Needham Investment Management LLC grew its holdings in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN – Free Report) by 23.2% in the 4th quarter, HoldingsChannel reports. The firm owned 1,447,500 shares of the communications equipment provider’s stock after acquiring an additional 272,500 shares during the quarter. Needham Investment Management LLC’s holdings in ADTRAN were worth $12,579,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in ADTRAN by 2.7% during the third quarter. Vanguard Group Inc. now owns 8,383,305 shares of the communications equipment provider’s stock worth $78,635,000 after buying an additional 217,148 shares during the last quarter. DNB Asset Management AS increased its stake in shares of ADTRAN by 7.6% during the 4th quarter. DNB Asset Management AS now owns 3,123,679 shares of the communications equipment provider’s stock worth $27,145,000 after purchasing an additional 219,810 shares during the last quarter. Royce & Associates LP raised its holdings in shares of ADTRAN by 7.7% in the 4th quarter. Royce & Associates LP now owns 2,597,013 shares of the communications equipment provider’s stock worth $22,568,000 after purchasing an additional 186,238 shares during the period. State Street Corp lifted its stake in ADTRAN by 4.5% in the fourth quarter. State Street Corp now owns 1,985,890 shares of the communications equipment provider’s stock valued at $17,257,000 after purchasing an additional 86,382 shares during the last quarter. Finally, First Eagle Investment Management LLC grew its holdings in ADTRAN by 2.2% during the fourth quarter. First Eagle Investment Management LLC now owns 1,235,207 shares of the communications equipment provider’s stock valued at $10,734,000 after purchasing an additional 26,000 shares during the period. 80.56% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on ADTN. Northland Securities set a $18.00 target price on ADTRAN in a research note on Wednesday, May 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of ADTRAN in a report on Thursday, April 2nd. B. Riley Financial restated a “buy” rating on shares of ADTRAN in a research note on Friday, May 1st. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price objective on shares of ADTRAN in a report on Wednesday, May 6th. Finally, Evercore started coverage on shares of ADTRAN in a research report on Tuesday, April 14th. They set an “outperform” rating and a $18.00 target price for the company. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $18.00.
ADTRAN Trading Down 0.9%
NASDAQ:ADTN opened at $15.13 on Tuesday. ADTRAN Holdings, Inc. has a 1 year low of $7.11 and a 1 year high of $19.98. The stock’s fifty day moving average price is $15.79 and its two-hundred day moving average price is $11.85. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.77 and a quick ratio of 1.18. The company has a market cap of $1.23 billion, a P/E ratio of -38.79 and a beta of 1.42.
ADTRAN (NASDAQ:ADTN – Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.05. The business had revenue of $286.09 million for the quarter, compared to analysts’ expectations of $285.48 million. ADTRAN had a positive return on equity of 10.94% and a negative net margin of 3.18%.The firm’s quarterly revenue was up 15.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 EPS. As a group, analysts expect that ADTRAN Holdings, Inc. will post 0.43 EPS for the current year.
ADTRAN Profile
ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.
The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.
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