Sei Investments Co. Boosts Stock Position in ADTRAN Holdings, Inc. $ADTN

Sei Investments Co. raised its stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 162.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,105,110 shares of the communications equipment provider’s stock after buying an additional 683,262 shares during the quarter. Sei Investments Co.’s holdings in ADTRAN were worth $13,902,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. DNB Asset Management AS grew its stake in shares of ADTRAN by 7.6% in the fourth quarter. DNB Asset Management AS now owns 3,123,679 shares of the communications equipment provider’s stock worth $27,145,000 after acquiring an additional 219,810 shares during the last quarter. Millennium Management LLC grew its position in ADTRAN by 371.2% during the 4th quarter. Millennium Management LLC now owns 2,694,800 shares of the communications equipment provider’s stock valued at $23,418,000 after purchasing an additional 2,122,844 shares during the last quarter. Royce & Associates LP increased its stake in ADTRAN by 7.7% during the 4th quarter. Royce & Associates LP now owns 2,597,013 shares of the communications equipment provider’s stock valued at $22,568,000 after purchasing an additional 186,238 shares in the last quarter. State Street Corp increased its stake in ADTRAN by 4.5% during the 4th quarter. State Street Corp now owns 1,985,890 shares of the communications equipment provider’s stock valued at $17,257,000 after purchasing an additional 86,382 shares in the last quarter. Finally, Needham Investment Management LLC raised its holdings in ADTRAN by 23.2% in the fourth quarter. Needham Investment Management LLC now owns 1,447,500 shares of the communications equipment provider’s stock worth $12,579,000 after buying an additional 272,500 shares during the last quarter. 80.56% of the stock is owned by institutional investors.

ADTRAN Price Performance

ADTN opened at $8.42 on Friday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.18 and a current ratio of 1.77. The stock has a market capitalization of $685.81 million, a P/E ratio of -21.59 and a beta of 1.44. The company’s 50-day simple moving average is $13.83 and its two-hundred day simple moving average is $12.77. ADTRAN Holdings, Inc. has a 52-week low of $7.11 and a 52-week high of $19.98.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings results on Tuesday, May 5th. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.05. ADTRAN had a negative net margin of 3.18% and a positive return on equity of 10.94%. The firm had revenue of $286.09 million for the quarter, compared to the consensus estimate of $285.48 million. During the same quarter last year, the firm posted $0.03 EPS. The business’s quarterly revenue was up 15.5% compared to the same quarter last year. As a group, analysts predict that ADTRAN Holdings, Inc. will post 0.23 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. B. Riley Financial reiterated a “buy” rating and set a $21.00 price target (down from $23.00) on shares of ADTRAN in a report on Thursday, July 23rd. Northland Securities set a $18.00 price objective on shares of ADTRAN in a report on Wednesday, May 6th. Evercore assumed coverage on ADTRAN in a research report on Tuesday, April 14th. They issued an “outperform” rating and a $18.00 price objective on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of ADTRAN in a research note on Tuesday, June 30th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $20.00 target price on shares of ADTRAN in a report on Thursday, July 23rd. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.20.

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.