Needham & Company LLC Raises ADTRAN, Inc. (ADTN) Price Target to $26.00
ADTRAN, Inc. (NASDAQ:ADTN) had its target price raised by equities researchers at Needham & Company LLC from $25.00 to $26.00 in a research note issued to investors on Thursday. The firm presently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s price objective indicates a potential upside of 17.38% from the stock’s previous close.
A number of other brokerages also recently issued reports on ADTN. Zacks Investment Research upgraded shares of ADTRAN from a “hold” rating to a “strong-buy” rating and set a $25.00 price target for the company in a research note on Friday, July 21st. Northland Securities reiterated a “buy” rating on shares of ADTRAN in a research note on Friday, July 21st. Cowen and Company reiterated a “market perform” rating and issued a $18.00 price target (up previously from $16.00) on shares of ADTRAN in a research note on Saturday, July 22nd. Argus upgraded shares of ADTRAN from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research note on Thursday, April 20th. Finally, MKM Partners reiterated a “buy” rating and issued a $26.50 price target (down previously from $27.50) on shares of ADTRAN in a research note on Monday, April 24th. Two equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $23.57.
ADTRAN (ADTN) opened at 22.15 on Thursday. ADTRAN has a 1-year low of $17.55 and a 1-year high of $24.05. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 27.65 and a beta of 0.65. The company’s 50 day moving average is $21.57 and its 200 day moving average is $20.93.
ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings results on Tuesday, July 18th. The communications equipment provider reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.11. ADTRAN had a net margin of 5.68% and a return on equity of 8.39%. The company had revenue of $184.67 million during the quarter, compared to the consensus estimate of $183.05 million. During the same quarter in the previous year, the firm earned $0.21 earnings per share. Equities research analysts forecast that ADTRAN will post $0.81 EPS for the current year.
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In other ADTRAN news, SVP Michael Foliano sold 24,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 25th. The shares were sold at an average price of $23.77, for a total transaction of $570,480.00. Following the sale, the senior vice president now owns 5,417 shares of the company’s stock, valued at $128,762.09. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.96% of the stock is currently owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its stake in ADTRAN by 1.1% in the fourth quarter. FMR LLC now owns 100,051 shares of the communications equipment provider’s stock worth $2,236,000 after buying an additional 1,055 shares during the last quarter. Guggenheim Capital LLC boosted its stake in ADTRAN by 124.0% in the fourth quarter. Guggenheim Capital LLC now owns 25,220 shares of the communications equipment provider’s stock worth $563,000 after buying an additional 13,959 shares during the last quarter. Norges Bank bought a new stake in ADTRAN during the fourth quarter worth $8,783,000. Teachers Advisors LLC boosted its stake in ADTRAN by 5.7% in the fourth quarter. Teachers Advisors LLC now owns 85,426 shares of the communications equipment provider’s stock worth $1,909,000 after buying an additional 4,602 shares during the last quarter. Finally, Fox Run Management L.L.C. boosted its stake in ADTRAN by 31.5% in the first quarter. Fox Run Management L.L.C. now owns 26,700 shares of the communications equipment provider’s stock worth $554,000 after buying an additional 6,400 shares during the last quarter. 91.05% of the stock is currently owned by institutional investors.
ADTRAN, Inc (ADTRAN) is a provider of networking and communications equipment. The Company’s solutions enable voice, data, video and Internet communications across a range of network infrastructures. It operates through two segments: Network Solutions and Services & Support. Network Solutions includes software and hardware products that enable CSPs and enterprise customers to realize a fully connected world.
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