ADTRAN (NASDAQ:ADTN) Price Target Raised to $11.00

ADTRAN (NASDAQ:ADTN) had its price objective lifted by Needham & Company LLC from $8.00 to $11.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a buy rating on the communications equipment provider’s stock.

Other equities analysts have also issued research reports about the company. StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Rosenblatt Securities raised shares of ADTRAN from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $6.00 to $10.00 in a research report on Friday. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, ADTRAN currently has an average rating of “Moderate Buy” and an average target price of $9.50.

ADTRAN Stock Performance

Shares of NASDAQ:ADTN opened at $8.08 on Friday. ADTRAN has a 52 week low of $4.34 and a 52 week high of $8.16. The firm has a 50 day moving average of $5.92 and a 200 day moving average of $5.56. The company has a market capitalization of $640.18 million, a price-to-earnings ratio of -1.14 and a beta of 1.20. The company has a quick ratio of 1.31, a current ratio of 2.31 and a debt-to-equity ratio of 0.86.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Blue Trust Inc. grew its position in ADTRAN by 798.7% during the 3rd quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock worth $28,000 after purchasing an additional 4,177 shares during the period. Park Avenue Securities LLC acquired a new stake in ADTRAN during the third quarter worth about $65,000. Point72 DIFC Ltd purchased a new position in ADTRAN during the second quarter valued at approximately $69,000. Intech Investment Management LLC acquired a new position in ADTRAN in the third quarter valued at approximately $92,000. Finally, SG Americas Securities LLC acquired a new position in ADTRAN in the second quarter valued at approximately $90,000. Hedge funds and other 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.