Raymond James Financial Inc. Acquires 123,307 Shares of ADTRAN Holdings, Inc. $ADTN

Raymond James Financial Inc. lifted its holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 47.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 380,898 shares of the communications equipment provider’s stock after acquiring an additional 123,307 shares during the period. Raymond James Financial Inc. owned approximately 0.48% of ADTRAN worth $3,321,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. FNY Investment Advisers LLC bought a new position in shares of ADTRAN in the 1st quarter worth about $65,000. Ballentine Partners LLC bought a new position in shares of ADTRAN in the 1st quarter worth about $94,000. Financial Engines Advisors L.L.C. bought a new position in shares of ADTRAN in the 1st quarter worth about $106,000. CWM LLC raised its position in shares of ADTRAN by 159.6% in the 1st quarter. CWM LLC now owns 13,360 shares of the communications equipment provider’s stock worth $116,000 after acquiring an additional 8,214 shares in the last quarter. Finally, Hsbc Holdings PLC raised its position in shares of ADTRAN by 11.4% in the 4th quarter. Hsbc Holdings PLC now owns 14,681 shares of the communications equipment provider’s stock worth $122,000 after acquiring an additional 1,501 shares in the last quarter. 80.56% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ADTN has been the subject of several research analyst reports. Wolfe Research initiated coverage on ADTRAN in a research report on Monday, July 7th. They issued 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, August 30th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, ADTRAN currently has an average rating of “Moderate Buy” and a consensus price target of $12.00.

ADTRAN Stock Performance

Shares of ADTN opened at $9.75 on Monday. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.96 and a quick ratio of 1.19. The stock has a 50-day moving average of $9.19 and a 200-day moving average of $8.68. The company has a market cap of $779.81 million, a PE ratio of -7.44 and a beta of 1.39. ADTRAN Holdings, Inc. has a one year low of $4.93 and a one year high of $12.44.

ADTRAN (NASDAQ:ADTN) last issued its earnings results on Monday, August 4th. The communications equipment provider reported ($0.26) EPS for the quarter, missing the consensus estimate of $0.01 by ($0.27). The firm had revenue of $265.07 million during the quarter, compared to analyst estimates of $255.57 million. ADTRAN had a negative net margin of 11.02% and a negative return on equity of 10.09%. The business’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.24) earnings per share. On average, equities research analysts predict that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal year.

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.