Rosenblatt Securities Raises ADTRAN (NASDAQ:ADTN) Price Target to $15.00

ADTRAN (NASDAQ:ADTN) had its target price lifted by Rosenblatt Securities from $10.00 to $15.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the communications equipment provider’s stock.

A number of other equities research analysts have also recently weighed in on the company. Craig Hallum started coverage on ADTRAN in a research note on Wednesday, January 8th. They set a “buy” rating and a $15.00 price objective for the company. StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Northland Securities boosted their price objective on shares of ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. Finally, Needham & Company LLC reissued a “buy” rating and set a $11.00 target price on shares of ADTRAN in a research report on Thursday, January 16th. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $12.75.

ADTRAN Stock Performance

Shares of NASDAQ:ADTN opened at $10.48 on Wednesday. The firm has a 50 day moving average of $8.85 and a 200 day moving average of $6.91. 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 $831.17 million, a price-to-earnings ratio of -1.61 and a beta of 1.28. ADTRAN has a 52 week low of $4.34 and a 52 week high of $11.23.

Hedge Funds Weigh In On ADTRAN

Hedge funds and other institutional investors have recently modified their holdings of the stock. Blue Trust Inc. raised its holdings in shares of ADTRAN by 798.7% in the third quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock worth $28,000 after buying an additional 4,177 shares during the last quarter. Park Avenue Securities LLC acquired a new stake in ADTRAN during the 3rd quarter worth about $65,000. Point72 DIFC Ltd purchased a new stake in ADTRAN during the 2nd quarter valued at about $69,000. Intech Investment Management LLC acquired a new position in shares of ADTRAN in the third quarter valued at about $92,000. Finally, Harbor Capital Advisors Inc. raised its stake in shares of ADTRAN by 94.8% in the third quarter. Harbor Capital Advisors Inc. now owns 18,906 shares of the communications equipment provider’s stock worth $112,000 after purchasing an additional 9,202 shares during the last quarter. 80.56% of the stock is owned by hedge funds and other institutional investors.

About ADTRAN

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.