Vanguard Group Inc. Sells 194,809 Shares of ADTRAN Holdings, Inc. $ADTN

Vanguard Group Inc. lessened its position in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 2.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,188,496 shares of the communications equipment provider’s stock after selling 194,809 shares during the period. Vanguard Group Inc. owned about 10.22% of ADTRAN worth $71,158,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of ADTN. State of Alaska Department of Revenue bought a new stake in shares of ADTRAN during the 3rd quarter worth about $36,000. Quarry LP bought a new stake in shares of ADTRAN during the 3rd quarter worth about $36,000. Skaana Management L.P. bought a new stake in shares of ADTRAN during the 3rd quarter worth about $99,000. Stoneridge Investment Partners LLC bought a new stake in shares of ADTRAN during the 3rd quarter worth about $100,000. Finally, Vident Advisory LLC bought a new stake in shares of ADTRAN during the 2nd quarter worth about $130,000. Institutional investors own 80.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Northland Securities set a $18.00 target price on shares of ADTRAN in a report on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADTRAN in a report on Thursday, April 2nd. Evercore assumed coverage on shares of ADTRAN in a report on Tuesday, April 14th. They set an “outperform” rating and a $18.00 target price for the company. Rosenblatt Securities lifted their target price on shares of ADTRAN from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of ADTRAN in a report on Wednesday, May 6th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $18.00.

ADTRAN Price Performance

Shares of NASDAQ:ADTN opened at $15.28 on Friday. The firm has a 50 day moving average of $13.75 and a 200-day moving average of $10.68. The stock has a market capitalization of $1.24 billion, a PE ratio of -39.18 and a beta of 1.45. The company has a current ratio of 1.77, a quick ratio of 1.18 and a debt-to-equity ratio of 1.59. ADTRAN Holdings, Inc. has a 12 month low of $7.11 and a 12 month high of $18.69.

ADTRAN (NASDAQ:ADTN) last issued its earnings results on Tuesday, May 5th. The communications equipment provider reported $0.14 EPS for the quarter, beating the consensus estimate of $0.09 by $0.05. The company had revenue of $286.09 million during the quarter, compared to analysts’ expectations of $285.48 million. ADTRAN had a negative net margin of 3.18% and a positive return on equity of 10.94%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.03 EPS. On average, equities research analysts predict that ADTRAN Holdings, Inc. will post 0.39 EPS for the current fiscal year.

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.