JPMorgan Chase & Co. Acquires 356,884 Shares of ADTRAN Holdings, Inc. $ADTN

Key Points

• JPMorgan Chase & Co. increased its stake in ADTRAN by 78.2% in Q3, buying 356,884 shares to hold 813,363 shares (~1.02% of the company) worth about $7.63 million.
• ADTRAN beat its most recent quarterly estimates with $0.16 EPS (vs. $0.08 consensus) and $291.6M revenue (up 20% YoY), but the company still posts a negative net margin and analysts forecast about -0.5 EPS for the current year.
• Analyst coverage is mixed—three Buys, two Holds and one Sell—giving ADTRAN an average rating of "Hold" and an average price target of $15.33, with recent targets ranging up to $16.00.

JPMorgan Chase & Co. lifted its holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 78.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 813,363 shares of the communications equipment provider's stock after buying an additional 356,884 shares during the period. JPMorgan Chase & Co. owned about 1.02% of ADTRAN worth $7,629,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in ADTRAN by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider's stock worth $408,000 after acquiring an additional 1,946 shares in the last quarter. Occudo Quantitative Strategies LP raised its position in ADTRAN by 3.2% during the third quarter. Occudo Quantitative Strategies LP now owns 65,702 shares of the communications equipment provider's stock valued at $616,000 after purchasing an additional 2,016 shares during the period. Creative Planning raised its position in ADTRAN by 4.4% during the third quarter. Creative Planning now owns 66,573 shares of the communications equipment provider's stock valued at $624,000 after purchasing an additional 2,799 shares during the period. Cape Investment Advisory Inc. bought a new stake in shares of ADTRAN in the 2nd quarter valued at approximately $27,000. Finally, Quarry LP purchased a new position in shares of ADTRAN in the 3rd quarter worth approximately $36,000. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ADTN. Rosenblatt Securities boosted their target price on ADTRAN from $11.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, February 27th. Wall Street Zen lowered shares of ADTRAN from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 21st. Argus upgraded shares of ADTRAN to a "hold" rating in a research report on Wednesday, March 4th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $14.00 target price on shares of ADTRAN in a research note on Thursday, February 26th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, ADTRAN currently has an average rating of "Hold" and an average price target of $15.33.

ADTRAN Stock Down 5.7%

Shares of NASDAQ:ADTN opened at $12.19 on Tuesday. The firm has a market capitalization of $983.25 million, a PE ratio of -23.90 and a beta of 1.37. The business has a 50 day simple moving average of $10.35 and a two-hundred day simple moving average of $9.36. ADTRAN Holdings, Inc. has a 1 year low of $6.93 and a 1 year high of $13.10. The company has a debt-to-equity ratio of 1.50, a current ratio of 1.76 and a quick ratio of 1.16.

ADTRAN (NASDAQ:ADTN - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The communications equipment provider reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.08. ADTRAN had a positive return on equity of 4.23% and a negative net margin of 4.15%.The firm had revenue of $291.56 million for the quarter, compared to the consensus estimate of $281.12 million. ADTRAN's revenue was up 20.0% on a year-over-year basis. On average, equities analysts predict that ADTRAN Holdings, Inc. will post -0.5 EPS for the current year.

ADTRAN Company Profile

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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