rating to a "hold" rating in a research note on Wednesday, October 2nd. Craig Hallum initiated coverage on shares of ADTRAN in a research note on Wednesday, January 8th. They set a "buy" rating and a $15.00 price target on the stock. Rosenblatt Securities upgraded shares of ADTRAN from a "neutral" rating to a "buy" rating and upped their price target for the company from $6.00 to $10.00 in a research note on Friday, November 8th. Finally, Northland Securities upped their price target on shares of ADTRAN from $9.00 to $10.00 and gave the company an "outperform" rating in a research note on Thursday, December 19th. One 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 company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $11.50.

ADTRAN Price Performance

Shares of ADTRAN stock remained flat at $10.13 on Thursday. 868,471 shares of the stock were exchanged, compared to its average volume of 1,075,127. ADTRAN has a 1 year low of $4.34 and a 1 year high of $10.71. The business has a 50 day moving average of $8.62 and a 200 day moving average of $6.73. The stock has a market cap of $803.41 million, a price-to-earnings ratio of -1.56 and a beta of 1.28. 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 Trading of ADTRAN

Several institutional investors and hedge funds have recently bought and sold shares of the company. Massachusetts Financial Services Co. MA lifted its stake in ADTRAN by 3.5% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 71,403 shares of the communications equipment provider's stock worth $376,000 after purchasing an additional 2,396 shares in the last quarter. Inspire Investing LLC raised its position in shares of ADTRAN by 5.1% during the 3rd quarter. Inspire Investing LLC now owns 69,640 shares of the communications equipment provider's stock valued at $413,000 after buying an additional 3,387 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of ADTRAN by 1.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 279,915 shares of the communications equipment provider's stock valued at $1,472,000 after buying an additional 3,638 shares in the last quarter. Blue Trust Inc. raised its position in shares of ADTRAN by 798.7% during the 3rd quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider's stock valued at $28,000 after buying an additional 4,177 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its position in shares of ADTRAN by 94.8% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 18,906 shares of the communications equipment provider's stock valued at $112,000 after buying an additional 9,202 shares in the last quarter. 80.56% of the stock is currently owned by hedge funds and other 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.