ADTRAN (NASDAQ:ADTN) Cut to “Buy” at Wall Street Zen

Wall Street Zen lowered shares of ADTRAN (NASDAQ:ADTN) from a strong-buy rating to a buy rating in a report released on Tuesday.

ADTN has been the subject of a number of other reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADTRAN in a research note on Tuesday, June 30th. B. Riley Financial reissued a “buy” rating and set a $21.00 target price (down from $23.00) on shares of ADTRAN in a research report on Thursday, July 23rd. Evercore assumed coverage on shares of ADTRAN in a report on Tuesday, April 14th. They issued an “outperform” rating and a $18.00 price target for the company. Needham & Company LLC lowered their price target on shares of ADTRAN from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $20.00 price target on shares of ADTRAN in a research report on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, ADTRAN currently has a consensus rating of “Moderate Buy” and an average target price of $18.20.

ADTRAN Price Performance

Shares of ADTN stock opened at $8.42 on Tuesday. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.77 and a quick ratio of 1.18. The company has a market capitalization of $685.81 million, a P/E ratio of -21.59 and a beta of 1.44. The company’s 50-day simple moving average is $13.83 and its two-hundred day simple moving average is $12.77. ADTRAN has a one year low of $7.11 and a one year high of $19.98.

ADTRAN (NASDAQ:ADTN) last issued its earnings results on Tuesday, May 5th. The communications equipment provider reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. The business 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 company’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same period last year, the company posted $0.03 earnings per share. As a group, equities analysts anticipate that ADTRAN will post 0.23 EPS for the current year.

Hedge Funds Weigh In On ADTRAN

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP purchased a new stake in shares of ADTRAN during the third quarter valued at about $36,000. Kestra Advisory Services LLC bought a new position in shares of ADTRAN during the 4th quarter worth approximately $36,000. ST Germain D J Co. Inc. raised its stake in shares of ADTRAN by 100.0% during 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 acquiring an additional 2,500 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in ADTRAN during the fourth quarter valued at approximately $47,000. Finally, Freestone Grove Partners LP acquired a new stake in ADTRAN in the fourth quarter valued at approximately $87,000. Hedge funds and other institutional investors own 80.56% of the company’s stock.

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.