ADTRAN (NASDAQ:ADTN) CFO Timothy Santo Acquires 17,820 Shares of Stock

Key Points

• CFO Timothy Santo bought 17,820 ADTRAN shares at an average price of $4.16, spending about $74,131. The purchase increased his direct ownership by 29.74% to 77,744 shares.
• ADTRAN reported quarterly EPS of $0.09, beating the $0.04 consensus estimate, while revenue of $281.17 million came in below expectations of $285.15 million.
• Analysts’ consensus rating is Hold, with an average price target of $11.21; several firms recently lowered their targets or ratings.

ADTRAN Holdings, Inc. (NASDAQ:ADTN - Get Free Report) CFO Timothy Santo purchased 17,820 shares of the stock in a transaction that occurred on Friday, November 6th. The stock was acquired at an average cost of $4.16 per share, with a total value of $74,131.20. Following the completion of the acquisition, the chief financial officer directly owned 77,744 shares of the company's stock, valued at $323,415.04. This represents a 29.74% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

ADTRAN Stock Up 6.2%

ADTN stock traded up $0.25 during midday trading on Monday, reaching $4.29. 3,117,281 shares of the company were exchanged, compared to its average volume of 1,682,425. The company has a debt-to-equity ratio of 2.32, a quick ratio of 1.19 and a current ratio of 1.89. ADTRAN Holdings, Inc. has a 1-year low of $3.92 and a 1-year high of $19.98. The stock's 50-day simple moving average is $6.76 and its 200 day simple moving average is $10.90. The company has a market cap of $349.55 million, a price-to-earnings ratio of -16.50, a price-to-earnings-growth ratio of 2.90 and a beta of 1.53.

ADTRAN (NASDAQ:ADTN - Get Free Report) last issued its quarterly earnings data on Tuesday, November 3rd. The communications equipment provider reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.05. The business had revenue of $281.17 million during 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 company's revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.05 EPS. On average, equities analysts forecast that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ADTN. Needham & Company LLC cut their target price on ADTRAN from $14.00 to $9.00 and set a "buy" rating on the stock in a research report on Tuesday, November 3rd. B. Riley Financial restated a "buy" rating and set a $14.00 price target (down from $21.00) on shares of ADTRAN in a research note on Wednesday, November 4th. Northland Securities set a $15.00 price target on ADTRAN in a research note on Wednesday, August 5th. Wall Street Zen lowered ADTRAN from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, Rosenblatt Securities cut ADTRAN from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $15.00 to $6.25 in a research note on Tuesday, November 3rd. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $11.21.

Institutional Trading of ADTRAN

Institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of ADTRAN in the 2nd quarter worth approximately $108,923,000. Royce & Associates LP increased its stake in ADTRAN by 4.7% in the 3rd quarter. Royce & Associates LP now owns 3,111,416 shares of the communications equipment provider's stock valued at $21,267,000 after purchasing an additional 138,499 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in ADTRAN by 50.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,337,028 shares of the communications equipment provider's stock worth $16,817,000 after purchasing an additional 448,848 shares during the last quarter. William Blair Investment Management LLC acquired a new position in ADTRAN during the second quarter worth $15,276,000. Finally, Sei Investments Co. boosted its position in ADTRAN by 162.0% during the first quarter. Sei Investments Co. now owns 1,105,110 shares of the communications equipment provider's stock worth $13,902,000 after purchasing an additional 683,262 shares in the last quarter. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

About ADTRAN

ADTRAN Holdings, Inc NASDAQ: ADTN is a global telecommunications equipment and networking company that provides communications infrastructure for service providers, enterprises and other organizations. The company develops solutions that help network operators deliver broadband, voice, data and cloud-connected services over fiber, copper, wireless and other access technologies.

Its portfolio includes fiber access systems, passive optical networking equipment, broadband access platforms, Ethernet and data networking products, routers, switches, Wi-Fi solutions, fixed wireless access equipment and software for network management and automation.

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