ADTRAN (NASDAQ:ADTN) Reaches New 52-Week High After Analyst Upgrade

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price reached a new 52-week high during trading on Friday after Needham & Company LLC raised their price target on the stock from $8.00 to $11.00. Needham & Company LLC currently has a buy rating on the stock. ADTRAN traded as high as $8.00 and last traded at $8.00, with a volume of 42924 shares traded. The stock had previously closed at $7.55.

Several other research firms also recently commented on ADTN. StockNews.com raised ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Rosenblatt Securities raised ADTRAN from a “neutral” rating to a “buy” rating and upped their target price for the company from $6.00 to $10.00 in a research report on Friday. Two investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.50.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA grew its holdings in ADTRAN by 3.5% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 71,403 shares of the communications equipment provider’s stock worth $376,000 after acquiring an additional 2,396 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of ADTRAN by 3.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 83,155 shares of the communications equipment provider’s stock valued at $453,000 after buying an additional 2,764 shares during the period. Inspire Investing LLC grew its stake in shares of ADTRAN by 5.1% in the 3rd quarter. Inspire Investing LLC now owns 69,640 shares of the communications equipment provider’s stock valued at $413,000 after buying an additional 3,387 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of ADTRAN by 1.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 279,915 shares of the communications equipment provider’s stock valued at $1,472,000 after buying an additional 3,638 shares during the period. Finally, PEAK6 Investments LLC grew its stake in shares of ADTRAN by 28.5% in the 1st quarter. PEAK6 Investments LLC now owns 17,646 shares of the communications equipment provider’s stock valued at $96,000 after buying an additional 3,911 shares during the period. 80.56% of the stock is owned by institutional investors.

ADTRAN Stock Performance

The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.31 and a current ratio of 2.31. The company has a 50 day moving average price of $5.87 and a 200 day moving average price of $5.53. The company has a market capitalization of $639.39 million, a price-to-earnings ratio of -1.07 and a beta of 1.20.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Monday, August 5th. The communications equipment provider reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.14). ADTRAN had a negative net margin of 58.64% and a negative return on equity of 29.26%. The business had revenue of $225.99 million during the quarter, compared to the consensus estimate of $225.95 million. Equities research analysts predict that ADTRAN Holdings, Inc. will post -0.41 earnings per share for the current fiscal year.

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.