Principal Financial Group Inc. Cuts Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Principal Financial Group Inc. cut its stake in ADTRAN Holdings, Inc. (NASDAQ:ADTNFree Report) by 6.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 382,448 shares of the communications equipment provider’s stock after selling 24,723 shares during the period. Principal Financial Group Inc. owned about 0.49% of ADTRAN worth $3,148,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. FMR LLC boosted its position in ADTRAN by 41.3% during the second quarter. FMR LLC now owns 1,965 shares of the communications equipment provider’s stock valued at $35,000 after buying an additional 574 shares during the period. Envestnet Asset Management Inc. boosted its position in ADTRAN by 3.3% during the first quarter. Envestnet Asset Management Inc. now owns 18,255 shares of the communications equipment provider’s stock valued at $337,000 after buying an additional 585 shares during the period. Raymond James & Associates boosted its position in ADTRAN by 5.3% during the first quarter. Raymond James & Associates now owns 19,939 shares of the communications equipment provider’s stock valued at $368,000 after buying an additional 995 shares during the period. Vident Investment Advisory LLC boosted its position in ADTRAN by 6.1% during the first quarter. Vident Investment Advisory LLC now owns 19,517 shares of the communications equipment provider’s stock valued at $360,000 after buying an additional 1,130 shares during the period. Finally, Legal & General Group Plc boosted its position in ADTRAN by 1.0% during the second quarter. Legal & General Group Plc now owns 117,812 shares of the communications equipment provider’s stock valued at $2,066,000 after buying an additional 1,221 shares during the period. 81.88% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on ADTN shares. Needham & Company LLC restated a “buy” rating and set a $9.00 price target on shares of ADTRAN in a research report on Wednesday, January 17th. Rosenblatt Securities increased their target price on shares of ADTRAN from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Friday, December 15th. StockNews.com upgraded shares of ADTRAN to a “sell” rating in a report on Wednesday, January 31st. Finally, Argus lowered shares of ADTRAN from a “buy” rating to a “hold” rating in a report on Monday, November 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, ADTRAN currently has a consensus rating of “Hold” and an average price target of $15.40.

Check Out Our Latest Stock Report on ADTRAN

ADTRAN Price Performance

ADTN stock opened at $6.40 on Friday. ADTRAN Holdings, Inc. has a 1 year low of $4.91 and a 1 year high of $17.99. The company has a market cap of $503.68 million, a P/E ratio of -4.89 and a beta of 1.17. The firm has a 50-day moving average of $6.86 and a 200 day moving average of $7.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.73 and a quick ratio of 1.42.

ADTRAN (NASDAQ:ADTNGet Free Report) last released its quarterly earnings results on Monday, November 6th. The communications equipment provider reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.03). ADTRAN had a negative return on equity of 2.68% and a negative net margin of 7.93%. The company had revenue of $272.33 million during the quarter, compared to the consensus estimate of $284.80 million. On average, sell-side analysts forecast that ADTRAN Holdings, Inc. will post -0.46 EPS for the current year.

ADTRAN Company Profile

(Free Report)

ADTRAN Holdings, Inc, through its subsidiaries, provides end-to-end fiber networking solutions for communications service provider, enterprises, and government customers in the United States, Germany, the United Kingdom, Mexico, and internationally. It operates through two segments, Network Solutions, and Services & Support.

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Institutional Ownership by Quarter for ADTRAN (NASDAQ:ADTN)

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