Massachusetts Financial Services Co. MA Sells 1,688 Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Massachusetts Financial Services Co. MA lessened its stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 2.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,715 shares of the communications equipment provider’s stock after selling 1,688 shares during the period. Massachusetts Financial Services Co. MA owned about 0.09% of ADTRAN worth $413,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Blue Trust Inc. lifted its position in ADTRAN by 798.7% in the third quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 4,177 shares during the last quarter. Park Avenue Securities LLC bought a new stake in ADTRAN during the 3rd quarter valued at $65,000. Point72 DIFC Ltd purchased a new stake in ADTRAN during the 2nd quarter valued at $69,000. SG Americas Securities LLC bought a new stake in ADTRAN in the 2nd quarter worth $90,000. Finally, Intech Investment Management LLC purchased a new position in shares of ADTRAN in the third quarter valued at about $92,000. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

ADTRAN Trading Down 2.1 %

Shares of ADTN opened at $8.39 on Thursday. ADTRAN Holdings, Inc. has a 1-year low of $4.34 and a 1-year high of $9.05. The firm has a market capitalization of $665.41 million, a price-to-earnings ratio of -1.29 and a beta of 1.20. The firm’s 50-day moving average price is $6.60 and its 200-day moving average price is $5.84. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89.

Analysts Set New Price Targets

ADTN has been the subject of a number of analyst reports. Rosenblatt Securities upgraded shares of ADTRAN from a “neutral” rating to a “buy” rating and increased their target price for the stock from $6.00 to $10.00 in a report on Friday, November 8th. StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Needham & Company LLC boosted their target price on ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, ADTRAN has an average rating of “Buy” and a consensus target price of $9.50.

ADTRAN Company Profile

ADTRAN Holdings, Inc, through its subsidiaries, provides networking and communications platforms, software, systems, and services in the United States, Germany, the United Kingdom, and internationally. It operates through two segments, Network Solutions, and Services & Support. It offers residential gateways; ethernet passive optical network ONUs; gigabit passive optical network/XGS-PON ONTs; traditional SSE, routers, and switches; edge cloud; carrier ethernet network interface devices; Optical Line Terminals; Packet Aggregation, Copper Access, and Oscilloquartz; optical transport and engine solutions; infrastructure monitoring solution; and training, professional, software, and managed services.