ADTRAN (NASDAQ:ADTN) Downgraded by Wall Street Zen to Hold

Wall Street Zen lowered shares of ADTRAN (NASDAQ:ADTN) from a buy rating to a hold rating in a research note released on Saturday morning.

Several other equities analysts have also recently weighed in on the company. Rosenblatt Securities lowered their price target on ADTRAN from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday. Northland Securities set a $15.00 price objective on ADTRAN in a report on Wednesday. Needham & Company LLC reduced their price objective on ADTRAN from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Evercore set a $11.00 target price on ADTRAN in a report on Wednesday. Finally, B. Riley Financial reissued a “buy” rating and issued a $21.00 target price (down from $23.00) on shares of ADTRAN in a research report on Thursday, July 23rd. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $14.67.

ADTRAN Stock Up 0.9%

ADTN opened at $7.56 on Friday. The stock has a market capitalization of $615.99 million, a price-to-earnings ratio of -27.00 and a beta of 1.47. The firm has a 50 day moving average price of $12.79 and a 200-day moving average price of $12.70. ADTRAN has a twelve month low of $7.11 and a twelve month high of $19.98. The company has a quick ratio of 1.18, a current ratio of 1.79 and a debt-to-equity ratio of 1.69.

ADTRAN (NASDAQ:ADTN) last issued its earnings results on Monday, August 3rd. The communications equipment provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.06). ADTRAN had a positive return on equity of 14.24% and a negative net margin of 2.29%.The company had revenue of $281.15 million during the quarter, compared to analysts’ expectations of $290.19 million. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. Equities research analysts forecast that ADTRAN will post 0.23 earnings per share for the current year.

Hedge Funds Weigh In On ADTRAN

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of ADTRAN in the second quarter worth approximately $108,923,000. DNB Asset Management AS raised its position in shares of ADTRAN by 7.6% during the 4th quarter. DNB Asset Management AS now owns 3,123,679 shares of the communications equipment provider’s stock valued at $27,145,000 after purchasing an additional 219,810 shares during the period. Millennium Management LLC raised its position in shares of ADTRAN by 371.2% during the 4th quarter. Millennium Management LLC now owns 2,694,800 shares of the communications equipment provider’s stock valued at $23,418,000 after purchasing an additional 2,122,844 shares during the period. Royce & Associates LP lifted its stake in shares of ADTRAN by 7.7% during the 4th quarter. Royce & Associates LP now owns 2,597,013 shares of the communications equipment provider’s stock valued at $22,568,000 after buying an additional 186,238 shares in the last quarter. Finally, State Street Corp lifted its stake in shares of ADTRAN by 4.5% during the 4th quarter. State Street Corp now owns 1,985,890 shares of the communications equipment provider’s stock valued at $17,257,000 after buying an additional 86,382 shares in the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

About ADTRAN

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.