Rosenblatt Securities Reaffirms Buy Rating for ADTRAN (NASDAQ:ADTN)

ADTRAN (NASDAQ:ADTN)‘s stock had its “buy” rating restated by equities researchers at Rosenblatt Securities in a research note issued on Friday,Benzinga reports. They currently have a $15.00 price target on the communications equipment provider’s stock. Rosenblatt Securities’ target price suggests a potential upside of 41.96% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Craig Hallum initiated coverage on ADTRAN in a report on Wednesday, January 8th. They set a “buy” rating and a $15.00 price target on the stock. Northland Securities lifted their price target on shares of ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Finally, Needham & Company LLC boosted their price objective on shares of ADTRAN from $11.00 to $14.00 and gave the company a “buy” rating in a report on Friday. One investment analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $13.50.

ADTRAN Stock Down 0.4 %

Shares of NASDAQ:ADTN opened at $10.57 on Friday. ADTRAN has a 12-month low of $4.34 and a 12-month high of $12.44. The stock has a market capitalization of $837.95 million, a price-to-earnings ratio of -1.62 and a beta of 1.29. The stock has a fifty day simple moving average of $10.12 and a two-hundred day simple moving average of $7.80. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ADTN. Blue Trust Inc. raised its holdings in ADTRAN by 798.7% in 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. Harbor Capital Advisors Inc. increased its position in ADTRAN by 94.8% in the third quarter. Harbor Capital Advisors Inc. now owns 18,906 shares of the communications equipment provider’s stock worth $112,000 after buying an additional 9,202 shares in the last quarter. GSA Capital Partners LLP raised its stake in shares of ADTRAN by 99.3% in the third quarter. GSA Capital Partners LLP now owns 491,414 shares of the communications equipment provider’s stock worth $2,914,000 after buying an additional 244,901 shares during the period. Kovack Advisors Inc. lifted its position in shares of ADTRAN by 20.9% during the 3rd quarter. Kovack Advisors Inc. now owns 778,850 shares of the communications equipment provider’s stock valued at $4,619,000 after buying an additional 134,900 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of ADTRAN during the 3rd quarter valued at approximately $92,000. 80.56% of the stock is currently owned by institutional investors.

About ADTRAN

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.