ADTRAN (NASDAQ:ADTN) Coverage Initiated at Craig Hallum

Analysts at Craig Hallum assumed coverage on shares of ADTRAN (NASDAQ:ADTN) in a research note issued to investors on Wednesday, MarketBeat reports. The brokerage set a “buy” rating and a $15.00 price target on the communications equipment provider’s stock. Craig Hallum’s price target suggests a potential upside of 42.99% from the stock’s current price.

Several other research firms have also weighed in on ADTN. Needham & Company LLC upped their target price on shares of ADTRAN from $8.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Rosenblatt Securities raised shares of ADTRAN from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $6.00 to $10.00 in a research note on Friday, November 8th. StockNews.com raised shares of ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Northland Securities boosted their target price on ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $11.50.

ADTRAN Trading Up 8.8 %

Shares of ADTN stock opened at $10.49 on Wednesday. The firm has a fifty day moving average of $8.31 and a 200-day moving average of $6.58. The stock has a market cap of $831.92 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 $10.71. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10.

Institutional Inflows and Outflows

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