Needham & Company LLC Issues Positive Forecast for ADTRAN (NASDAQ:ADTN) Stock Price

ADTRAN (NASDAQ:ADTN) had its price objective boosted by Needham & Company LLC from $11.00 to $14.00 in a research note released on Friday,Benzinga reports. Needham & Company LLC currently has a buy rating on the communications equipment provider’s stock.

Other equities analysts have also issued reports about the company. Northland Securities raised their price target on ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Craig Hallum initiated coverage on ADTRAN in a research report on Wednesday, January 8th. They issued a “buy” rating and a $15.00 price objective on the stock. Finally, Rosenblatt Securities lifted their price objective on ADTRAN from $10.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. One equities research 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 stock. Based on data from MarketBeat, ADTRAN presently has a consensus rating of “Buy” and an average target price of $13.50.

ADTRAN Price Performance

ADTN opened at $10.57 on Friday. The stock’s 50 day simple moving average is $10.17 and its 200 day simple moving average is $7.84. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17. ADTRAN has a 1 year low of $4.34 and a 1 year high of $12.44. The firm has a market cap of $838.26 million, a price-to-earnings ratio of -1.62 and a beta of 1.29.

Institutional Investors Weigh In On ADTRAN

Several hedge funds have recently made changes to their positions in ADTN. Blue Trust Inc. boosted its position in shares of ADTRAN by 798.7% during the third quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 4,177 shares in the last quarter. Harbor Capital Advisors Inc. boosted its position in shares of ADTRAN by 94.8% during the third quarter. Harbor Capital Advisors Inc. now owns 18,906 shares of the communications equipment provider’s stock valued at $112,000 after purchasing an additional 9,202 shares in the last quarter. GSA Capital Partners LLP raised its stake in ADTRAN by 99.3% during the third quarter. GSA Capital Partners LLP now owns 491,414 shares of the communications equipment provider’s stock valued at $2,914,000 after buying an additional 244,901 shares during the last quarter. Kovack Advisors Inc. raised its stake in ADTRAN by 20.9% during the third 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 during the last quarter. Finally, Intech Investment Management LLC purchased a new position in ADTRAN during the third quarter valued at $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.