ADTRAN Holdings, Inc. (NASDAQ:ADTN – Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $7.56, but opened at $7.96. ADTRAN shares last traded at $8.1550, with a volume of 329,804 shares changing hands.
Analyst Ratings Changes
A number of brokerages recently issued reports on ADTN. Craig Hallum set a $12.00 price objective on ADTRAN in a research report on Wednesday. Needham & Company LLC dropped their price objective on ADTRAN from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Thursday, July 23rd. B. Riley Financial restated a “buy” rating and set a $21.00 target price (down from $23.00) on shares of ADTRAN in a research report on Thursday, July 23rd. Zacks Research lowered ADTRAN from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 4th. Finally, Rosenblatt Securities lowered their price target on ADTRAN from $20.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday, August 5th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $14.67.
Check Out Our Latest Research Report on ADTRAN
ADTRAN Trading Up 6.0%
ADTRAN (NASDAQ:ADTN – Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The communications equipment provider reported $0.04 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The company had revenue of $281.15 million during the quarter, compared to the consensus estimate of $290.19 million. ADTRAN had a positive return on equity of 14.24% and a negative net margin of 2.29%.ADTRAN’s revenue for the quarter was up 6.0% on a year-over-year basis. On average, sell-side analysts forecast that ADTRAN Holdings, Inc. will post 0.23 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in ADTN. AQR Capital Management LLC lifted its stake in ADTRAN by 253.7% during the first quarter. AQR Capital Management LLC now owns 348,478 shares of the communications equipment provider’s stock worth $3,039,000 after purchasing an additional 249,954 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of ADTRAN by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider’s stock valued at $408,000 after purchasing an additional 1,946 shares during the last quarter. Legal & General Group Plc increased its position in shares of ADTRAN by 13.9% during the 2nd quarter. Legal & General Group Plc now owns 113,480 shares of the communications equipment provider’s stock valued at $1,018,000 after purchasing an additional 13,821 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of ADTRAN by 11.2% during the 2nd quarter. American Century Companies Inc. now owns 224,015 shares of the communications equipment provider’s stock valued at $2,009,000 after buying an additional 22,524 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of ADTRAN by 17.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 88,384 shares of the communications equipment provider’s stock valued at $793,000 after buying an additional 13,222 shares in the last quarter. Institutional investors own 80.56% of the company’s stock.
ADTRAN Company 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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