ADTRAN (NASDAQ:ADTN) Rating Lowered to “Buy” at Wall Street Zen

ADTRAN (NASDAQ:ADTN) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued on Saturday.

ADTN has been the topic of several other research reports. Argus upgraded shares of ADTRAN to a “hold” rating in a research report on Wednesday, March 4th. Rosenblatt Securities upped their price objective on shares of ADTRAN from $11.00 to $16.00 and gave the stock a “buy” rating in a research report on Friday, February 27th. Finally, Needham & Company LLC reissued a “buy” rating and set a $14.00 target price on shares of ADTRAN in a research note on Thursday, February 26th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $15.33.

ADTRAN Trading Down 3.7%

Shares of NASDAQ:ADTN opened at $11.46 on Friday. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 1.50. ADTRAN has a 12-month low of $6.93 and a 12-month high of $12.29. The business has a 50 day moving average of $9.93 and a two-hundred day moving average of $9.26. The company has a market capitalization of $924.36 million, a PE ratio of -22.47 and a beta of 1.37.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Wednesday, February 25th. The communications equipment provider reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.08. The business had revenue of $291.56 million for the quarter, compared to analysts’ expectations of $281.12 million. ADTRAN had a negative net margin of 4.15% and a positive return on equity of 4.23%. The business’s revenue was up 20.0% compared to the same quarter last year. As a group, analysts forecast that ADTRAN will post -0.5 EPS for the current year.

Institutional Investors Weigh In On ADTRAN

A number of institutional investors have recently added to or reduced their stakes in ADTN. Millennium Management LLC increased its holdings in ADTRAN by 371.2% in the 4th quarter. Millennium Management LLC now owns 2,694,800 shares of the communications equipment provider’s stock worth $23,418,000 after acquiring an additional 2,122,844 shares in the last quarter. Alyeska Investment Group L.P. purchased a new position in ADTRAN during the third quarter valued at $10,168,000. Paradigm Capital Management Inc. NY grew its position in shares of ADTRAN by 527.7% in the fourth quarter. Paradigm Capital Management Inc. NY now owns 1,129,909 shares of the communications equipment provider’s stock valued at $9,819,000 after purchasing an additional 949,909 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of ADTRAN by 691.6% during the third quarter. Assenagon Asset Management S.A. now owns 932,680 shares of the communications equipment provider’s stock worth $8,749,000 after purchasing an additional 814,864 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC increased its stake in shares of ADTRAN by 5,809.7% during the third quarter. Schonfeld Strategic Advisors LLC now owns 786,823 shares of the communications equipment provider’s stock worth $7,380,000 after purchasing an additional 773,509 shares in the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

About ADTRAN

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.