Royce & Associates LP Acquires Shares of 487,500 ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Royce & Associates LP purchased a new position in ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 487,500 shares of the communications equipment provider’s stock, valued at approximately $4,061,000. Royce & Associates LP owned about 0.61% of ADTRAN at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Intech Investment Management LLC purchased a new position in shares of ADTRAN in the third quarter worth $92,000. Point72 Asset Management L.P. purchased a new position in shares of ADTRAN in the third quarter worth $114,000. Inceptionr LLC purchased a new position in shares of ADTRAN in the fourth quarter worth $162,000. Quantinno Capital Management LP purchased a new position in shares of ADTRAN in the third quarter worth $120,000. Finally, Catalyst Funds Management Pty Ltd raised its stake in shares of ADTRAN by 6.0% in the fourth quarter. Catalyst Funds Management Pty Ltd now owns 22,800 shares of the communications equipment provider’s stock worth $190,000 after purchasing an additional 1,300 shares during the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

ADTRAN Stock Performance

NASDAQ:ADTN opened at $9.00 on Thursday. The stock has a 50-day simple moving average of $10.31 and a two-hundred day simple moving average of $8.22. ADTRAN Holdings, Inc. has a 52-week low of $4.34 and a 52-week high of $12.44. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10. The firm has a market capitalization of $718.74 million, a PE ratio of -1.38 and a beta of 1.29.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ADTN. Craig Hallum started coverage on ADTRAN in a research note on Wednesday, January 8th. They issued a “buy” rating and a $15.00 price target for the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $15.00 price objective on shares of ADTRAN in a report on Friday, February 28th. Needham & Company LLC lifted their price objective on ADTRAN from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Finally, Northland Securities lifted their price objective on ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Thursday, December 19th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $13.50.

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.