Geode Capital Management LLC Increases Stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Geode Capital Management LLC increased its stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 3.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,810,112 shares of the communications equipment provider's stock after purchasing an additional 63,960 shares during the period. Geode Capital Management LLC owned approximately 2.28% of ADTRAN worth $10,736,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADTN. Blue Trust Inc. increased its stake in shares of ADTRAN by 798.7% in the 3rd quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider's stock valued at $28,000 after purchasing an additional 4,177 shares during the last quarter. Park Avenue Securities LLC acquired a new position in shares of ADTRAN during the third quarter worth $65,000. Point72 DIFC Ltd acquired a new stake in shares of ADTRAN during the 2nd quarter valued at $69,000. Intech Investment Management LLC acquired a new stake in shares of ADTRAN during the 3rd quarter valued at $92,000. Finally, Harbor Capital Advisors Inc. boosted its holdings in ADTRAN by 94.8% in the third quarter. Harbor Capital Advisors Inc. now owns 18,906 shares of the communications equipment provider's stock valued at $112,000 after acquiring an additional 9,202 shares during the last quarter. Institutional investors and hedge funds own 80.56% of the company's stock.

ADTRAN Stock Performance

ADTN traded up $0.03 during trading on Wednesday, hitting $8.33. 781,649 shares of the company traded hands, compared to its average volume of 793,007. ADTRAN Holdings, Inc. has a one year low of $4.34 and a one year high of $9.21. The stock's fifty day moving average is $7.86 and its 200 day moving average is $6.38. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89. The firm has a market cap of $660.62 million, a P/E ratio of -1.28 and a beta of 1.29.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on ADTN shares. Northland Securities boosted their price target on shares of ADTRAN from $9.00 to $10.00 and gave the stock an "outperform" rating in a research report on Thursday, December 19th. Needham & Company LLC boosted their target price on shares of ADTRAN from $8.00 to $11.00 and gave the company a "buy" rating in a report on Friday, November 8th. Rosenblatt Securities upgraded ADTRAN from a "neutral" rating to a "buy" rating and increased their price target for the stock from $6.00 to $10.00 in a report on Friday, November 8th. Finally, StockNews.com raised ADTRAN from a "sell" rating to a "hold" rating in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $10.33.

ADTRAN 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.