ADTRAN, Inc. (ADTN) Stock Rating Reaffirmed by Cowen and Company

ADTRAN, Inc. (NASDAQ:ADTN)‘s stock had its “market perform” rating reiterated by equities researchers at Cowen and Company in a research report issued on Saturday, July 22nd. They presently have a $18.00 price objective on the communications equipment provider’s stock, up from their previous price objective of $16.00. Cowen and Company’s price objective indicates a potential downside of 16.67% from the company’s current price.

A number of other analysts have also recently weighed in on the stock. Northland Securities reissued a “buy” rating on shares of ADTRAN in a report on Friday, July 21st. Zacks Investment Research raised shares of ADTRAN from a “hold” rating to a “strong-buy” rating and set a $25.00 target price on the stock in a report on Friday, July 21st. Needham & Company LLC increased their target price on shares of ADTRAN from $24.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, July 20th. MKM Partners reissued a “buy” rating and set a $26.50 target price (down from $27.50) on shares of ADTRAN in a report on Monday, April 24th. Finally, Argus raised shares of ADTRAN from a “hold” rating to a “buy” rating and set a $25.00 target price on the stock in a report on Thursday, April 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. ADTRAN has an average rating of “Buy” and an average target price of $23.57.

ADTRAN (NASDAQ ADTN) traded up 0.47% on Friday, hitting $21.60. 1,276,038 shares of the company were exchanged. The stock has a market cap of $1.03 billion, a PE ratio of 26.97 and a beta of 0.65. The firm has a 50 day moving average of $21.91 and a 200-day moving average of $20.92. ADTRAN has a 52-week low of $17.55 and a 52-week high of $24.05.

ADTRAN (NASDAQ:ADTN) last issued its earnings results on Tuesday, July 18th. The communications equipment provider reported $0.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.11. The company had revenue of $184.67 million for the quarter, compared to analysts’ expectations of $183.05 million. ADTRAN had a net margin of 5.68% and a return on equity of 8.39%. During the same period in the prior year, the company earned $0.21 earnings per share. On average, equities analysts expect that ADTRAN will post $0.81 earnings per share for the current fiscal year.

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In other news, SVP Michael Foliano sold 24,000 shares of the company’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $23.77, for a total transaction of $570,480.00. Following the completion of the transaction, the senior vice president now owns 5,417 shares in the company, valued at $128,762.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.96% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue raised its position in shares of ADTRAN by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 5,350 shares of the communications equipment provider’s stock worth $111,000 after buying an additional 110 shares in the last quarter. Texas Permanent School Fund raised its position in shares of ADTRAN by 0.4% in the second quarter. Texas Permanent School Fund now owns 35,282 shares of the communications equipment provider’s stock worth $729,000 after buying an additional 153 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its position in shares of ADTRAN by 1.2% in the first quarter. Municipal Employees Retirement System of Michigan now owns 14,670 shares of the communications equipment provider’s stock worth $304,000 after buying an additional 180 shares in the last quarter. Louisiana State Employees Retirement System raised its position in shares of ADTRAN by 1.5% in the first quarter. Louisiana State Employees Retirement System now owns 19,800 shares of the communications equipment provider’s stock worth $411,000 after buying an additional 300 shares in the last quarter. Finally, Arizona State Retirement System raised its position in shares of ADTRAN by 1.2% in the first quarter. Arizona State Retirement System now owns 25,245 shares of the communications equipment provider’s stock worth $524,000 after buying an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 90.07% of the company’s stock.

ADTRAN Company Profile

ADTRAN, Inc (ADTRAN) is a provider of networking and communications equipment. The Company’s solutions enable voice, data, video and Internet communications across a range of network infrastructures. It operates through two segments: Network Solutions and Services & Support. Network Solutions includes software and hardware products that enable CSPs and enterprise customers to realize a fully connected world.

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