Heartland Advisors Inc. Takes $10.43 Million Position in ADTRAN Holdings, Inc. $ADTN

Heartland Advisors Inc. purchased a new position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) during the second quarter, HoldingsChannel reports. The firm purchased 750,000 shares of the communications equipment provider’s stock, valued at approximately $10,425,000.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in ADTRAN in the 2nd quarter valued at approximately $108,923,000. Millennium Management LLC boosted its stake in shares of ADTRAN by 371.2% in the fourth quarter. Millennium Management LLC now owns 2,694,800 shares of the communications equipment provider’s stock valued at $23,418,000 after buying an additional 2,122,844 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in ADTRAN during the third quarter worth $10,168,000. Paradigm Capital Management Inc. NY raised its position in ADTRAN by 527.7% in the fourth quarter. Paradigm Capital Management Inc. NY now owns 1,129,909 shares of the communications equipment provider’s stock worth $9,819,000 after acquiring an additional 949,909 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC lifted its holdings in ADTRAN by 5,809.7% in the third quarter. Schonfeld Strategic Advisors LLC now owns 786,823 shares of the communications equipment provider’s stock valued at $7,380,000 after acquiring an additional 773,509 shares during the period. 80.56% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Northland Securities set a $15.00 price target on shares of ADTRAN in a research note on Wednesday, August 5th. Zacks Research cut shares of ADTRAN from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 4th. B. Riley Financial reissued a “buy” rating and set a $21.00 price target (down from $23.00) on shares of ADTRAN in a research note on Thursday, July 23rd. Wall Street Zen downgraded ADTRAN from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, Evercore set a $11.00 price objective on ADTRAN in a report on Wednesday, August 5th. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, ADTRAN currently has a consensus rating of “Hold” and a consensus price target of $14.67.

ADTRAN Trading Down 1.1%

Shares of ADTRAN stock opened at $7.77 on Friday. The business has a 50 day moving average price of $11.16 and a 200 day moving average price of $12.60. The company has a market capitalization of $633.11 million, a P/E ratio of -27.75 and a beta of 1.47. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.79 and a quick ratio of 1.19. ADTRAN Holdings, Inc. has a 1 year low of $7.11 and a 1 year high of $19.98.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Tuesday, August 4th. The communications equipment provider reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.06). The company had revenue of $281.15 million during the quarter, compared to analysts’ expectations of $290.19 million. ADTRAN had a negative net margin of 2.29% and a positive return on equity of 14.24%. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. Sell-side analysts anticipate that ADTRAN Holdings, Inc. will post 0.16 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.