Needham & Company LLC Forecasts Strong Price Appreciation for ADTRAN (NASDAQ:ADTN) Stock

ADTRAN (NASDAQ:ADTN) had its target price boosted by equities research analysts at Needham & Company LLC from $8.00 to $11.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s target price indicates a potential upside of 37.50% from the stock’s current price.

Several other equities research analysts also recently weighed in on ADTN. StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Rosenblatt Securities raised ADTRAN from a “neutral” rating to a “buy” rating and upped their price target for the stock from $6.00 to $10.00 in a research note on Friday. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, ADTRAN presently has an average rating of “Moderate Buy” and a consensus target price of $9.50.

ADTRAN Stock Performance

Shares of ADTN opened at $8.00 on Friday. The firm’s fifty day simple moving average is $5.87 and its two-hundred day simple moving average is $5.53. ADTRAN has a 12 month low of $4.34 and a 12 month high of $8.00. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $633.84 million, a P/E ratio of -1.07 and a beta of 1.20.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings results on Monday, August 5th. The communications equipment provider reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). The business had revenue of $225.99 million for the quarter, compared to the consensus estimate of $225.95 million. ADTRAN had a negative return on equity of 29.26% and a negative net margin of 58.64%. As a group, analysts predict that ADTRAN will post -0.41 EPS for the current year.

Institutional Investors Weigh In On ADTRAN

Several institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. boosted its holdings in ADTRAN by 798.7% during the 3rd quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock worth $28,000 after acquiring an additional 4,177 shares during the last quarter. Park Avenue Securities LLC purchased a new position in ADTRAN during the third quarter worth about $65,000. Point72 DIFC Ltd bought a new stake in ADTRAN in the 2nd quarter worth about $69,000. SG Americas Securities LLC purchased a new stake in ADTRAN in the 2nd quarter valued at about $90,000. Finally, PEAK6 Investments LLC lifted its position in shares of ADTRAN by 28.5% during the 1st quarter. PEAK6 Investments LLC now owns 17,646 shares of the communications equipment provider’s stock worth $96,000 after buying an additional 3,911 shares in the last quarter. Institutional investors own 80.56% of the company’s stock.

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.