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

ADTRAN (NASDAQ:ADTN) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Sunday.

Other equities research analysts have also recently issued reports about the company. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of ADTRAN in a report on Wednesday, May 6th. B. Riley Financial restated a “buy” rating on shares of ADTRAN in a report on Friday, May 1st. Evercore initiated coverage on ADTRAN in a report on Tuesday, April 14th. They issued an “outperform” rating and a $18.00 price objective for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADTRAN in a research note on Tuesday, June 30th. Finally, Rosenblatt Securities increased their target price on shares of ADTRAN from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, ADTRAN currently has an average rating of “Moderate Buy” and a consensus target price of $18.00.

ADTRAN Trading Down 0.7%

ADTN stock traded down $0.10 during trading on Friday, hitting $13.44. The company had a trading volume of 711,697 shares, compared to its average volume of 1,863,656. ADTRAN has a 52-week low of $7.11 and a 52-week high of $19.98. The company has a 50 day simple moving average of $15.11 and a 200-day simple moving average of $12.56. The firm has a market capitalization of $1.09 billion, a P/E ratio of -34.46 and a beta of 1.44. The company has a quick ratio of 1.18, a current ratio of 1.77 and a debt-to-equity ratio of 1.59.

ADTRAN (NASDAQ:ADTN) last issued its earnings results on Tuesday, May 5th. The communications equipment provider reported $0.14 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. ADTRAN had a negative net margin of 3.18% and a positive return on equity of 10.94%. The business had revenue of $286.09 million for the quarter, compared to the consensus estimate of $285.48 million. During the same period in the prior year, the firm earned $0.03 EPS. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, research analysts forecast that ADTRAN will post 0.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ADTRAN

A number of hedge funds have recently made changes to their positions in ADTN. Franklin Resources Inc. grew its position in ADTRAN by 1.6% during the 4th quarter. Franklin Resources Inc. now owns 79,692 shares of the communications equipment provider’s stock worth $693,000 after purchasing an additional 1,263 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of ADTRAN by 4.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider’s stock valued at $408,000 after buying an additional 1,946 shares during the period. Occudo Quantitative Strategies LP lifted its holdings in shares of ADTRAN by 3.2% in the 3rd quarter. Occudo Quantitative Strategies LP now owns 65,702 shares of the communications equipment provider’s stock valued at $616,000 after buying an additional 2,016 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of ADTRAN by 1.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 187,814 shares of the communications equipment provider’s stock worth $1,632,000 after buying an additional 2,068 shares during the last quarter. Finally, ST Germain D J Co. Inc. boosted its stake 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 during the last quarter. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

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.