ADTRAN (NASDAQ:ADTN) Reaches New 52-Week High – Still a Buy?

ADTRAN Holdings, Inc. (NASDAQ:ADTN)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $11.79 and last traded at $11.71, with a volume of 311428 shares traded. The stock had previously closed at $11.06.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Northland Securities upped their price target on ADTRAN from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. 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 target price on the stock. Needham & Company LLC reiterated a “buy” rating and set a $11.00 target price on shares of ADTRAN in a research report on Thursday, January 16th. Finally, Rosenblatt Securities lifted their price target on shares of ADTRAN from $10.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, January 22nd. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, ADTRAN has a consensus rating of “Buy” and an average target price of $12.75.

ADTRAN Stock Up 7.5 %

The company has a market cap of $943.08 million, a P/E ratio of -1.82 and a beta of 1.29. 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 firm has a fifty day moving average price of $9.53 and a 200 day moving average price of $7.40.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ADTN. Geode Capital Management LLC grew its position in shares of ADTRAN by 3.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider’s stock worth $10,736,000 after buying an additional 63,960 shares during the period. Assenagon Asset Management S.A. raised its position in shares of ADTRAN by 39.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 925,310 shares of the communications equipment provider’s stock valued at $7,708,000 after purchasing an additional 263,156 shares during the period. Barclays PLC boosted its holdings in shares of ADTRAN by 11.4% during the 3rd quarter. Barclays PLC now owns 115,741 shares of the communications equipment provider’s stock worth $686,000 after buying an additional 11,880 shares during the period. State Street Corp grew its stake in 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 buying an additional 48,542 shares during the last quarter. Finally, GSA Capital Partners LLP boosted its holdings in shares of ADTRAN by 99.3% during the third quarter. GSA Capital Partners LLP now owns 491,414 shares of the communications equipment provider’s stock worth $2,914,000 after acquiring an additional 244,901 shares during the period. 80.56% of the stock is currently owned by institutional investors.

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.