Globeflex Capital L P Purchases Shares of 132,526 ADTRAN Holdings, Inc. $ADTN

Globeflex Capital L P acquired a new stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 132,526 shares of the communications equipment provider’s stock, valued at approximately $1,842,000.

A number of other large investors have also recently bought and sold shares of ADTN. BlackRock Inc. acquired a new position in ADTRAN during the second quarter worth $108,923,000. DNB Asset Management AS boosted its stake in shares of ADTRAN by 7.6% in the 4th quarter. DNB Asset Management AS now owns 3,123,679 shares of the communications equipment provider’s stock valued at $27,145,000 after purchasing an additional 219,810 shares in the last quarter. Millennium Management LLC grew its holdings in shares of ADTRAN by 371.2% in the 4th quarter. Millennium Management LLC now owns 2,694,800 shares of the communications equipment provider’s stock worth $23,418,000 after purchasing an additional 2,122,844 shares during the last quarter. Royce & Associates LP grew its holdings in shares of ADTRAN by 7.7% in the 4th quarter. Royce & Associates LP now owns 2,597,013 shares of the communications equipment provider’s stock worth $22,568,000 after purchasing an additional 186,238 shares during the last quarter. Finally, State Street Corp increased its position in shares of ADTRAN by 4.5% during the 4th quarter. State Street Corp now owns 1,985,890 shares of the communications equipment provider’s stock worth $17,257,000 after purchasing an additional 86,382 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ADTN has been the topic of a number of recent analyst reports. Northland Securities set a $15.00 price target on shares of ADTRAN in a research report on Wednesday, August 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ADTRAN in a research note on Tuesday, June 30th. Zacks Research lowered ADTRAN from a “hold” rating to a “strong sell” rating in a research report on Tuesday, August 4th. B. Riley Financial reaffirmed a “buy” rating and set a $21.00 price target (down from $23.00) on shares of ADTRAN in a report on Thursday, July 23rd. Finally, Evercore set a $11.00 price objective on ADTRAN in a research report on Wednesday, August 5th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $14.67.

ADTRAN Price Performance

ADTN opened at $7.71 on Tuesday. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.79 and a quick ratio of 1.19. The stock has a market capitalization of $628.22 million, a P/E ratio of -27.53 and a beta of 1.47. The company’s 50 day simple moving average is $11.01 and its 200-day simple moving average is $12.61. ADTRAN Holdings, Inc. has a one year low of $7.11 and a one year high of $19.98.

ADTRAN (NASDAQ:ADTN) last posted 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 firm had revenue of $281.15 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. Sell-side analysts anticipate that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current fiscal year.

ADTRAN 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.