Teacher Retirement System of Texas Buys Shares of 65,406 ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Teacher Retirement System of Texas bought a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 65,406 shares of the communications equipment provider’s stock, valued at approximately $570,000. Teacher Retirement System of Texas owned approximately 0.08% of ADTRAN at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ADTN. Victory Capital Management Inc. purchased a new position in ADTRAN in the fourth quarter valued at about $1,012,000. Proficio Capital Partners LLC purchased a new position in ADTRAN in the fourth quarter valued at about $300,000. Raymond James Financial Inc. purchased a new position in ADTRAN in the fourth quarter valued at about $2,146,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in ADTRAN in the fourth quarter valued at about $340,000. Finally, Royce & Associates LP purchased a new position in ADTRAN in the fourth quarter valued at about $4,061,000. Hedge funds and other institutional investors own 80.56% of the company’s stock.

ADTRAN Stock Performance

ADTN opened at $9.66 on Thursday. ADTRAN Holdings, Inc. has a 52-week low of $4.62 and a 52-week high of $12.44. The company has a debt-to-equity ratio of 1.37, a quick ratio of 1.18 and a current ratio of 2.02. The company has a market cap of $772.61 million, a PE ratio of -5.68 and a beta of 1.32. The stock has a 50-day moving average of $8.43 and a 200-day moving average of $9.01.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings data on Wednesday, May 7th. The communications equipment provider reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.05. ADTRAN had a negative return on equity of 20.07% and a negative net margin of 14.58%. The firm’s revenue was up 9.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.02 earnings per share. As a group, equities research analysts forecast that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently issued reports on ADTN. Wolfe Research began coverage on ADTRAN in a research note on Monday, July 7th. They set a “peer perform” rating for the company. Wall Street Zen downgraded ADTRAN from a “buy” rating to a “hold” rating in a research note on Saturday, July 12th. Rosenblatt Securities decreased their price target on ADTRAN from $15.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Finally, Needham & Company LLC decreased their price target on ADTRAN from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, ADTRAN presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.00.

ADTRAN 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.