ADTRAN (NASDAQ:ADTN) Rating Lowered to Buy at Wall Street Zen

ADTRAN (NASDAQ:ADTN) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report issued on Sunday.

A number of other brokerages also recently weighed in on ADTN. Evercore assumed coverage on shares of ADTRAN in a research report on Tuesday, April 14th. They issued an “outperform” rating and a $18.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of ADTRAN in a research note on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADTRAN in a report on Tuesday, June 30th. B. Riley Financial reiterated a “buy” rating on shares of ADTRAN in a research report on Friday, May 1st. Finally, Northland Securities set a $18.00 price objective on ADTRAN in a report on Wednesday, May 6th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, ADTRAN currently has an average rating of “Moderate Buy” and an average price target of $18.00.

ADTRAN Stock Performance

Shares of ADTN traded down $0.10 during trading hours on Friday, hitting $13.44. The stock had a trading volume of 711,697 shares, compared to its average volume of 1,863,656. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.18 and a current ratio of 1.77. The firm has a 50-day moving average price of $15.11 and a 200 day moving average price of $12.56. ADTRAN has a fifty-two week low of $7.11 and a fifty-two week high of $19.98. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of -34.46 and a beta of 1.44.

ADTRAN (NASDAQ:ADTN) last released its quarterly earnings results on Tuesday, May 5th. The communications equipment provider reported $0.14 EPS for the quarter, beating the consensus estimate of $0.09 by $0.05. The company had revenue of $286.09 million for the quarter, compared to analyst estimates of $285.48 million. ADTRAN had a negative net margin of 3.18% and a positive return on equity of 10.94%. The firm’s revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business earned $0.03 earnings per share. As a group, research analysts anticipate that ADTRAN will post 0.43 EPS for the current year.

Hedge Funds Weigh In On ADTRAN

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADTN. Quarry LP purchased a new stake in shares of ADTRAN during the third quarter worth about $36,000. Kestra Advisory Services LLC purchased a new position in ADTRAN in the 4th quarter valued at about $36,000. ST Germain D J Co. Inc. boosted its holdings in ADTRAN by 100.0% in the 4th quarter. ST Germain D J Co. Inc. now owns 5,000 shares of the communications equipment provider’s stock worth $43,000 after buying an additional 2,500 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in ADTRAN in the 4th quarter worth about $47,000. Finally, Freestone Grove Partners LP purchased a new stake in ADTRAN during the 4th quarter worth approximately $87,000. 80.56% of the stock is owned by hedge funds and other institutional investors.

ADTRAN Company Profile

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.