Assenagon Asset Management S.A. Has $8.75 Million Stock Position in ADTRAN Holdings, Inc. $ADTN

Assenagon Asset Management S.A. boosted its position in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 691.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 932,680 shares of the communications equipment provider’s stock after buying an additional 814,864 shares during the quarter. Assenagon Asset Management S.A. owned approximately 1.17% of ADTRAN worth $8,749,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in ADTRAN by 7.6% during the first quarter. Vanguard Group Inc. now owns 7,093,931 shares of the communications equipment provider’s stock valued at $61,859,000 after acquiring an additional 501,512 shares during the period. Swiss National Bank acquired a new position in shares of ADTRAN during the 1st quarter worth about $1,273,000. Invesco Ltd. boosted its stake in ADTRAN by 325.4% during the 1st quarter. Invesco Ltd. now owns 1,183,180 shares of the communications equipment provider’s stock valued at $10,317,000 after purchasing an additional 905,056 shares during the period. Nuveen LLC bought a new stake in ADTRAN during the 1st quarter valued at approximately $1,990,000. Finally, Russell Investments Group Ltd. grew its holdings in ADTRAN by 257.3% in the 1st quarter. Russell Investments Group Ltd. now owns 75,162 shares of the communications equipment provider’s stock valued at $655,000 after buying an additional 54,125 shares during the last quarter. Institutional investors own 80.56% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on ADTN shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of ADTRAN in a report on Wednesday, October 8th. Needham & Company LLC reissued a “buy” rating and issued a $12.00 price target on shares of ADTRAN in a report on Tuesday, November 25th. Wall Street Zen lowered shares of ADTRAN from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Rosenblatt Securities reaffirmed a “buy” rating and set a $11.00 price objective on shares of ADTRAN in a research report on Wednesday, November 5th. Finally, B. Riley started coverage on ADTRAN in a research report on Thursday, September 18th. They set a “buy” rating and a $16.00 target price on the stock. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $13.50.

Insider Buying and Selling at ADTRAN

In related news, CFO Timothy P. Santo acquired 6,150 shares of the business’s stock in a transaction on Friday, November 28th. The stock was bought at an average cost of $8.02 per share, with a total value of $49,323.00. Following the completion of the acquisition, the chief financial officer owned 26,594 shares in the company, valued at $213,283.88. The trade was a 30.08% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Thomas R. Stanton bought 40,928 shares of ADTRAN stock in a transaction dated Monday, November 24th. The stock was purchased at an average price of $7.33 per share, for a total transaction of $300,002.24. Following the purchase, the chief executive officer directly owned 982,096 shares in the company, valued at $7,198,763.68. This represents a 4.35% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 59,937 shares of company stock worth $449,754 over the last three months. Company insiders own 1.50% of the company’s stock.

ADTRAN Price Performance

NASDAQ:ADTN opened at $8.69 on Friday. The company has a market capitalization of $696.24 million, a price-to-earnings ratio of -8.12 and a beta of 1.39. The company has a 50-day moving average of $8.58 and a 200-day moving average of $8.90. ADTRAN Holdings, Inc. has a 52 week low of $6.93 and a 52 week high of $12.44. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.23 and a current ratio of 1.96.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings results on Friday, March 15th. The communications equipment provider reported $0.89 earnings per share (EPS) for the quarter. ADTRAN had a negative net margin of 8.44% and a negative return on equity of 4.63%. The firm had revenue of $358.27 million during the quarter. As a group, equities research analysts anticipate that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

ADTRAN Company Profile

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.