BlackRock Inc. Acquires Shares of 7,836,196 ADTRAN Holdings, Inc. $ADTN

Key Points

• BlackRock acquired 7,836,196 ADTRAN shares worth approximately $108.9 million, giving it a 9.62% stake in the company.
• Institutional ownership reached 80.56% after several other investors opened or expanded positions, while analysts maintained a mixed outlook with an average “Hold” rating and a $14.67 price target.
• ADTRAN shares opened at $7.72, near their 52-week low, after the company missed quarterly earnings and revenue estimates despite reporting 6% year-over-year revenue growth.

BlackRock Inc. acquired a new position in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,836,196 shares of the communications equipment provider's stock, valued at approximately $108,923,000. BlackRock Inc. owned approximately 9.62% of ADTRAN as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently made changes to their positions in the business. Deutsche Bank AG acquired a new stake in shares of ADTRAN in the second quarter valued at $3,278,000. Persistent Asset Partners Ltd acquired a new position in ADTRAN during the 2nd quarter worth about $28,000. Bank of New York Mellon Corp acquired a new position in ADTRAN during the 2nd quarter worth about $3,545,000. State of Wyoming bought a new stake in ADTRAN during the 2nd quarter worth about $503,000. Finally, GSA Capital Partners LLP bought a new stake in ADTRAN during the 2nd quarter worth about $692,000. Institutional investors own 80.56% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Evercore set a $11.00 target price on shares of ADTRAN in a research note on Wednesday, August 5th. Northland Securities set a $15.00 price target on shares of ADTRAN in a research note on Wednesday, August 5th. Wall Street Zen lowered shares of ADTRAN from a "buy" rating to a "hold" rating in a report on Saturday, August 8th. Rosenblatt Securities dropped their price objective on shares of ADTRAN from $20.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Finally, Needham & Company LLC reduced their price objective on ADTRAN from $18.00 to $14.00 and set a "buy" rating on the stock in a report on Thursday, July 23rd. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $14.67.

ADTRAN Trading Down 0.9%

Shares of NASDAQ ADTN opened at $7.72 on Friday. The company's 50 day simple moving average is $10.44 and its 200 day simple moving average is $12.54. ADTRAN Holdings, Inc. has a fifty-two week low of $7.11 and a fifty-two week high of $19.98. The firm has a market capitalization of $629.03 million, a P/E ratio of -27.57 and a beta of 1.47. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.79 and a quick ratio of 1.19.

ADTRAN (NASDAQ:ADTN - Get Free Report) last released its earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.06). The business 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 was up 6.0% on a year-over-year basis. On average, analysts predict that ADTRAN Holdings, Inc. will post 0.16 EPS for the current year.

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.

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