Insider Buying: ADTRAN (NASDAQ:ADTN) CFO Acquires 17,820 Shares of Company Stock

ADTRAN Holdings, Inc. (NASDAQ:ADTN) CFO Timothy Santo acquired 17,820 shares of the firm’s stock in a transaction that occurred on Friday, November 6th. The stock was acquired at an average price of $4.16 per share, for a total transaction of $74,131.20. Following the completion of the transaction, the chief financial officer directly owned 77,744 shares in the company, valued at approximately $323,415.04. This represents a 29.74% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

ADTRAN Price Performance

NASDAQ ADTN traded up $0.25 during trading hours on Monday, reaching $4.29. The company’s stock had a trading volume of 3,117,281 shares, compared to its average volume of 1,682,425. The stock has a market cap of $349.55 million, a PE ratio of -16.50, a PEG ratio of 2.90 and a beta of 1.53. ADTRAN Holdings, Inc. has a fifty-two week low of $3.92 and a fifty-two week high of $19.98. The company’s 50-day moving average is $6.76 and its two-hundred day moving average is $10.90. The company has a debt-to-equity ratio of 2.32, a quick ratio of 1.19 and a current ratio of 1.89.

ADTRAN (NASDAQ:ADTN) last posted its earnings results on Tuesday, November 3rd. The communications equipment provider reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.05. The firm had revenue of $281.17 million during the quarter, compared to the consensus estimate of $285.15 million. ADTRAN had a negative net margin of 2.20% and a positive return on equity of 17.76%. The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the firm posted $0.05 EPS. Analysts forecast that ADTRAN Holdings, Inc. will post 0.16 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ADTN. Craig Hallum set a $12.00 price objective on shares of ADTRAN in a research note on Wednesday, August 5th. Wall Street Zen lowered ADTRAN from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. B. Riley Financial reiterated a “buy” rating and set a $14.00 target price (down from $21.00) on shares of ADTRAN in a report on Wednesday, November 4th. Needham & Company LLC dropped their price target on ADTRAN from $14.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, November 3rd. Finally, Northland Securities set a $15.00 price target on ADTRAN in a report on Wednesday, August 5th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $11.21.

Hedge Funds Weigh In On ADTRAN

Institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of ADTRAN in the second quarter valued at approximately $108,923,000. Royce & Associates LP boosted its position in ADTRAN by 4.7% during the third quarter. Royce & Associates LP now owns 3,111,416 shares of the communications equipment provider’s stock worth $21,267,000 after acquiring an additional 138,499 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in ADTRAN by 50.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,337,028 shares of the communications equipment provider’s stock worth $16,817,000 after acquiring an additional 448,848 shares during the last quarter. CenterBook Partners LP purchased a new stake in ADTRAN in the 3rd quarter worth approximately $8,022,000. Finally, Sei Investments Co. grew its stake in ADTRAN by 162.0% in the 1st quarter. Sei Investments Co. now owns 1,105,110 shares of the communications equipment provider’s stock worth $13,902,000 after acquiring an additional 683,262 shares during the period. Institutional investors and hedge funds own 80.56% of the company’s stock.

ADTRAN Company Profile

ADTRAN Holdings, Inc (NASDAQ: ADTN) is a global telecommunications equipment and networking company that provides communications infrastructure for service providers, enterprises and other organizations. The company develops solutions that help network operators deliver broadband, voice, data and cloud-connected services over fiber, copper, wireless and other access technologies.

Its portfolio includes fiber access systems, passive optical networking equipment, broadband access platforms, Ethernet and data networking products, routers, switches, Wi-Fi solutions, fixed wireless access equipment and software for network management and automation.