ADTRAN Holdings, Inc. $ADTN Shares Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management doubled its ADTRAN stake in the second quarter, purchasing 459,802 additional shares to own 917,754 shares worth approximately $12.8 million. Institutional investors collectively hold 80.56% of ADTRAN.
• Analyst sentiment is mixed, with the stock carrying a consensus “Hold” rating and an average price target of $14.67; recent targets range from $11 to $15, while some firms downgraded the shares.
• ADTRAN reported quarterly EPS of $0.04, below the $0.10 consensus estimate, and revenue of $281.15 million versus expectations of $290.19 million. Shares opened at $7.63, near the company’s 52-week low of $7.11.

Assenagon Asset Management S.A. raised its holdings in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 100.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 917,754 shares of the communications equipment provider's stock after purchasing an additional 459,802 shares during the period. Assenagon Asset Management S.A. owned about 1.13% of ADTRAN worth $12,757,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ADTN. AQR Capital Management LLC boosted its holdings in shares of ADTRAN by 253.7% in the 1st quarter. AQR Capital Management LLC now owns 348,478 shares of the communications equipment provider's stock valued at $3,039,000 after buying an additional 249,954 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in ADTRAN by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,767 shares of the communications equipment provider's stock worth $408,000 after acquiring an additional 1,946 shares during the last quarter. Legal & General Group Plc lifted its holdings in ADTRAN by 13.9% in the second quarter. Legal & General Group Plc now owns 113,480 shares of the communications equipment provider's stock worth $1,018,000 after acquiring an additional 13,821 shares during the last quarter. American Century Companies Inc. boosted its stake in ADTRAN by 11.2% in the second quarter. American Century Companies Inc. now owns 224,015 shares of the communications equipment provider's stock valued at $2,009,000 after acquiring an additional 22,524 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in ADTRAN by 17.6% in the second quarter. Russell Investments Group Ltd. now owns 88,384 shares of the communications equipment provider's stock valued at $793,000 after acquiring an additional 13,222 shares during the period. 80.56% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ADTN has been the subject of several recent research reports. Zacks Research lowered ADTRAN from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 4th. Wall Street Zen lowered ADTRAN from a "buy" rating to a "hold" rating in a research report on Saturday. Weiss Ratings restated a "sell (d-)" rating on shares of ADTRAN in a research report on Tuesday, June 30th. Northland Securities set a $15.00 price objective on ADTRAN in a research note on Wednesday, August 5th. Finally, Evercore set a $11.00 target price on ADTRAN in a research report on Wednesday, August 5th. Four investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $14.67.

ADTRAN Stock Up 0.9%

Shares of ADTRAN stock opened at $7.63 on Tuesday. The company has a debt-to-equity ratio of 1.69, a current ratio of 1.79 and a quick ratio of 1.19. ADTRAN Holdings, Inc. has a 1-year low of $7.11 and a 1-year high of $19.98. The business's fifty day moving average price is $12.59 and its two-hundred day moving average price is $12.72. The company has a market capitalization of $621.69 million, a P/E ratio of -27.25 and a beta of 1.47.

ADTRAN (NASDAQ:ADTN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.04 EPS for the quarter, missing analysts' consensus estimates of $0.10 by ($0.06). The business had revenue of $281.15 million for the quarter, compared to analyst estimates of $290.19 million. ADTRAN had a negative net margin of 2.29% and a positive return on equity of 14.24%. ADTRAN's revenue for the quarter was up 6.0% compared to the same quarter last year. As a group, research analysts forecast that ADTRAN Holdings, Inc. will post 0.23 EPS for the current year.

ADTRAN Company Profile

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company's product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.

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