Assenagon Asset Management S.A. Sells 807,494 Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Assenagon Asset Management S.A. trimmed its position in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 87.3% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 117,816 shares of the communications equipment provider’s stock after selling 807,494 shares during the period. Assenagon Asset Management S.A. owned about 0.15% of ADTRAN worth $1,027,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ADTN. Schonfeld Strategic Advisors LLC bought a new stake in ADTRAN in the 4th quarter worth about $12,921,000. JPMorgan Chase & Co. grew its position in ADTRAN by 591.5% in the 4th quarter. JPMorgan Chase & Co. now owns 863,807 shares of the communications equipment provider’s stock worth $7,196,000 after purchasing an additional 738,893 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in ADTRAN in the 4th quarter worth about $6,095,000. Royce & Associates LP bought a new stake in ADTRAN in the 4th quarter worth about $4,061,000. Finally, 1492 Capital Management LLC bought a new stake in ADTRAN in the 4th quarter worth about $3,033,000. 80.56% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on ADTN shares. Rosenblatt Securities dropped their target price on shares of ADTRAN from $15.00 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Needham & Company LLC dropped their target price on shares of ADTRAN from $14.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.00.

ADTRAN Stock Up 1.8%

ADTN opened at $7.94 on Thursday. The company has a quick ratio of 1.18, a current ratio of 2.02 and a debt-to-equity ratio of 1.37. The stock has a market cap of $635.04 million, a price-to-earnings ratio of -4.67 and a beta of 1.30. ADTRAN Holdings, Inc. has a twelve month low of $4.62 and a twelve month high of $12.44. The company’s 50-day moving average price is $7.87 and its two-hundred day moving average price is $8.93.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Wednesday, May 7th. The communications equipment provider reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.05. ADTRAN had a negative net margin of 14.58% and a negative return on equity of 20.07%. The firm’s quarterly revenue was up 9.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.02 EPS. As a group, equities analysts expect that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current year.

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.