Northland Securities Boosts ADTRAN (NASDAQ:ADTN) Price Target to $10.00

ADTRAN (NASDAQ:ADTN) had its target price increased by stock analysts at Northland Securities from $9.00 to $10.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the communications equipment provider’s stock. Northland Securities’ target price would indicate a potential upside of 22.10% from the company’s previous close.

Several other equities analysts also recently issued reports on the stock. StockNews.com upgraded shares of ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Rosenblatt Securities raised ADTRAN from a “neutral” rating to a “buy” rating and upped their target price for the company from $6.00 to $10.00 in a research report on Friday, November 8th. Finally, Needham & Company LLC lifted their price target on ADTRAN from $8.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $10.33.

ADTRAN Stock Down 2.4 %

Shares of NASDAQ:ADTN opened at $8.19 on Thursday. The firm has a 50 day simple moving average of $7.52 and a 200-day simple moving average of $6.20. ADTRAN has a twelve month low of $4.34 and a twelve month high of $9.21. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $649.52 million, a PE ratio of -1.26 and a beta of 1.29.

Institutional Investors Weigh In On ADTRAN

Several hedge funds have recently made changes to their positions in the business. Blue Trust Inc. raised its stake in ADTRAN by 798.7% during the 3rd quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock valued at $28,000 after acquiring an additional 4,177 shares during the last quarter. Park Avenue Securities LLC acquired a new position in shares of ADTRAN in the third quarter valued at approximately $65,000. Point72 DIFC Ltd acquired a new stake in shares of ADTRAN during the second quarter worth $69,000. SG Americas Securities LLC purchased a new position in ADTRAN in the 2nd quarter valued at $90,000. Finally, Intech Investment Management LLC acquired a new position in ADTRAN in the 3rd quarter valued at $92,000. Institutional investors and hedge funds 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.