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

ADTRAN (NASDAQ:ADTN)‘s stock had its “buy” rating restated by research analysts at Rosenblatt Securities in a research note issued to investors on Thursday,Benzinga reports. They currently have a $11.00 price target on the communications equipment provider’s stock. Rosenblatt Securities’ target price suggests a potential upside of 10.44% from the company’s previous close.

Separately, Needham & Company LLC reaffirmed a “buy” rating and set a $12.00 target price on shares of ADTRAN in a research report on Tuesday, November 25th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $13.00.

ADTRAN Price Performance

ADTRAN stock opened at $9.96 on Thursday. ADTRAN has a 52 week low of $6.93 and a 52 week high of $12.44. The company’s 50 day moving average price is $9.23 and its two-hundred day moving average price is $9.05. The stock has a market cap of $798.00 million, a P/E ratio of -9.31 and a beta of 1.39. The company has a quick ratio of 1.23, a current ratio of 1.96 and a debt-to-equity ratio of 1.54.

Insider Activity at ADTRAN

In other ADTRAN news, CFO Timothy P. Santo bought 6,150 shares of ADTRAN stock in a transaction dated Friday, November 28th. The stock was purchased at an average price of $8.02 per share, for a total transaction of $49,323.00. Following the completion of the purchase, the chief financial officer directly owned 26,594 shares of the company’s stock, valued at approximately $213,283.88. This trade represents a 30.08% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Thomas R. Stanton purchased 40,928 shares of the stock in a transaction dated Monday, November 24th. The stock was acquired at an average cost of $7.33 per share, for a total transaction of $300,002.24. Following the transaction, the chief executive officer owned 982,096 shares of the company’s stock, valued at approximately $7,198,763.68. This trade represents a 4.35% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have bought 59,937 shares of company stock worth $449,754. Company insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ADTN. Cape Investment Advisory Inc. bought a new position in shares of ADTRAN in the second quarter valued at approximately $27,000. State of Alaska Department of Revenue purchased a new stake in ADTRAN in the 3rd quarter worth approximately $36,000. Quarry LP purchased a new stake in ADTRAN in the 3rd quarter worth approximately $36,000. Kestra Advisory Services LLC bought a new position in shares of ADTRAN in the fourth quarter worth $36,000. Finally, ST Germain D J Co. Inc. raised its position in shares of ADTRAN by 100.0% in the fourth quarter. ST Germain D J Co. Inc. now owns 5,000 shares of the communications equipment provider’s stock worth $43,000 after buying an additional 2,500 shares in the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

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.