ADTRAN (NASDAQ:ADTN) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

ADTRAN (NASDAQ:ADTN) had its price target lifted by research analysts at Needham & Company LLC from $11.00 to $14.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s price objective indicates a potential upside of 32.50% from the stock’s previous close.

Several other equities analysts have also issued reports on the company. Rosenblatt Securities boosted their price target on ADTRAN from $10.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, January 22nd. Northland Securities boosted their price objective on ADTRAN from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. Finally, Craig Hallum started coverage on ADTRAN in a research report on Wednesday, January 8th. They issued a “buy” rating and a $15.00 target price for the company. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $13.50.

ADTRAN Price Performance

Shares of ADTRAN stock opened at $10.57 on Friday. The firm has a fifty day moving average price of $10.12 and a two-hundred day moving average price of $7.80. ADTRAN has a fifty-two week low of $4.34 and a fifty-two week high of $12.44. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17. The company has a market cap of $837.95 million, a PE ratio of -1.62 and a beta of 1.29.

Institutional Investors Weigh In On ADTRAN

A number of hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its position in ADTRAN by 3.7% in the 3rd 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. Assenagon Asset Management S.A. lifted its position in ADTRAN by 39.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 925,310 shares of the communications equipment provider’s stock valued at $7,708,000 after purchasing an additional 263,156 shares during the period. Barclays PLC boosted its stake in shares of ADTRAN by 11.4% in the 3rd quarter. Barclays PLC now owns 115,741 shares of the communications equipment provider’s stock valued at $686,000 after purchasing an additional 11,880 shares during the last quarter. State Street Corp grew its position in shares of ADTRAN by 2.8% during the 3rd 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, GSA Capital Partners LLP grew its position in shares of ADTRAN by 99.3% during the 3rd quarter. GSA Capital Partners LLP now owns 491,414 shares of the communications equipment provider’s stock worth $2,914,000 after buying an additional 244,901 shares during the period. Institutional investors own 80.56% of the company’s stock.

ADTRAN Company Profile

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.