ADTRAN (NASDAQ:ADTN) Releases Earnings Results, Beats Expectations By $0.08 EPS

ADTRAN (NASDAQ:ADTN) announced its quarterly earnings data on Wednesday. The communications equipment provider reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.08 by $0.08, FiscalAI reports. The business had revenue of $291.56 million during the quarter, compared to analyst estimates of $281.12 million. ADTRAN had a negative return on equity of 4.63% and a negative net margin of 8.44%.The business’s revenue for the quarter was up 20.0% on a year-over-year basis.

ADTRAN Trading Down 7.2%

Shares of ADTN stock traded down $0.77 during trading hours on Thursday, reaching $9.93. 1,624,447 shares of the stock traded hands, compared to its average volume of 1,198,516. The company has a quick ratio of 1.23, a current ratio of 1.96 and a debt-to-equity ratio of 1.54. The firm has a market capitalization of $795.15 million, a PE ratio of -9.29 and a beta of 1.39. ADTRAN has a 1-year low of $6.93 and a 1-year high of $12.44. The business has a fifty day moving average price of $9.41 and a 200 day moving average price of $9.10.

Insiders Place Their Bets

In other news, CFO Timothy P. Santo acquired 6,150 shares of the stock in a transaction on Friday, November 28th. The shares were purchased at an average cost of $8.02 per share, for a total transaction of $49,323.00. Following the transaction, the chief financial officer owned 26,594 shares in the company, valued at approximately $213,283.88. This trade represents a 30.08% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.50% of the company’s stock.

Institutional Trading of ADTRAN

Several hedge funds and other institutional investors have recently modified their holdings of ADTN. Franklin Resources Inc. raised its position in ADTRAN by 1.6% during the fourth quarter. Franklin Resources Inc. now owns 79,692 shares of the communications equipment provider’s stock valued at $693,000 after buying an additional 1,263 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in ADTRAN by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider’s stock valued at $408,000 after acquiring an additional 1,946 shares in the last quarter. Occudo Quantitative Strategies LP increased its holdings in shares of ADTRAN by 3.2% in the 3rd quarter. Occudo Quantitative Strategies LP now owns 65,702 shares of the communications equipment provider’s stock valued at $616,000 after purchasing an additional 2,016 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of ADTRAN by 1.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 187,814 shares of the communications equipment provider’s stock worth $1,632,000 after purchasing an additional 2,068 shares in the last quarter. Finally, Creative Planning lifted its position in shares of ADTRAN by 4.4% in the third quarter. Creative Planning now owns 66,573 shares of the communications equipment provider’s stock worth $624,000 after purchasing an additional 2,799 shares in the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ADTN shares. Needham & Company LLC restated a “buy” rating and set a $12.00 price objective on shares of ADTRAN in a research report on Tuesday, November 25th. Rosenblatt Securities reissued a “buy” rating and set a $11.00 target price on shares of ADTRAN in a research note on Thursday, February 19th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, ADTRAN presently has a consensus rating of “Hold” and a consensus price target of $13.00.

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.