ADTRAN (NASDAQ:ADTN) Cut to “Neutral” at Rosenblatt Securities

Rosenblatt Securities lowered shares of ADTRAN (NASDAQ:ADTN) from a buy rating to a neutral rating in a report published on Tuesday morning, MarketBeat reports. The brokerage currently has $6.25 target price on the communications equipment provider’s stock, down from their prior target price of $15.00.

Several other brokerages also recently commented on ADTN. Northland Securities set a $15.00 price target on shares of ADTRAN in a report on Wednesday, August 5th. Wall Street Zen lowered shares of ADTRAN from a “buy” rating to a “hold” rating in a research report on Saturday, August 8th. Evercore set a $11.00 price target on shares of 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, Zacks Research upgraded ADTRAN from a “strong sell” rating to a “hold” rating in a research report on Monday, October 5th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, ADTRAN presently has an average rating of “Hold” and an average target price of $11.21.

ADTRAN Price Performance

ADTN stock opened at $4.13 on Tuesday. The firm has a 50 day moving average of $6.91 and a 200-day moving average of $10.95. The company has a current ratio of 1.89, a quick ratio of 1.19 and a debt-to-equity ratio of 2.32. ADTRAN has a 12 month low of $4.03 and a 12 month high of $19.98. The firm has a market capitalization of $336.51 million, a P/E ratio of -15.88, a price-to-earnings-growth ratio of 2.90 and a beta of 1.53.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Tuesday, November 3rd. The communications equipment provider reported $0.09 EPS for the quarter, beating the consensus estimate of $0.04 by $0.05. The company had revenue of $281.17 million during the quarter, compared to analysts’ expectations of $285.15 million. ADTRAN had a negative net margin of 2.20% and a positive return on equity of 17.76%. ADTRAN’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.05 earnings per share. As a group, sell-side analysts predict that ADTRAN will post 0.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ADTRAN

Several hedge funds have recently bought and sold shares of ADTN. Integrated Wealth Concepts LLC purchased a new position in shares of ADTRAN during the 2nd quarter valued at about $27,000. Persistent Asset Partners Ltd bought a new stake in ADTRAN in the 2nd quarter worth approximately $28,000. State of Alaska Department of Revenue boosted its stake in ADTRAN by 44.3% in the third quarter. State of Alaska Department of Revenue now owns 5,589 shares of the communications equipment provider’s stock worth $38,000 after buying an additional 1,717 shares in the last quarter. L2 Asset Management LLC purchased a new stake in ADTRAN in the second quarter worth approximately $142,000. Finally, GTS Securities LLC bought a new position in ADTRAN during the second quarter valued at approximately $162,000. 80.56% of the stock is currently owned by institutional investors.

About ADTRAN

ADTRAN Holdings, Inc (NASDAQ: ADTN) is a global telecommunications equipment and networking company that provides communications infrastructure for service providers, enterprises and other organizations. The company develops solutions that help network operators deliver broadband, voice, data and cloud-connected services over fiber, copper, wireless and other access technologies.

Its portfolio includes fiber access systems, passive optical networking equipment, broadband access platforms, Ethernet and data networking products, routers, switches, Wi-Fi solutions, fixed wireless access equipment and software for network management and automation.