Needham Investment Management LLC Decreases Stock Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Needham Investment Management LLC reduced its holdings in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 5.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,335,000 shares of the communications equipment provider’s stock after selling 75,000 shares during the quarter. Needham Investment Management LLC owned approximately 1.68% of ADTRAN worth $7,917,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of ADTN. Price T Rowe Associates Inc. MD boosted its holdings in shares of ADTRAN by 3.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 83,155 shares of the communications equipment provider’s stock worth $453,000 after purchasing an additional 2,764 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in ADTRAN by 37.9% in the first quarter. Public Employees Retirement System of Ohio now owns 118,066 shares of the communications equipment provider’s stock valued at $642,000 after acquiring an additional 32,446 shares during the last quarter. SG Americas Securities LLC acquired a new stake in ADTRAN during the second quarter worth about $90,000. Assenagon Asset Management S.A. acquired a new position in shares of ADTRAN in the 2nd quarter valued at about $212,000. Finally, Versor Investments LP increased its position in ADTRAN by 36.5% during the 2nd quarter. Versor Investments LP now owns 30,300 shares of the communications equipment provider’s stock worth $159,000 after purchasing an additional 8,100 shares in the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

ADTRAN Stock Down 1.0 %

ADTRAN stock traded down $0.09 during mid-day trading on Tuesday, reaching $8.56. The company’s stock had a trading volume of 96,815 shares, compared to its average volume of 809,840. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10. ADTRAN Holdings, Inc. has a twelve month low of $4.34 and a twelve month high of $9.05. The business has a 50 day moving average price of $6.82 and a 200-day moving average price of $5.92.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. StockNews.com upgraded ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Needham & Company LLC increased their price target on ADTRAN from $8.00 to $11.00 and gave the company a “buy” rating in a report on Friday, November 8th. Finally, Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $6.00 to $10.00 in a report on Friday, November 8th. One equities 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.com, the company currently has an average rating of “Buy” and a consensus target price of $9.50.

About ADTRAN

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.