ADTRAN (NASDAQ:ADTN) Receives Buy Rating from Needham & Company LLC

ADTRAN (NASDAQ:ADTN)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They presently have a $11.00 price target on the communications equipment provider’s stock. Needham & Company LLC’s price target would indicate a potential upside of 8.59% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. Craig Hallum began coverage on shares of ADTRAN in a report on Wednesday, January 8th. They set a “buy” rating and a $15.00 price objective on the stock. Northland Securities boosted their price target on ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. StockNews.com upgraded shares of ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Rosenblatt Securities upgraded shares of ADTRAN from a “neutral” rating to a “buy” rating and increased their price objective for the company from $6.00 to $10.00 in a report on Friday, November 8th. One research 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. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $11.50.

ADTRAN Price Performance

NASDAQ:ADTN opened at $10.13 on Thursday. The stock has a market capitalization of $803.37 million, a PE ratio of -1.56 and a beta of 1.28. ADTRAN has a 52 week low of $4.34 and a 52 week high of $10.71. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89. The stock’s 50-day moving average price is $8.62 and its 200-day moving average price is $6.73.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ADTN. Divisar Capital Management LLC lifted its stake in shares of 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 purchasing an additional 1,146,774 shares during the last quarter. Paradigm Capital Management Inc. NY raised its holdings in ADTRAN by 173.1% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider’s stock valued at $12,872,000 after buying an additional 1,551,000 shares during the period. Geode Capital Management LLC lifted its position in ADTRAN by 3.7% in 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 during the last quarter. State Street Corp boosted its stake in ADTRAN by 2.8% during the third quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock worth $10,484,000 after buying an additional 48,542 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 during the period. 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.