ADTRAN (NASDAQ:ADTN) Hits New 12-Month High – Here’s What Happened

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $17.17 and last traded at $17.11, with a volume of 356928 shares trading hands. The stock had previously closed at $16.96.

Analysts Set New Price Targets

ADTN has been the topic of several research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADTRAN in a research report on Thursday, April 2nd. Evercore started coverage on ADTRAN in a research report on Tuesday, April 14th. They set an “outperform” rating and a $18.00 price target on the stock. Argus raised ADTRAN to a “hold” rating in a research report on Wednesday, March 4th. Wall Street Zen downgraded ADTRAN from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 21st. Finally, Rosenblatt Securities increased their price target on ADTRAN from $11.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $17.00.

ADTRAN Stock Down 0.7%

The firm has a market cap of $1.41 billion, a price-to-earnings ratio of -34.31 and a beta of 1.23. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.76 and a quick ratio of 1.16. The stock has a 50-day moving average of $11.98 and a 200-day moving average of $9.96.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings results on Thursday, February 26th. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.08. The business had revenue of $291.56 million for the quarter, compared to the consensus estimate of $281.12 million. ADTRAN had a positive return on equity of 4.23% and a negative net margin of 4.15%.The business’s quarterly revenue was up 20.0% compared to the same quarter last year. Sell-side analysts predict that ADTRAN Holdings, Inc. will post 0.32 EPS for the current fiscal year.

Institutional Investors Weigh In On ADTRAN

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADTN. State of Alaska Department of Revenue bought a new stake in ADTRAN during the third quarter worth $36,000. Quarry LP bought a new stake in ADTRAN during the third quarter worth $36,000. Kestra Advisory Services LLC bought a new stake in ADTRAN during the fourth quarter worth $36,000. ST Germain D J Co. Inc. lifted its stake in ADTRAN by 100.0% during the fourth quarter. ST Germain D J Co. Inc. now owns 5,000 shares of the communications equipment provider’s stock worth $43,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in ADTRAN during the fourth quarter worth $47,000. 80.56% of the stock is currently owned by institutional investors.

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.