Royal Bank of Canada Sells 78,318 Shares of ADTRAN Holdings, Inc. $ADTN

Royal Bank of Canada lessened its position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 14.6% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 457,402 shares of the communications equipment provider’s stock after selling 78,318 shares during the quarter. Royal Bank of Canada’s holdings in ADTRAN were worth $5,754,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ADTN. Quarry LP purchased a new stake in shares of ADTRAN during the 3rd quarter worth approximately $36,000. Kestra Advisory Services LLC purchased a new position in shares of ADTRAN in the fourth quarter valued at $36,000. ST Germain D J Co. Inc. grew its holdings in shares of ADTRAN by 100.0% in the fourth quarter. ST Germain D J Co. Inc. now owns 5,000 shares of the communications equipment provider’s stock valued at $43,000 after purchasing an additional 2,500 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in ADTRAN in the fourth quarter worth $47,000. Finally, Freestone Grove Partners LP bought a new stake in ADTRAN in the fourth quarter worth $87,000. Institutional investors own 80.56% of the company’s stock.

ADTRAN Stock Performance

NASDAQ:ADTN opened at $8.16 on Thursday. The stock’s fifty day moving average is $12.19 and its 200 day moving average is $12.69. ADTRAN Holdings, Inc. has a fifty-two week low of $7.11 and a fifty-two week high of $19.98. The firm has a market capitalization of $664.88 million, a PE ratio of -29.14 and a beta of 1.47. The company has a debt-to-equity ratio of 1.69, a quick ratio of 1.19 and a current ratio of 1.79.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings data on Tuesday, August 4th. The communications equipment provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.06). The firm had revenue of $281.15 million for the quarter, compared to analysts’ expectations of $290.19 million. ADTRAN had a positive return on equity of 14.24% and a negative net margin of 2.29%.The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, sell-side analysts anticipate that ADTRAN Holdings, Inc. will post 0.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

ADTN has been the subject of several research reports. Craig Hallum set a $12.00 price objective on shares of ADTRAN in a research report on Wednesday, August 5th. Wall Street Zen downgraded shares of ADTRAN from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Needham & Company LLC decreased their target price on shares of ADTRAN from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ADTRAN in a report on Tuesday, June 30th. Finally, B. Riley Financial reiterated a “buy” rating and issued a $21.00 price target (down from $23.00) on shares of ADTRAN in a research report on Thursday, July 23rd. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $14.67.

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.