Kerrisdale Advisers LLC Sells 481,491 Shares of ADTRAN Holdings, Inc. $ADTN

Kerrisdale Advisers LLC cut its stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 87.2% in the second quarter, HoldingsChannel.com reports. The fund owned 70,519 shares of the communications equipment provider’s stock after selling 481,491 shares during the period. Kerrisdale Advisers LLC’s holdings in ADTRAN were worth $980,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. bought a new stake in ADTRAN in the second quarter valued at approximately $108,923,000. DNB Asset Management AS increased its position in shares of ADTRAN by 7.6% in the 4th quarter. DNB Asset Management AS now owns 3,123,679 shares of the communications equipment provider’s stock valued at $27,145,000 after buying an additional 219,810 shares in the last quarter. Millennium Management LLC lifted its holdings in ADTRAN by 371.2% during the fourth quarter. Millennium Management LLC now owns 2,694,800 shares of the communications equipment provider’s stock worth $23,418,000 after acquiring an additional 2,122,844 shares in the last quarter. Royce & Associates LP grew its stake in ADTRAN by 7.7% in the fourth quarter. Royce & Associates LP now owns 2,597,013 shares of the communications equipment provider’s stock valued at $22,568,000 after acquiring an additional 186,238 shares during the period. Finally, State Street Corp grew its stake in ADTRAN by 4.5% in the fourth quarter. State Street Corp now owns 1,985,890 shares of the communications equipment provider’s stock valued at $17,257,000 after acquiring an additional 86,382 shares during the period. Institutional investors own 80.56% of the company’s stock.

ADTRAN Price Performance

Shares of ADTN opened at $7.72 on Monday. The company has a market cap of $629.03 million, a price-to-earnings ratio of -27.57 and a beta of 1.47. ADTRAN Holdings, Inc. has a 1-year low of $7.11 and a 1-year high of $19.98. The company’s fifty day simple moving average is $10.44 and its 200 day simple moving average is $12.56. The company has a current ratio of 1.79, a quick ratio of 1.19 and a debt-to-equity ratio of 1.69.

ADTRAN (NASDAQ:ADTN) last announced its quarterly 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). ADTRAN had a negative net margin of 2.29% and a positive return on equity of 14.24%. The firm had revenue of $281.15 million during the quarter, compared to analyst estimates of $290.19 million. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, research analysts forecast that ADTRAN Holdings, Inc. will post 0.16 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Evercore set a $11.00 price target on ADTRAN in a research report on Wednesday, August 5th. B. Riley Financial reissued a “buy” rating and set a $21.00 target price (down from $23.00) on shares of ADTRAN in a research note on Thursday, July 23rd. Zacks Research lowered shares of ADTRAN from a “hold” rating to a “strong sell” rating in a research note on Tuesday, August 4th. Craig Hallum set a $12.00 target price on shares of ADTRAN in a research note on Wednesday, August 5th. Finally, Northland Securities set a $15.00 price target on ADTRAN in a research note on Wednesday, August 5th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $14.67.

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.