ADTRAN (NASDAQ:ADTN) Given New $11.00 Price Target at Rosenblatt Securities

ADTRAN (NASDAQ:ADTN - Get Free Report) had its price target reduced by Rosenblatt Securities from $15.00 to $11.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the communications equipment provider's stock. Rosenblatt Securities' price objective indicates a potential upside of 40.66% from the stock's current price.

ADTN has been the topic of several other research reports. Needham & Company LLC boosted their target price on shares of ADTRAN from $11.00 to $14.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Craig Hallum began coverage on shares of ADTRAN in a research note on Wednesday, January 8th. They issued a "buy" rating and a $15.00 price target on the stock. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $12.50.

ADTRAN Price Performance

NASDAQ ADTN traded up $0.11 during trading hours on Tuesday, reaching $7.82. The company's stock had a trading volume of 423,325 shares, compared to its average volume of 931,894. ADTRAN has a 1 year low of $4.34 and a 1 year high of $12.44. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $625.30 million, a price-to-earnings ratio of -1.20 and a beta of 1.46. The firm's 50-day moving average price is $8.86 and its 200-day moving average price is $8.71.

Institutional Investors Weigh In On ADTRAN

A number of hedge funds have recently bought and sold shares of ADTN. Vanguard Group Inc. increased its holdings in shares of ADTRAN by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 6,592,419 shares of the communications equipment provider's stock worth $54,915,000 after buying an additional 41,478 shares during the last quarter. DnB Asset Management AS increased its stake in ADTRAN by 3.8% during the fourth quarter. DnB Asset Management AS now owns 5,022,392 shares of the communications equipment provider's stock worth $41,837,000 after acquiring an additional 184,627 shares during the last quarter. William Blair Investment Management LLC increased its stake in ADTRAN by 2.5% during the fourth quarter. William Blair Investment Management LLC now owns 4,647,155 shares of the communications equipment provider's stock worth $38,711,000 after acquiring an additional 114,986 shares during the last quarter. Geode Capital Management LLC raised its position in ADTRAN by 3.7% during the third quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider's stock valued at $10,736,000 after purchasing an additional 63,960 shares during the period. Finally, State Street Corp lifted its stake in shares of ADTRAN by 2.8% in the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider's stock valued at $10,484,000 after purchasing an additional 48,542 shares during the last quarter. Hedge funds and other institutional investors own 80.56% of the company's stock.

ADTRAN Company Profile

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.