ADTRAN Holdings, Inc. $ADTN Position Cut by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. reduced its holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 59.4% during the 1st quarter, Holdings Channel reports. The fund owned 457,952 shares of the communications equipment provider’s stock after selling 671,095 shares during the quarter. Assenagon Asset Management S.A.’s holdings in ADTRAN were worth $5,761,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the business. Quarry LP acquired a new position in ADTRAN during the 3rd quarter worth $36,000. Kestra Advisory Services LLC acquired a new position in shares of ADTRAN during the fourth quarter valued at $36,000. ST Germain D J Co. Inc. increased its holdings in shares of ADTRAN by 100.0% during the fourth quarter. ST Germain D J Co. Inc. now owns 5,000 shares of the communications equipment provider’s stock valued at $43,000 after purchasing an additional 2,500 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of ADTRAN during the fourth quarter valued at $47,000. Finally, Freestone Grove Partners LP bought a new stake in shares of ADTRAN during the fourth quarter valued at about $87,000. Institutional investors own 80.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Rosenblatt Securities upped their price objective on shares of ADTRAN from $16.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Evercore initiated coverage on shares of ADTRAN in a research note on Tuesday, April 14th. They set an “outperform” rating and a $18.00 target price on the stock. Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of ADTRAN in a research report on Wednesday, May 6th. B. Riley Financial reaffirmed a “buy” rating on shares of ADTRAN in a research note on Friday, May 1st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of ADTRAN in a report on Thursday, April 2nd. Four research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $18.00.

ADTRAN Price Performance

NASDAQ:ADTN opened at $13.75 on Tuesday. The business’s 50-day moving average price is $15.79 and its 200 day moving average price is $12.30. The firm has a market cap of $1.11 billion, a P/E ratio of -35.26 and a beta of 1.42. ADTRAN Holdings, Inc. has a 52-week low of $7.11 and a 52-week high of $19.98. The company has a quick ratio of 1.18, a current ratio of 1.77 and a debt-to-equity ratio of 1.59.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings results on Tuesday, May 5th. The communications equipment provider reported $0.14 EPS for the quarter, topping the consensus estimate of $0.09 by $0.05. ADTRAN had a negative net margin of 3.18% and a positive return on equity of 10.94%. The firm had revenue of $286.09 million for the quarter, compared to analysts’ expectations of $285.48 million. During the same period in the previous year, the business earned $0.03 earnings per share. ADTRAN’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, sell-side analysts predict that ADTRAN Holdings, Inc. will post 0.43 earnings per share for the current fiscal year.

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.