Craig Hallum Begins Coverage on ADTRAN (NASDAQ:ADTN)

Craig Hallum assumed coverage on shares of ADTRAN (NASDAQ:ADTN) in a research report report published on Wednesday, MarketBeat.com reports. The brokerage issued a buy rating and a $15.00 price target on the communications equipment provider’s stock.

Several other equities analysts also recently commented on the stock. StockNews.com upgraded shares of ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Needham & Company LLC boosted their target price on ADTRAN from $8.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Northland Securities increased 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. Finally, Rosenblatt Securities upgraded shares of ADTRAN from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $6.00 to $10.00 in a research report on Friday, November 8th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $11.50.

ADTRAN Trading Up 8.8 %

NASDAQ ADTN opened at $10.49 on Wednesday. ADTRAN has a one year low of $4.34 and a one year high of $10.71. The firm has a 50 day simple moving average of $8.23 and a 200-day simple moving average of $6.55. The firm has a market cap of $831.92 million, a price-to-earnings ratio of -1.61 and a beta of 1.28. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10.

Hedge Funds Weigh In On ADTRAN

A number of large investors have recently bought and sold shares of the company. American Century Companies Inc. increased its position in shares of ADTRAN by 17.9% in the second quarter. American Century Companies Inc. now owns 90,343 shares of the communications equipment provider’s stock valued at $475,000 after buying an additional 13,688 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in ADTRAN by 3.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 71,403 shares of the communications equipment provider’s stock valued at $376,000 after acquiring an additional 2,396 shares in the last quarter. Dimensional Fund Advisors LP raised its position in ADTRAN by 1.3% during the second quarter. Dimensional Fund Advisors LP now owns 279,915 shares of the communications equipment provider’s stock worth $1,472,000 after acquiring an additional 3,638 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of ADTRAN by 26.4% in the second quarter. Renaissance Technologies LLC now owns 680,340 shares of the communications equipment provider’s stock valued at $3,579,000 after purchasing an additional 142,100 shares during the last quarter. Finally, Hsbc Holdings PLC increased its stake in shares of ADTRAN by 327.5% during the 2nd quarter. Hsbc Holdings PLC now owns 53,065 shares of the communications equipment provider’s stock worth $282,000 after purchasing an additional 40,653 shares in the last quarter. Hedge funds and other 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.