Federated Hermes Inc. Purchases New Holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Federated Hermes Inc. purchased a new stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,139,408 shares of the communications equipment provider’s stock, valued at approximately $8,363,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Keeley Teton Advisors LLC increased its position in shares of ADTRAN by 154.6% during the third quarter. Keeley Teton Advisors LLC now owns 404,935 shares of the communications equipment provider’s stock valued at $3,333,000 after acquiring an additional 245,911 shares during the last quarter. William Blair Investment Management LLC increased its position in shares of ADTRAN by 57.2% during the third quarter. William Blair Investment Management LLC now owns 2,405,839 shares of the communications equipment provider’s stock valued at $19,800,000 after acquiring an additional 875,140 shares during the last quarter. B. Riley Asset Management LLC increased its position in shares of ADTRAN by 17.3% during the third quarter. B. Riley Asset Management LLC now owns 360,555 shares of the communications equipment provider’s stock valued at $2,967,000 after acquiring an additional 53,155 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in ADTRAN in the third quarter worth $137,000. Finally, Paradigm Capital Management Inc. NY raised its stake in shares of ADTRAN by 606.7% in the third quarter. Paradigm Capital Management Inc. NY now owns 673,900 shares of the communications equipment provider’s stock valued at $5,546,000 after buying an additional 578,543 shares during the period. 80.56% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on ADTN shares. StockNews.com upgraded ADTRAN to a “sell” rating in a research note on Wednesday, March 6th. Needham & Company LLC restated a “buy” rating and issued a $8.00 target price on shares of ADTRAN in a research note on Wednesday, April 17th. Finally, Rosenblatt Securities lowered their target price on ADTRAN from $8.00 to $7.50 and set a “neutral” rating on the stock in a research note on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $10.50.

ADTRAN Price Performance

Shares of NASDAQ ADTN opened at $4.75 on Thursday. The stock has a market cap of $375.82 million, a PE ratio of -1.48 and a beta of 1.13. ADTRAN Holdings, Inc. has a fifty-two week low of $4.59 and a fifty-two week high of $11.02. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.34 and a current ratio of 2.64. The stock has a fifty day moving average of $5.55 and a 200-day moving average of $6.25.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Monday, February 26th. The communications equipment provider reported ($1.13) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($1.01). The company had revenue of $225.48 million during the quarter, compared to analysts’ expectations of $232.45 million. ADTRAN had a negative net margin of 21.80% and a negative return on equity of 15.65%. Equities research analysts anticipate that ADTRAN Holdings, Inc. will post -0.25 earnings per share for the current year.

ADTRAN 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.