ADTRAN (NASDAQ:ADTN) Hits New 52-Week High – Still a Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN) reached a new 52-week high on Tuesday . The company traded as high as $15.34 and last traded at $15.23, with a volume of 108565 shares. The stock had previously closed at $14.97.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ADTN shares. Evercore started coverage on ADTRAN in a report on Tuesday. They issued an “outperform” rating and a $18.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of ADTRAN in a report on Thursday, April 2nd. Wall Street Zen cut ADTRAN from a “strong-buy” rating to a “buy” rating in a report on Saturday, March 21st. Argus upgraded ADTRAN to a “hold” rating in a report on Wednesday, March 4th. Finally, Rosenblatt Securities upped their price target on ADTRAN from $11.00 to $16.00 and gave the stock a “buy” rating in a report on Friday, February 27th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, ADTRAN currently has a consensus rating of “Hold” and an average price target of $17.00.

ADTRAN Stock Performance

The company has a market capitalization of $1.25 billion, a PE ratio of -30.24 and a beta of 1.23. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.16 and a current ratio of 1.76. The company has a 50 day moving average price of $11.17 and a 200 day moving average price of $9.65.

ADTRAN (NASDAQ:ADTN) last released its earnings results on Thursday, February 26th. The communications equipment provider reported $0.16 EPS for the quarter, beating the consensus estimate of $0.08 by $0.08. The company had revenue of $291.56 million during the quarter, compared to analysts’ expectations of $281.12 million. ADTRAN had a positive return on equity of 4.23% and a negative net margin of 4.15%.ADTRAN’s revenue for the quarter was up 20.0% on a year-over-year basis. Equities analysts forecast that ADTRAN Holdings, Inc. will post -0.5 EPS for the current year.

Hedge Funds Weigh In On ADTRAN

Several institutional investors and hedge funds have recently made changes to their positions in ADTN. AQR Capital Management LLC boosted its stake in shares of ADTRAN by 253.7% during the 1st quarter. AQR Capital Management LLC now owns 348,478 shares of the communications equipment provider’s stock valued at $3,039,000 after buying an additional 249,954 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of ADTRAN by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider’s stock valued at $408,000 after buying an additional 1,946 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of ADTRAN by 13.9% during the 2nd quarter. Legal & General Group Plc now owns 113,480 shares of the communications equipment provider’s stock valued at $1,018,000 after buying an additional 13,821 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of ADTRAN by 11.2% during the 2nd quarter. American Century Companies Inc. now owns 224,015 shares of the communications equipment provider’s stock valued at $2,009,000 after buying an additional 22,524 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in shares of ADTRAN by 17.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 88,384 shares of the communications equipment provider’s stock valued at $793,000 after buying an additional 13,222 shares during the last quarter. 80.56% of the stock is currently owned by hedge funds and other 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.