ADTRAN Holdings, Inc. (NASDAQ:ADTN) Shares Sold by Rhumbline Advisers

Rhumbline Advisers reduced its holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 1.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 122,047 shares of the communications equipment provider’s stock after selling 2,241 shares during the period. Rhumbline Advisers owned about 0.15% of ADTRAN worth $1,064,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. GAMMA Investing LLC boosted its holdings in ADTRAN by 762.1% in the first quarter. GAMMA Investing LLC now owns 27,355 shares of the communications equipment provider’s stock valued at $239,000 after purchasing an additional 24,182 shares during the last quarter. Squarepoint Ops LLC lifted its holdings in shares of ADTRAN by 11.5% in the 4th quarter. Squarepoint Ops LLC now owns 387,944 shares of the communications equipment provider’s stock valued at $3,232,000 after buying an additional 39,978 shares during the period. Two Sigma Investments LP boosted its stake in shares of ADTRAN by 5.6% in the fourth quarter. Two Sigma Investments LP now owns 96,968 shares of the communications equipment provider’s stock worth $808,000 after buying an additional 5,168 shares during the last quarter. Shellback Capital LP purchased a new stake in shares of ADTRAN in the fourth quarter worth about $1,653,000. Finally, ProShare Advisors LLC grew its holdings in ADTRAN by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 22,180 shares of the communications equipment provider’s stock worth $185,000 after acquiring an additional 7,299 shares during the period. Institutional investors and hedge funds own 80.56% of the company’s stock.

Wall Street Analyst Weigh In

ADTN has been the subject of a number of analyst reports. Rosenblatt Securities decreased their price target on ADTRAN from $15.00 to $11.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Needham & Company LLC cut their target price on shares of ADTRAN from $14.00 to $12.00 and set a “buy” rating for the company in a report on Friday, May 9th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.00.

ADTRAN Price Performance

NASDAQ:ADTN opened at $7.94 on Friday. The company has a quick ratio of 1.18, a current ratio of 2.02 and a debt-to-equity ratio of 1.37. ADTRAN Holdings, Inc. has a 52 week low of $4.62 and a 52 week high of $12.44. The stock’s 50-day moving average price is $7.88 and its 200-day moving average price is $8.93. The stock has a market capitalization of $635.04 million, a PE ratio of -4.67 and a beta of 1.30.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Wednesday, May 7th. The communications equipment provider reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.02) by $0.05. ADTRAN had a negative return on equity of 20.07% and a negative net margin of 14.58%. The business’s quarterly revenue was up 9.5% compared to the same quarter last year. During the same period last year, the company earned $0.02 EPS. As a group, equities analysts expect that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal 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.