Raymond James Financial Inc. Makes New Investment in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Raymond James Financial Inc. acquired a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 257,591 shares of the communications equipment provider's stock, valued at approximately $2,146,000. Raymond James Financial Inc. owned about 0.32% of ADTRAN at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Geode Capital Management LLC lifted its stake in ADTRAN by 3.7% in the third quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider's stock valued at $10,736,000 after acquiring an additional 63,960 shares during the last quarter. State Street Corp raised its holdings in shares of ADTRAN by 2.8% in 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 purchasing an additional 48,542 shares during the period. Assenagon Asset Management S.A. lifted its stake in ADTRAN by 39.7% in the 4th 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 during the last quarter. Kovack Advisors Inc. grew its holdings in ADTRAN by 2.7% during the fourth quarter. Kovack Advisors Inc. now owns 799,950 shares of the communications equipment provider's stock worth $6,664,000 after purchasing an additional 21,100 shares during the period. Finally, JPMorgan Chase & Co. increased its position in ADTRAN by 12.1% during the third quarter. JPMorgan Chase & Co. now owns 124,914 shares of the communications equipment provider's stock worth $741,000 after buying an additional 13,478 shares during the last quarter. 80.56% of the stock is owned by institutional investors.

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ADTRAN Stock Performance

Shares of NASDAQ ADTN traded down $0.88 during trading hours on Thursday, reaching $7.79. 1,127,333 shares of the stock were exchanged, compared to its average volume of 915,798. The stock's fifty day simple moving average is $10.03 and its 200 day simple moving average is $8.49. The firm has a market capitalization of $622.11 million, a price-to-earnings ratio of -1.20 and a beta of 1.29. ADTRAN Holdings, Inc. has a 52 week low of $4.34 and a 52 week high of $12.44. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10.

Analysts Set New Price Targets

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