Needham & Company LLC Lowers ADTRAN (ADTN) Price Target to $17.00

ADTRAN (NASDAQ:ADTN) had its target price reduced by investment analysts at Needham & Company LLC from $18.00 to $17.00 in a report released on Thursday, MarketBeat reports. The brokerage presently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s price target suggests a potential upside of 23.37% from the stock’s current price. The analysts noted that the move was a valuation call.

Several other equities analysts have also recently weighed in on the company. Bank of America upgraded ADTRAN from an “underperform” rating to a “neutral” rating in a report on Thursday, September 13th. MKM Partners raised their price objective on ADTRAN from $21.00 to $22.00 in a report on Thursday, September 13th. ValuEngine upgraded ADTRAN from a “hold” rating to a “buy” rating in a report on Wednesday, September 12th. BidaskClub cut ADTRAN from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. Finally, Zacks Investment Research upgraded ADTRAN from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a report on Tuesday, October 9th. Seven investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $17.89.

ADTN stock opened at $13.78 on Thursday. The stock has a market cap of $716.57 million, a price-to-earnings ratio of 15.75 and a beta of 0.53. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.82 and a quick ratio of 1.90. ADTRAN has a 1 year low of $13.52 and a 1 year high of $23.15.

ADTRAN (NASDAQ:ADTN) last released its earnings results on Tuesday, October 16th. The communications equipment provider reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.17. The firm had revenue of $140.34 million during the quarter, compared to analysts’ expectations of $146.00 million. ADTRAN had a negative return on equity of 2.20% and a negative net margin of 3.94%. During the same quarter in the prior year, the company earned $0.33 EPS. As a group, sell-side analysts forecast that ADTRAN will post -0.44 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN boosted its holdings in ADTRAN by 121.9% in the first quarter. Wells Fargo & Company MN now owns 268,873 shares of the communications equipment provider’s stock valued at $4,181,000 after purchasing an additional 147,726 shares in the last quarter. Northern Trust Corp boosted its holdings in ADTRAN by 1.5% in the first quarter. Northern Trust Corp now owns 1,026,716 shares of the communications equipment provider’s stock valued at $15,965,000 after purchasing an additional 15,072 shares in the last quarter. BlackRock Inc. boosted its holdings in ADTRAN by 3.0% in the first quarter. BlackRock Inc. now owns 6,403,272 shares of the communications equipment provider’s stock valued at $99,569,000 after purchasing an additional 184,161 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in ADTRAN by 8.3% in the first quarter. Dimensional Fund Advisors LP now owns 3,277,129 shares of the communications equipment provider’s stock valued at $50,959,000 after purchasing an additional 249,959 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in ADTRAN by 353.9% in the first quarter. Russell Investments Group Ltd. now owns 419,293 shares of the communications equipment provider’s stock valued at $6,520,000 after purchasing an additional 326,927 shares in the last quarter. Institutional investors own 95.12% of the company’s stock.

ADTRAN Company Profile

ADTRAN, Inc provides networking and communications equipment worldwide. The company operates through two segments, Network Solutions and Services & Support. It offers access and aggregation solutions, including network management and subscriber services control and orchestration software within a SD-access architecture; SDN-controlled programmable network elements; fiber to the premises and fiber to the node (FTTN) multi-service access nodes (MSAN); fiber aggregation and FTTN MSAN; fiber to the distribution point optical network units; optical line terminals; optical networking edge aggregation; and IP digital subscriber line access multiplexers.

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