ADTRAN (NASDAQ:ADTN) Reaches New 12-Month High – Still a Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as $11.38 and last traded at $11.4070, with a volume of 494567 shares traded. The stock had previously closed at $10.79.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price objective on shares of ADTRAN in a research note on Thursday, February 26th. Argus upgraded shares of ADTRAN to a “hold” rating in a research note on Wednesday, March 4th. Wall Street Zen raised shares of ADTRAN from a “buy” rating to a “strong-buy” rating in a report on Sunday, March 8th. Finally, Rosenblatt Securities raised their price target on shares of ADTRAN from $11.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, February 27th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, ADTRAN has a consensus rating of “Hold” and an average price target of $15.33.

ADTRAN Stock Up 1.6%

The company has a market cap of $959.85 million, a PE ratio of -23.33 and a beta of 1.37. The business has a 50-day simple moving average of $9.88 and a 200-day simple moving average of $9.25. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 1.50.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings data on Wednesday, February 25th. The communications equipment provider reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.08. The business 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% compared to the same quarter last year. Equities research analysts anticipate that ADTRAN Holdings, Inc. will post -0.5 EPS for the current year.

Hedge Funds Weigh In On ADTRAN

A number of large investors have recently added to or reduced their stakes in ADTN. AQR Capital Management LLC lifted its holdings in ADTRAN by 253.7% during the first quarter. AQR Capital Management LLC now owns 348,478 shares of the communications equipment provider’s stock valued at $3,039,000 after purchasing an additional 249,954 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of ADTRAN by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider’s stock worth $408,000 after purchasing an additional 1,946 shares in the last quarter. Police & Firemen s Retirement System of New Jersey raised its position in shares of ADTRAN by 19.7% during the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 19,531 shares of the communications equipment provider’s stock worth $175,000 after purchasing an additional 3,217 shares during the last quarter. SG Americas Securities LLC lifted its stake in ADTRAN by 1.4% in the 2nd quarter. SG Americas Securities LLC now owns 237,207 shares of the communications equipment provider’s stock valued at $2,128,000 after buying an additional 3,370 shares in the last quarter. Finally, Creative Planning lifted its stake in ADTRAN by 5.7% in the 2nd quarter. Creative Planning now owns 63,774 shares of the communications equipment provider’s stock valued at $572,000 after buying an additional 3,424 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

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.