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

ADTRAN (NASDAQ:ADTN - Free Report) had its price target decreased by Needham & Company LLC from $14.00 to $12.00 in a research report report published on Friday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the communications equipment provider's stock.

Separately, Rosenblatt Securities cut their price objective on ADTRAN from $15.00 to $11.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, ADTRAN currently has a consensus rating of "Moderate Buy" and an average price target of $12.00.

ADTRAN Stock Performance

ADTN traded down $0.41 during trading hours on Friday, hitting $8.15. 933,626 shares of the stock were exchanged, compared to its average volume of 939,181. 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 12 month low of $4.62 and a 12 month high of $12.44. The stock has a 50-day simple moving average of $8.19 and a 200-day simple moving average of $8.86. The stock has a market cap of $651.69 million, a price-to-earnings ratio of -1.25 and a beta of 1.33.

ADTRAN (NASDAQ:ADTN - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The communications equipment provider reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.05. ADTRAN had a negative return on equity of 38.62% and a negative net margin of 56.95%. During the same period in the previous year, the business earned $0.02 earnings per share. The business's revenue for the quarter was up 9.5% on a year-over-year basis. Analysts anticipate that ADTRAN will post -0.5 earnings per share for the current year.

Institutional Investors Weigh In On ADTRAN

Several hedge funds have recently made changes to their positions in ADTN. Aquatic Capital Management LLC lifted its holdings in shares of ADTRAN by 1,572.5% in the fourth quarter. Aquatic Capital Management LLC now owns 6,690 shares of the communications equipment provider's stock valued at $56,000 after purchasing an additional 6,290 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in ADTRAN during the 1st quarter worth about $65,000. Ballentine Partners LLC purchased a new position in ADTRAN during the 1st quarter valued at about $94,000. Financial Engines Advisors L.L.C. acquired a new position in shares of ADTRAN in the 1st quarter valued at about $106,000. Finally, SIH Partners LLLP purchased a new stake in shares of ADTRAN in the fourth quarter worth approximately $107,000. Hedge funds and other institutional investors own 80.56% of the company's stock.

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.