ADTRAN (NASDAQ:ADTN) CFO Purchases $74,131.20 in Stock

ADTRAN Holdings, Inc. (NASDAQ:ADTN) CFO Timothy Santo acquired 17,820 shares of the business’s stock in a transaction 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 acquisition, the chief financial officer owned 77,744 shares of the company’s stock, valued at approximately $323,415.04. This trade represents a 29.74% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

ADTRAN Stock Up 6.3%

Shares of NASDAQ:ADTN opened at $4.69 on Thursday. The stock has a fifty day simple moving average of $6.64 and a two-hundred day simple moving average of $10.85. The stock has a market capitalization of $382.24 million, a price-to-earnings ratio of -18.04, a PEG ratio of 2.88 and a beta of 1.53. ADTRAN Holdings, Inc. has a 12-month low of $3.92 and a 12-month high of $19.98. The company has a current ratio of 1.89, a quick ratio of 1.23 and a debt-to-equity ratio of 2.32.

ADTRAN (NASDAQ:ADTN) last issued its earnings results on Tuesday, November 3rd. The communications equipment provider reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.05. The firm had revenue of $281.17 million for 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 business’s revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.05 earnings per share. On average, research analysts anticipate that ADTRAN Holdings, Inc. will post 0.15 earnings per share for the current fiscal year.

Recent ADTRAN Headlines

Investors following ADTN have been watching these headlines:

• Positive Sentiment: CFO Timothy Santo bought 17,820 shares for about $74,000, increasing his direct holdings by nearly 30%. The purchase may signal confidence from company leadership. Article: ADTRAN CFO Purchases Stock
• Positive Sentiment: Telia Estonia is trialing ADTRAN’s 50G PON technology for future broadband services, providing a proof point for its next-generation fiber equipment. A trial does not yet guarantee a commercial order. Article: Telia Estonia trials Adtran 50G PON
• Positive Sentiment: ADTRAN’s latest reported quarter beat earnings-per-share expectations, though revenue came in slightly below forecasts.

Institutional Investors Weigh In On ADTRAN

A number of large investors have recently made changes to their positions in the company. Heartland Advisors Inc. grew its position in ADTRAN by 60.0% during the third quarter. Heartland Advisors Inc. now owns 1,200,000 shares of the communications equipment provider’s stock valued at $8,202,000 after buying an additional 450,000 shares during the period. Ieq Capital LLC increased its holdings in ADTRAN by 656.6% during the third quarter. Ieq Capital LLC now owns 110,241 shares of the communications equipment provider’s stock valued at $753,000 after buying an additional 95,670 shares during the last quarter. Voya Investment Management LLC increased its holdings in ADTRAN by 15.3% during the third quarter. Voya Investment Management LLC now owns 68,101 shares of the communications equipment provider’s stock valued at $465,000 after buying an additional 9,026 shares during the last quarter. Global Retirement Partners LLC bought a new position in ADTRAN in the third quarter worth approximately $29,000. Finally, Edgestream Partners L.P. bought a new position in ADTRAN in the third quarter worth approximately $263,000. 80.56% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have commented on the company. Evercore set a $11.00 target price on ADTRAN in a report on Wednesday, August 5th. Needham & Company LLC decreased their price target on ADTRAN from $14.00 to $9.00 and set a “buy” rating for the company in a research note on Tuesday, November 3rd. B. Riley Financial reaffirmed a “buy” rating and set a $14.00 price target (down from $21.00) on shares of ADTRAN in a report on Wednesday, November 4th. Northland Securities set a $15.00 price target on ADTRAN in a report on Wednesday, August 5th. Finally, Craig Hallum set a $12.00 price objective on ADTRAN in a research report on Wednesday, August 5th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, ADTRAN has a consensus rating of “Hold” and an average target price of $11.21.

About ADTRAN

ADTRAN Holdings, Inc. is a global provider of networking and communications equipment, software, and services. Its products help communications service providers and businesses build and manage broadband and other communications networks. The company’s offerings include fiber-optic access systems, broadband access equipment, optical transport and Ethernet solutions, and cloud-managed Wi-Fi and network-management software. These products support connections between service providers’ networks and homes, businesses, and other locations.