ADTRAN (NASDAQ:ADTN) Raised to Hold at Zacks Research

Key Points

• Zacks Research upgraded ADTRAN from “strong sell” to “hold,” while the broader analyst consensus remains “Hold” with a $14.67 price target.
• ADTRAN shares opened at $7.62 and were reported up 6.6%; the stock remains well below its 52-week high of $19.98 and has a market capitalization of approximately $620.9 million.
• The company’s latest quarterly results missed expectations, reporting $0.04 in adjusted earnings per share versus a $0.10 estimate and revenue of $281.15 million versus $290.19 million expected.

ADTRAN (NASDAQ:ADTN - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued on Monday, Zacks reports.

ADTN has been the subject of a number of other research reports. Needham & Company LLC cut their price objective on shares of ADTRAN from $18.00 to $14.00 and set a "buy" rating for the company in a report on Thursday, July 23rd. Craig Hallum set a $12.00 price target on ADTRAN in a research note on Wednesday, August 5th. Evercore set a $11.00 price target on ADTRAN in a report 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. Finally, Wall Street Zen lowered shares of ADTRAN from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Four research 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's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $14.67.

ADTRAN Trading Up 6.6%

Shares of ADTRAN stock opened at $7.62 on Monday. The stock has a market cap of $620.88 million, a PE ratio of -27.21, a price-to-earnings-growth ratio of 4.38 and a beta of 1.48. The firm has a fifty day moving average price of $7.59 and a 200 day moving average price of $11.99. ADTRAN has a 1 year low of $6.73 and a 1 year high of $19.98. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.79 and a quick ratio of 1.19.

ADTRAN (NASDAQ:ADTN - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The communications equipment provider reported $0.04 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 analysts' expectations 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 was up 6.0% on a year-over-year basis. Equities research analysts predict that ADTRAN will post 0.16 earnings per share for the current year.

Hedge Funds Weigh In On ADTRAN

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC purchased a new position in shares of ADTRAN in the 2nd quarter valued at about $27,000. Persistent Asset Partners Ltd purchased a new stake in ADTRAN during the second quarter worth about $28,000. Swiss National Bank boosted its holdings in ADTRAN by 2.1% during the first quarter. Swiss National Bank now owns 142,600 shares of the communications equipment provider's stock worth $1,794,000 after buying an additional 2,900 shares in the last quarter. Entropy Technologies LP increased its holdings in ADTRAN by 53.6% in the first quarter. Entropy Technologies LP now owns 15,793 shares of the communications equipment provider's stock valued at $199,000 after buying an additional 5,510 shares in the last quarter. Finally, Quantinno Capital Management LP increased its holdings in ADTRAN by 18.7% in the first quarter. Quantinno Capital Management LP now owns 52,455 shares of the communications equipment provider's stock valued at $660,000 after buying an additional 8,281 shares in the last quarter. Hedge funds and other institutional investors own 80.56% of the company's stock.

ADTRAN Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.