21,590 Shares in ADTRAN Holdings, Inc. (NASDAQ:ADTN) Purchased by Arizona State Retirement System

Arizona State Retirement System bought a new position in ADTRAN Holdings, Inc. (NASDAQ:ADTN) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 21,590 shares of the communications equipment provider’s stock, valued at approximately $188,000.

A number of other institutional investors have also modified their holdings of the stock. Aquatic Capital Management LLC raised its holdings in shares of ADTRAN by 1,572.5% in the 4th quarter. Aquatic Capital Management LLC now owns 6,690 shares of the communications equipment provider’s stock valued at $56,000 after purchasing an additional 6,290 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of ADTRAN in the 1st quarter valued at about $65,000. Ballentine Partners LLC bought a new stake in shares of ADTRAN in the 1st quarter valued at about $94,000. SIH Partners LLLP bought a new stake in shares of ADTRAN in the 4th quarter valued at about $107,000. Finally, Hsbc Holdings PLC raised its holdings in shares of ADTRAN by 11.4% in the 4th quarter. Hsbc Holdings PLC now owns 14,681 shares of the communications equipment provider’s stock valued at $122,000 after purchasing an additional 1,501 shares in the last quarter. 80.56% of the stock is owned by hedge funds and other institutional investors.

ADTRAN Price Performance

Shares of ADTN opened at $9.42 on Wednesday. ADTRAN Holdings, Inc. has a 1-year low of $4.62 and a 1-year high of $12.44. The stock has a market cap of $753.41 million, a PE ratio of -5.54 and a beta of 1.32. The firm has a 50-day simple moving average of $8.54 and a two-hundred day simple moving average of $9.04. The company has a debt-to-equity ratio of 1.37, a current ratio of 2.02 and a quick ratio of 1.18.

ADTRAN (NASDAQ:ADTN) last posted 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 net margin of 14.58% and a negative return on equity of 20.07%. During the same period last year, the business earned $0.02 earnings per share. The company’s revenue was up 9.5% on a year-over-year basis. As a group, analysts forecast that ADTRAN Holdings, Inc. will post -0.5 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently commented on ADTN shares. Rosenblatt Securities reduced their price objective on shares of ADTRAN from $15.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Wall Street Zen raised shares of ADTRAN from a “hold” rating to a “buy” rating in a research report on Sunday. Needham & Company LLC dropped their price objective on shares of ADTRAN from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Friday, May 9th. Finally, Wolfe Research began coverage on shares of ADTRAN in a report on Monday, July 7th. They issued a “peer perform” rating on the stock. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $12.00.

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.