ADTRAN (NASDAQ:ADTN) Upgraded at Zacks Research

Zacks Research upgraded shares of ADTRAN (NASDAQ:ADTN) from a strong sell rating to a hold rating in a report published on Monday,Zacks reports.

ADTN has been the topic of several other reports. Evercore set a $11.00 price target on ADTRAN in a research note on Wednesday, August 5th. Weiss Ratings downgraded ADTRAN from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, September 16th. B. Riley Financial reissued a “buy” rating and set a $21.00 price objective (down from $23.00) on shares of ADTRAN in a report on Thursday, July 23rd. Wall Street Zen downgraded shares of ADTRAN from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Northland Securities set a $15.00 price target on shares of ADTRAN in a report on Wednesday, August 5th. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $14.67.

ADTRAN Price Performance

NASDAQ ADTN opened at $7.76 on Monday. ADTRAN has a twelve month low of $6.73 and a twelve month high of $19.98. The company has a debt-to-equity ratio of 1.69, a quick ratio of 1.19 and a current ratio of 1.79. The stock has a market capitalization of $632.28 million, a PE ratio of -27.71, a P/E/G ratio of 4.67 and a beta of 1.48. The stock has a 50-day simple moving average of $7.58 and a 200 day simple moving average of $11.96.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.06). The company had revenue of $281.15 million during the quarter, compared to analyst estimates of $290.19 million. ADTRAN had a positive return on equity of 14.24% and a negative net margin of 2.29%.The business’s revenue for the quarter was up 6.0% on a year-over-year basis. Research analysts anticipate that ADTRAN will post 0.16 EPS for the current year.

Institutional Investors Weigh In On ADTRAN

Several large investors have recently modified their holdings of ADTN. Tieton Capital Management LLC acquired a new position in ADTRAN during the second quarter worth $7,931,000. Bank of America Corp DE acquired a new stake in shares of ADTRAN in the 2nd quarter valued at $11,751,000. William Blair Investment Management LLC acquired a new stake in shares of ADTRAN in the 2nd quarter valued at $15,276,000. Bank of New York Mellon Corp bought a new stake in shares of ADTRAN in the 2nd quarter worth about $3,545,000. Finally, Deutsche Bank AG bought a new stake in shares of ADTRAN in the 2nd quarter worth about $3,278,000. 80.56% of the stock is currently owned by institutional investors.

About ADTRAN

ADTRAN Holdings, Inc is a communications networking company that develops hardware, software and services for telecommunications providers, enterprises and private networks. Its solutions help customers deploy and manage broadband, fiber, Ethernet, fixed wireless and other access networks.

The company’s portfolio includes fiber access platforms, optical networking systems, broadband gateways, routers, switches, Wi-Fi equipment, network management software and cloud-based tools. ADTRAN also provides professional, support and managed services designed to help communications service providers build and operate scalable networks.

Founded in 1985 and headquartered in Huntsville, Alabama, ADTRAN serves customers across North America, Europe and other international markets.