ADTRAN (NASDAQ:ADTN) Rating Increased to Strong-Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded ADTRAN from a “buy” to a “strong-buy,” adding to a mixed but generally positive analyst backdrop. The stock’s overall consensus rating remains “Hold,” with a consensus price target of $18.00.
• ADTRAN shares rose 2.7% and were trading at $14.94, below the 52-week high of $18.69 but well above the 52-week low of $7.11. The company has a market cap of about $1.21 billion.
• Recent earnings beat expectations, with ADTRAN reporting $0.14 EPS versus the $0.09 estimate and revenue of $286.09 million, up 15.5% year over year. Institutional interest also appears strong, with hedge funds and other investors owning more than 80% of the stock.

ADTRAN (NASDAQ:ADTN - Get Free Report) was upgraded by Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report issued on Saturday.

Several other analysts also recently commented on the company. Northland Securities set a $18.00 price objective on ADTRAN in a research note on Wednesday. B. Riley Financial reaffirmed a "buy" rating on shares of ADTRAN in a research note on Friday, May 1st. Evercore assumed coverage on ADTRAN in a research note on Tuesday, April 14th. They set an "outperform" rating and a $18.00 price objective for the company. Argus raised ADTRAN to a "hold" rating in a research note on Wednesday, March 4th. Finally, Rosenblatt Securities increased their target price on ADTRAN from $16.00 to $20.00 and gave the stock a "buy" rating in a research note on Wednesday. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, ADTRAN presently has an average rating of "Hold" and a consensus target price of $18.00.

ADTRAN Stock Up 2.7%

ADTN opened at $14.94 on Friday. The business has a 50 day moving average price of $13.22 and a two-hundred day moving average price of $10.47. The company has a quick ratio of 1.16, a current ratio of 1.77 and a debt-to-equity ratio of 1.59. The company has a market cap of $1.21 billion, a PE ratio of -38.31 and a beta of 1.45. ADTRAN has a 52 week low of $7.11 and a 52 week high of $18.69.

ADTRAN (NASDAQ:ADTN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 EPS for the quarter, beating the consensus estimate of $0.09 by $0.05. The firm had revenue of $286.09 million during the quarter, compared to the consensus estimate of $285.48 million. ADTRAN had a positive return on equity of 10.94% and a negative net margin of 3.18%.The firm's revenue was up 15.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.03 EPS. As a group, research analysts anticipate that ADTRAN will post 0.32 EPS for the current year.

Hedge Funds Weigh In On ADTRAN

Hedge funds have recently bought and sold shares of the stock. Wolverine Asset Management LLC purchased a new position in ADTRAN during the third quarter worth $2,443,000. JPMorgan Chase & Co. increased its position in ADTRAN by 78.2% during the third quarter. JPMorgan Chase & Co. now owns 813,363 shares of the communications equipment provider's stock worth $7,629,000 after buying an additional 356,884 shares in the last quarter. Dynamic Technology Lab Private Ltd increased its position in ADTRAN by 106.7% during the third quarter. Dynamic Technology Lab Private Ltd now owns 116,368 shares of the communications equipment provider's stock worth $1,092,000 after buying an additional 60,070 shares in the last quarter. Granahan Investment Management LLC grew its position in shares of ADTRAN by 190.8% in the third quarter. Granahan Investment Management LLC now owns 582,490 shares of the communications equipment provider's stock valued at $5,464,000 after purchasing an additional 382,170 shares during the period. Finally, Tudor Investment Corp ET AL grew its position in shares of ADTRAN by 434.2% in the third quarter. Tudor Investment Corp ET AL now owns 897,115 shares of the communications equipment provider's stock valued at $8,415,000 after purchasing an additional 729,194 shares during the period. Hedge funds and other institutional investors own 80.56% of the company's stock.

ADTRAN Company Profile

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.

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