Rosenblatt Securities Cuts ADTRAN (NASDAQ:ADTN) Price Target to $15.00

ADTRAN (NASDAQ:ADTN) had its target price decreased by Rosenblatt Securities from $20.00 to $15.00 in a report issued on Wednesday morning,Benzinga reports. Rosenblatt Securities currently has a buy rating on the communications equipment provider’s stock.

Several other equities research analysts have also commented on ADTN. B. Riley Financial restated a “buy” rating and issued a $21.00 price objective (down from $23.00) on shares of ADTRAN in a research note on Thursday, July 23rd. Needham & Company LLC cut their price target on ADTRAN from $18.00 to $14.00 and set a “buy” rating for the company in a report on Thursday, July 23rd. Evercore started coverage on ADTRAN in a research report on Tuesday, April 14th. They issued an “outperform” rating and a $18.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADTRAN in a research note on Tuesday, June 30th. Finally, Wall Street Zen cut ADTRAN from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 28th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, ADTRAN currently has an average rating of “Hold” and an average price target of $14.67.

ADTRAN Price Performance

Shares of ADTN opened at $7.56 on Wednesday. The firm has a fifty day simple moving average of $12.79 and a two-hundred day simple moving average of $12.70. The firm has a market cap of $615.99 million, a PE ratio of -27.00 and a beta of 1.47. The company has a current ratio of 1.79, a quick ratio of 1.18 and a debt-to-equity ratio of 1.69. ADTRAN has a 1-year low of $7.11 and a 1-year high of $19.98.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Monday, August 3rd. The communications equipment provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.06). ADTRAN had a positive return on equity of 14.24% and a negative net margin of 2.29%.The firm had revenue of $281.15 million during the quarter, compared to the consensus estimate of $290.19 million. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, equities analysts anticipate that ADTRAN will post 0.23 EPS for the current year.

Institutional Investors Weigh In On ADTRAN

A number of institutional investors and hedge funds have recently modified their holdings of the business. Franklin Resources Inc. grew its holdings in shares of ADTRAN by 1.6% in the fourth quarter. Franklin Resources Inc. now owns 79,692 shares of the communications equipment provider’s stock valued at $693,000 after purchasing an additional 1,263 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in ADTRAN by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider’s stock valued at $408,000 after purchasing an additional 1,946 shares during the last quarter. Occudo Quantitative Strategies LP increased its stake in ADTRAN by 3.2% during the third quarter. Occudo Quantitative Strategies LP now owns 65,702 shares of the communications equipment provider’s stock worth $616,000 after acquiring an additional 2,016 shares during the last quarter. Persistent Asset Partners Ltd acquired a new stake in ADTRAN during the second quarter worth $28,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in ADTRAN by 1.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 187,814 shares of the communications equipment provider’s stock valued at $1,632,000 after purchasing an additional 2,068 shares during the period. 80.56% of the stock is owned by 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.