Royal Bank of Canada Sells 78,318 Shares of ADTRAN Holdings, Inc. $ADTN

Royal Bank of Canada cut its stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 14.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 457,402 shares of the communications equipment provider’s stock after selling 78,318 shares during the quarter. Royal Bank of Canada owned approximately 0.56% of ADTRAN worth $5,754,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. AQR Capital Management LLC raised its stake in ADTRAN by 253.7% during the 1st quarter. AQR Capital Management LLC now owns 348,478 shares of the communications equipment provider’s stock worth $3,039,000 after acquiring an additional 249,954 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of 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 purchasing an additional 1,946 shares during the period. Legal & General Group Plc boosted its position in shares of ADTRAN by 13.9% in the second quarter. Legal & General Group Plc now owns 113,480 shares of the communications equipment provider’s stock worth $1,018,000 after purchasing an additional 13,821 shares during the period. American Century Companies Inc. boosted its position in shares of ADTRAN by 11.2% in the second quarter. American Century Companies Inc. now owns 224,015 shares of the communications equipment provider’s stock worth $2,009,000 after purchasing an additional 22,524 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of ADTRAN by 17.6% in the second quarter. Russell Investments Group Ltd. now owns 88,384 shares of the communications equipment provider’s stock worth $793,000 after purchasing an additional 13,222 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ADTN. Rosenblatt Securities decreased their price objective on shares of ADTRAN from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, August 5th. Evercore set a $11.00 price target on ADTRAN in a research note on Wednesday, August 5th. Needham & Company LLC cut their price target on ADTRAN from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Thursday, July 23rd. Northland Securities set a $15.00 price target on ADTRAN in a report on Wednesday, August 5th. Finally, B. Riley Financial restated a “buy” rating and issued a $21.00 price objective (down from $23.00) on shares of ADTRAN in a research report on Thursday, July 23rd. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $14.67.

ADTRAN Trading Up 5.2%

ADTRAN stock opened at $8.16 on Thursday. The stock has a market cap of $664.88 million, a P/E ratio of -29.14 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 Holdings, Inc. has a 1 year low of $7.11 and a 1 year high of $19.98. The firm’s 50 day moving average price is $12.19 and its 200-day moving average price is $12.69.

ADTRAN (NASDAQ:ADTN) last issued its earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.06). The company had revenue of $281.15 million for the quarter, compared to the consensus estimate of $290.19 million. ADTRAN had a positive return on equity of 14.24% and a negative net margin of 2.29%.The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, equities analysts predict that ADTRAN Holdings, Inc. will post 0.24 earnings per share for the current fiscal 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.