Renaissance Technologies LLC Lowers Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Renaissance Technologies LLC cut its holdings in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 18.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 328,240 shares of the communications equipment provider's stock after selling 72,100 shares during the quarter. Renaissance Technologies LLC owned 0.41% of ADTRAN worth $2,734,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Catalyst Funds Management Pty Ltd boosted its holdings in ADTRAN by 6.0% in the fourth quarter. Catalyst Funds Management Pty Ltd now owns 22,800 shares of the communications equipment provider's stock valued at $190,000 after purchasing an additional 1,300 shares during the period. Skandinaviska Enskilda Banken AB publ boosted its stake in shares of ADTRAN by 2.5% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 220,401 shares of the communications equipment provider's stock valued at $1,829,000 after buying an additional 5,382 shares during the period. SG Americas Securities LLC grew its position in shares of ADTRAN by 24.7% during the fourth quarter. SG Americas Securities LLC now owns 35,424 shares of the communications equipment provider's stock worth $295,000 after buying an additional 7,011 shares in the last quarter. Quantbot Technologies LP increased its stake in shares of ADTRAN by 104.5% during the fourth quarter. Quantbot Technologies LP now owns 14,945 shares of the communications equipment provider's stock worth $124,000 after buying an additional 7,636 shares during the period. Finally, Intech Investment Management LLC grew its stake in shares of ADTRAN by 62.0% during the fourth quarter. Intech Investment Management LLC now owns 25,038 shares of the communications equipment provider's stock worth $209,000 after purchasing an additional 9,585 shares in the last quarter. Institutional investors and hedge funds own 80.56% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on ADTN shares. Craig Hallum assumed coverage on shares of ADTRAN in a report on Wednesday, January 8th. They issued a "buy" rating and a $15.00 target price for the company. Rosenblatt Securities decreased their price objective on shares of ADTRAN from $15.00 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Finally, Needham & Company LLC lifted their target price on ADTRAN from $11.00 to $14.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. One research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, ADTRAN presently has an average rating of "Buy" and a consensus price target of $12.50.

ADTRAN Price Performance

ADTN stock traded down $0.02 during trading on Monday, hitting $7.80. The stock had a trading volume of 530,748 shares, compared to its average volume of 930,289. ADTRAN Holdings, Inc. has a 1-year low of $4.34 and a 1-year high of $12.44. The stock has a market cap of $623.70 million, a price-to-earnings ratio of -1.20 and a beta of 1.46. The company's 50 day moving average price is $8.86 and its two-hundred day moving average price is $8.73. 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 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.