ADTRAN (NASDAQ:ADTN) Posts Quarterly Earnings Results, Beats Estimates By $0.08 EPS

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

ADTRAN Stock Performance

NASDAQ ADTN traded up $0.18 on Friday, reaching $10.09. 210,426 shares of the stock were exchanged, compared to its average volume of 1,221,414. The company has a current ratio of 1.96, a quick ratio of 1.23 and a debt-to-equity ratio of 1.54. ADTRAN has a one year low of $6.93 and a one year high of $11.18. The firm has a market capitalization of $808.01 million, a PE ratio of -9.44 and a beta of 1.39. The company’s 50-day simple moving average is $9.44 and its two-hundred day simple moving average is $9.11.

Analyst Ratings Changes

ADTN has been the topic of several research analyst reports. Rosenblatt Securities reissued a “buy” rating and set a $11.00 price target on shares of ADTRAN in a report on Thursday, February 19th. Needham & Company LLC reiterated a “buy” rating and set a $14.00 price objective on shares of ADTRAN in a research report on Thursday. Three analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, ADTRAN presently has an average rating of “Hold” and a consensus target price of $13.67.

Institutional Trading of ADTRAN

Several institutional investors and hedge funds have recently modified their holdings of ADTN. Millennium Management LLC boosted its stake in 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 period. Alyeska Investment Group L.P. purchased a new position in shares of ADTRAN in the third quarter worth $10,168,000. Paradigm Capital Management Inc. NY boosted its position in shares of ADTRAN by 527.7% during 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 during the last quarter. Schonfeld Strategic Advisors LLC boosted its position in shares of ADTRAN by 5,809.7% during the third quarter. Schonfeld Strategic Advisors LLC now owns 786,823 shares of the communications equipment provider’s stock worth $7,380,000 after acquiring an additional 773,509 shares during the last quarter. Finally, Royal Bank of Canada grew its stake in ADTRAN by 6,125.7% during the fourth quarter. Royal Bank of Canada now owns 535,720 shares of the communications equipment provider’s stock valued at $4,655,000 after acquiring an additional 527,115 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors.

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.