Brokerages Set ADTRAN Holdings, Inc. (NASDAQ:ADTN) PT at $13.00

ADTRAN Holdings, Inc. (NASDAQ:ADTN) has been assigned an average recommendation of “Hold” from the five ratings firms that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $13.00.

ADTN has been the topic of a number of recent research reports. Rosenblatt Securities restated a “buy” rating and set a $11.00 price target on shares of ADTRAN in a report on Wednesday, November 5th. Weiss Ratings reissued a “sell (e+)” rating on shares of ADTRAN in a research report on Wednesday, October 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $12.00 price target on shares of ADTRAN in a research report on Tuesday, November 25th.

ADTRAN Stock Down 3.5%

ADTN opened at $9.55 on Friday. The company has a market capitalization of $765.15 million, a PE ratio of -8.93 and a beta of 1.35. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.96 and a quick ratio of 1.23. ADTRAN has a fifty-two week low of $6.93 and a fifty-two week high of $12.44. The business has a 50-day moving average of $8.56 and a 200-day moving average of $8.99.

ADTRAN (NASDAQ:ADTN) last released its quarterly earnings data on Tuesday, November 4th. The communications equipment provider reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The firm had revenue of $279.44 million during the quarter, compared to analyst estimates of $274.60 million. ADTRAN had a negative return on equity of 4.63% and a negative net margin of 8.44%.The company’s quarterly revenue was up 22.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.05) EPS. Equities research analysts forecast that ADTRAN will post -0.5 EPS for the current fiscal year.

Insider Activity at ADTRAN

In related news, CFO Timothy P. Santo bought 6,150 shares of ADTRAN stock in a transaction that occurred on Friday, November 28th. The stock was purchased at an average cost of $8.02 per share, for a total transaction of $49,323.00. Following the acquisition, the chief financial officer owned 26,594 shares in the company, valued at $213,283.88. This trade represents a 30.08% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Nikos Theodosopoulos bought 12,859 shares of the firm’s stock in a transaction on Wednesday, November 26th. The shares were bought at an average cost of $7.81 per share, with a total value of $100,428.79. Following the transaction, the director directly owned 52,154 shares of the company’s stock, valued at approximately $407,322.74. This trade represents a 32.72% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have purchased 59,937 shares of company stock valued at $449,754. Corporate insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ADTN. SG Americas Securities LLC lifted its position in ADTRAN by 324.3% during the 4th quarter. SG Americas Securities LLC now owns 857,044 shares of the communications equipment provider’s stock worth $7,448,000 after acquiring an additional 655,058 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of ADTRAN by 21.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,129,047 shares of the communications equipment provider’s stock valued at $9,811,000 after purchasing an additional 196,367 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of ADTRAN by 78.2% in the third quarter. JPMorgan Chase & Co. now owns 813,363 shares of the communications equipment provider’s stock worth $7,629,000 after purchasing an additional 356,884 shares during the period. Tudor Investment Corp ET AL lifted its position in shares of ADTRAN by 434.2% during the 3rd quarter. Tudor Investment Corp ET AL now owns 897,115 shares of the communications equipment provider’s stock worth $8,415,000 after purchasing an additional 729,194 shares during the last quarter. Finally, Worth Venture Partners LLC lifted its position in shares of ADTRAN by 296.1% during the 3rd quarter. Worth Venture Partners LLC now owns 144,431 shares of the communications equipment provider’s stock worth $1,355,000 after purchasing an additional 107,964 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

About ADTRAN

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.