Charles Schwab Investment Management Inc. Sells 135,485 Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Charles Schwab Investment Management Inc. trimmed its holdings in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 13.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 880,973 shares of the communications equipment provider's stock after selling 135,485 shares during the quarter. Charles Schwab Investment Management Inc. owned 1.11% of ADTRAN worth $5,224,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of ADTN. Renaissance Technologies LLC increased its holdings in shares of ADTRAN by 26.4% in the second quarter. Renaissance Technologies LLC now owns 680,340 shares of the communications equipment provider's stock worth $3,579,000 after purchasing an additional 142,100 shares during the period. Paradigm Capital Management Inc. NY lifted its stake in ADTRAN by 173.1% in the second quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider's stock worth $12,872,000 after purchasing an additional 1,551,000 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in ADTRAN during the 2nd quarter valued at about $681,000. Divisar Capital Management LLC increased its stake in ADTRAN by 25.0% in the 2nd quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider's stock worth $30,195,000 after purchasing an additional 1,146,774 shares during the period. Finally, GSA Capital Partners LLP increased its stake in ADTRAN by 99.3% in the 3rd quarter. GSA Capital Partners LLP now owns 491,414 shares of the communications equipment provider's stock worth $2,914,000 after purchasing an additional 244,901 shares during the period. 80.56% of the stock is owned by hedge funds and other institutional investors.

ADTRAN Stock Performance

ADTRAN stock traded down $0.21 during trading hours on Friday, hitting $8.65. 329,759 shares of the stock traded hands, compared to its average volume of 800,240. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10. The firm's 50-day moving average price is $7.26 and its two-hundred day moving average price is $6.10. ADTRAN Holdings, Inc. has a one year low of $4.34 and a one year high of $9.21.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. StockNews.com upgraded shares of ADTRAN from a "sell" rating to a "hold" rating in a report on Wednesday, October 2nd. Needham & Company LLC upped their price objective on shares of ADTRAN from $8.00 to $11.00 and gave the company a "buy" rating in a research note on Friday, November 8th. Finally, Rosenblatt Securities raised ADTRAN from a "neutral" rating to a "buy" rating and raised their target price for the stock from $6.00 to $10.00 in a research note on Friday, November 8th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, ADTRAN presently has a consensus rating of "Buy" and an average target price of $9.50.

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.