Rosenblatt Securities Lowers ADTRAN (NASDAQ:ADTN) Price Target to $11.00

ADTRAN (NASDAQ:ADTN - Get Free Report) had its target price reduced by equities research analysts at Rosenblatt Securities from $15.00 to $11.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the communications equipment provider's stock. Rosenblatt Securities' price target would suggest a potential upside of 47.26% from the stock's current price.

ADTN has been the topic of several other research reports. 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. Needham & Company LLC lifted their target price on ADTRAN from $11.00 to $14.00 and gave the stock a "buy" rating in a report on Friday, February 28th. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $12.50.

ADTRAN Price Performance

ADTN stock traded up $0.29 during trading on Tuesday, hitting $7.47. The company had a trading volume of 1,245,844 shares, compared to its average volume of 927,409. The firm has a market capitalization of $597.32 million, a price-to-earnings ratio of -1.15 and a beta of 1.46. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. The business has a 50 day moving average of $9.18 and a 200 day moving average of $8.68. ADTRAN has a fifty-two week low of $4.34 and a fifty-two week high of $12.44.

Institutional Trading of ADTRAN

A number of hedge funds have recently bought and sold shares of the company. State Street Corp boosted its stake 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 purchasing an additional 48,542 shares during the period. Barclays PLC grew its holdings in shares of ADTRAN by 11.4% during the third quarter. Barclays PLC now owns 115,741 shares of the communications equipment provider's stock valued at $686,000 after buying an additional 11,880 shares in the last quarter. Geode Capital Management LLC grew 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 in the last quarter. JPMorgan Chase & Co. raised its position in ADTRAN by 12.1% during the third quarter. JPMorgan Chase & Co. now owns 124,914 shares of the communications equipment provider's stock valued at $741,000 after buying an additional 13,478 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in ADTRAN by 39.7% in the 4th 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 in the last quarter. 80.56% of the stock is owned by hedge funds and other institutional investors.

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.

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