Proficio Capital Partners LLC Purchases New Shares in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Proficio Capital Partners LLC acquired a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 36,019 shares of the communications equipment provider's stock, valued at approximately $300,000.

Several other institutional investors have also added to or reduced their stakes in ADTN. Assenagon Asset Management S.A. lifted its holdings in shares of ADTRAN by 39.7% during the fourth quarter. Assenagon Asset Management S.A. now owns 925,310 shares of the communications equipment provider's stock valued at $7,708,000 after purchasing an additional 263,156 shares in the last quarter. Victory Capital Management Inc. purchased a new position in ADTRAN in the 4th quarter worth about $1,012,000. Geode Capital Management LLC raised its position in ADTRAN by 3.7% in the 3rd quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider's stock worth $10,736,000 after buying an additional 63,960 shares during the last quarter. State Street Corp lifted its stake 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 valued at $10,484,000 after acquiring an additional 48,542 shares during the period. Finally, Kovack Advisors Inc. boosted its holdings in shares of ADTRAN by 2.7% during the 4th quarter. Kovack Advisors Inc. now owns 799,950 shares of the communications equipment provider's stock valued at $6,664,000 after acquiring an additional 21,100 shares during the last quarter. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

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

ADTRAN Price Performance

NASDAQ ADTN traded down $0.32 during trading hours on Friday, reaching $8.90. The company's stock had a trading volume of 621,606 shares, compared to its average volume of 906,299. ADTRAN Holdings, Inc. has a 1 year low of $4.34 and a 1 year high of $12.44. 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 company has a market capitalization of $710.75 million, a price-to-earnings ratio of -1.37 and a beta of 1.29. The firm's 50-day moving average price is $10.18 and its 200-day moving average price is $8.44.

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.