Arrowstreet Capital Limited Partnership Acquires New Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Arrowstreet Capital Limited Partnership purchased a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 731,745 shares of the communications equipment provider's stock, valued at approximately $6,095,000. Arrowstreet Capital Limited Partnership owned 0.92% of ADTRAN as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of ADTN. Intech Investment Management LLC purchased a new stake in shares of ADTRAN in the 3rd quarter worth $92,000. Point72 Asset Management L.P. bought a new stake in shares of ADTRAN in the third quarter valued at about $114,000. Quantinno Capital Management LP purchased a new stake in ADTRAN in the third quarter worth about $120,000. State Street Corp grew its holdings in ADTRAN by 2.8% during the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider's stock worth $10,484,000 after acquiring an additional 48,542 shares in the last quarter. Finally, Barclays PLC increased its position in ADTRAN by 11.4% during the 3rd quarter. Barclays PLC now owns 115,741 shares of the communications equipment provider's stock valued at $686,000 after purchasing an additional 11,880 shares during the period. Institutional investors own 80.56% of the company's stock.

ADTRAN Stock Up 1.1 %

ADTN traded up $0.08 during trading on Friday, hitting $7.62. The stock had a trading volume of 547,049 shares, compared to its average volume of 924,569. The stock has a 50 day simple moving average of $9.63 and a two-hundred day simple moving average of $8.60. The company has a market capitalization of $609.31 million, a PE ratio of -1.17 and a beta of 1.46. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10. ADTRAN Holdings, Inc. has a twelve month low of $4.34 and a twelve month high of $12.44.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Craig Hallum started coverage on shares of ADTRAN in a research report on Wednesday, January 8th. They issued a "buy" rating and a $15.00 price target for the company. Needham & Company LLC upped their target price on ADTRAN from $11.00 to $14.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Northland Securities increased their target price on ADTRAN from $9.00 to $10.00 and gave the company an "outperform" rating in a research report on Thursday, December 19th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $15.00 price target on shares of ADTRAN in a research report on Friday, February 28th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $13.50.

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.