ADTRAN, Inc. (ADTN) Stock Rating Upgraded by BidaskClub
ADTRAN, Inc. (NASDAQ:ADTN) was upgraded by investment analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Saturday.
Several other brokerages have also issued reports on ADTN. Zacks Investment Research raised ADTRAN from a “hold” rating to a “strong-buy” rating and set a $25.00 price target on the stock in a research note on Friday, July 21st. Northland Securities reaffirmed a “buy” rating on shares of ADTRAN in a research note on Friday, July 21st. Needham & Company LLC upped their price target on ADTRAN from $25.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, August 10th. Finally, Cowen and Company reissued a “market perform” rating and issued a $18.00 target price (up previously from $16.00) on shares of ADTRAN in a research note on Saturday, July 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. ADTRAN currently has a consensus rating of “Buy” and an average target price of $23.57.
ADTRAN (NASDAQ:ADTN) opened at 22.25 on Friday. The firm has a market cap of $1.06 billion, a PE ratio of 27.78 and a beta of 0.65. ADTRAN has a 12-month low of $17.55 and a 12-month high of $24.05. The firm’s 50-day moving average is $22.05 and its 200 day moving average is $20.92.
ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings results on Tuesday, July 18th. The communications equipment provider reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.11. ADTRAN had a return on equity of 8.39% and a net margin of 5.68%. The business had revenue of $184.67 million for the quarter, compared to analyst estimates of $183.05 million. During the same quarter in the prior year, the firm posted $0.21 earnings per share. Equities research analysts predict that ADTRAN will post $0.85 EPS for the current year.
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In other ADTRAN news, SVP Michael Foliano sold 24,000 shares of the stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $23.77, for a total value of $570,480.00. Following the completion of the sale, the senior vice president now directly owns 5,417 shares in the company, valued at $128,762.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.96% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Public Employees Retirement System of Ohio increased its position in ADTRAN by 5.8% in the second quarter. Public Employees Retirement System of Ohio now owns 6,804 shares of the communications equipment provider’s stock worth $141,000 after buying an additional 373 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new position in ADTRAN during the second quarter worth about $216,000. Dean Capital Management increased its position in ADTRAN by 39.7% in the second quarter. Dean Capital Management now owns 120,080 shares of the communications equipment provider’s stock worth $2,480,000 after buying an additional 34,105 shares during the last quarter. State Street Corp increased its position in ADTRAN by 4.3% in the second quarter. State Street Corp now owns 1,332,947 shares of the communications equipment provider’s stock worth $27,527,000 after buying an additional 54,671 shares during the last quarter. Finally, QS Investors LLC purchased a new position in ADTRAN during the second quarter worth about $1,917,000. Institutional investors and hedge funds own 89.48% of the company’s stock.
ADTRAN Company Profile
ADTRAN, Inc (ADTRAN) is a provider of networking and communications equipment. The Company’s solutions enable voice, data, video and Internet communications across a range of network infrastructures. It operates through two segments: Network Solutions and Services & Support. Network Solutions includes software and hardware products that enable CSPs and enterprise customers to realize a fully connected world.
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