146,000 Shares in ADTRAN Holdings, Inc. $ADTN Acquired by Swiss National Bank

Key Points

• The Swiss National Bank acquired a new stake in ADTRAN Holdings, Inc., purchasing 146,000 shares valued at approximately $1,273,000 during the first quarter.
• ADTRAN's stock was recently downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, and the average target price is set at $12.00.
• Despite a 17.3% year-over-year increase in revenue, ADTRAN reported a loss of $0.26 earnings per share for the recent quarter, falling short of expectations.

Swiss National Bank bought a new stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 146,000 shares of the communications equipment provider's stock, valued at approximately $1,273,000. Swiss National Bank owned about 0.18% of ADTRAN as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently modified their holdings of the company. Schonfeld Strategic Advisors LLC bought a new position in ADTRAN in the 4th quarter valued at $12,921,000. Royce & Associates LP grew its position in ADTRAN by 188.5% in the 1st quarter. Royce & Associates LP now owns 1,406,500 shares of the communications equipment provider's stock valued at $12,265,000 after acquiring an additional 919,000 shares during the last quarter. Vanguard Group Inc. grew its position in ADTRAN by 7.6% in the 1st quarter. Vanguard Group Inc. now owns 7,093,931 shares of the communications equipment provider's stock valued at $61,859,000 after acquiring an additional 501,512 shares during the last quarter. Raymond James Financial Inc. bought a new position in ADTRAN in the 4th quarter valued at $2,146,000. Finally, Crestline Management LP purchased a new stake in shares of ADTRAN in the 4th quarter worth $1,996,000. Institutional investors own 80.56% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on ADTN. Wall Street Zen cut ADTRAN from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 10th. Needham & Company LLC lowered their target price on ADTRAN from $14.00 to $12.00 and set a "buy" rating for the company in a report on Friday, May 9th. Finally, Wolfe Research began coverage on ADTRAN in a report on Monday, July 7th. They issued a "peer perform" rating for the company. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $12.00.

ADTRAN Stock Up 1.2%

NASDAQ:ADTN traded up $0.11 during mid-day trading on Thursday, hitting $9.45. 689,147 shares of the company's stock traded hands, compared to its average volume of 1,009,203. The company has a fifty day moving average of $9.08 and a 200 day moving average of $8.81. ADTRAN Holdings, Inc. has a twelve month low of $4.93 and a twelve month high of $12.44. The company has a market capitalization of $755.81 million, a P/E ratio of -7.21 and a beta of 1.30. The company has a debt-to-equity ratio of 1.12, a quick ratio of 1.19 and a current ratio of 1.96.

ADTRAN (NASDAQ:ADTN - Get Free Report) last announced its earnings results on Monday, August 4th. The communications equipment provider reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.01 by ($0.27). The business had revenue of $265.07 million for the quarter, compared to analyst estimates of $255.57 million. ADTRAN had a negative net margin of 11.02% and a negative return on equity of 10.09%. The company's quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the company earned ($0.24) earnings per share. On average, analysts forecast that ADTRAN Holdings, Inc. will post -0.5 EPS for the current year.

About ADTRAN

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.