Bank of America Corp DE Acquires 106,601 Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Bank of America Corp DE boosted its stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 20.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 634,013 shares of the communications equipment provider's stock after purchasing an additional 106,601 shares during the quarter. Bank of America Corp DE owned about 0.80% of ADTRAN worth $5,281,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. William Blair Investment Management LLC boosted its position in ADTRAN by 2.5% during the 4th quarter. William Blair Investment Management LLC now owns 4,647,155 shares of the communications equipment provider's stock worth $38,711,000 after purchasing an additional 114,986 shares during the period. Quantbot Technologies LP boosted its position in ADTRAN by 104.5% during the 4th quarter. Quantbot Technologies LP now owns 14,945 shares of the communications equipment provider's stock worth $124,000 after purchasing an additional 7,636 shares during the period. American Century Companies Inc. boosted its position in ADTRAN by 53.5% in the 4th quarter. American Century Companies Inc. now owns 172,100 shares of the communications equipment provider's stock valued at $1,434,000 after buying an additional 59,985 shares during the last quarter. Raymond James Financial Inc. purchased a new position in ADTRAN in the 4th quarter valued at about $2,146,000. Finally, Arrowstreet Capital Limited Partnership purchased a new position in ADTRAN in the 4th quarter valued at about $6,095,000. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on ADTN shares. Rosenblatt Securities decreased their price objective on shares of ADTRAN from $15.00 to $11.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Needham & Company LLC reduced their price target on shares of ADTRAN from $14.00 to $12.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.00.

ADTRAN Trading Down 1.5%

Shares of ADTN traded down $0.12 on Friday, reaching $8.04. 1,332,193 shares of the company's stock were exchanged, compared to its average volume of 932,053. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $643.02 million, a P/E ratio of -1.24 and a beta of 1.33. The business has a 50 day moving average price of $7.94 and a two-hundred day moving average price of $8.96. ADTRAN Holdings, Inc. has a 12 month low of $4.62 and a 12 month high of $12.44.

ADTRAN (NASDAQ:ADTN - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The communications equipment provider reported $0.03 EPS for the quarter, beating analysts' consensus estimates of ($0.02) by $0.05. ADTRAN had a negative net margin of 56.95% and a negative return on equity of 38.62%. During the same period in the previous year, the company earned $0.02 earnings per share. The company's quarterly revenue was up 9.5% on a year-over-year basis. Research analysts anticipate that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current year.

ADTRAN Profile

ADTRAN Holdings, Inc, through its subsidiaries, provides networking and communications platforms, software, systems, and services in the United States, Germany, the United Kingdom, and internationally. It operates through two segments, Network Solutions, and Services & Support. It offers residential gateways; ethernet passive optical network ONUs; gigabit passive optical network/XGS-PON ONTs; traditional SSE, routers, and switches; edge cloud; carrier ethernet network interface devices; Optical Line Terminals; Packet Aggregation, Copper Access, and Oscilloquartz; optical transport and engine solutions; infrastructure monitoring solution; and training, professional, software, and managed services.