Skandinaviska Enskilda Banken AB publ Sells 99,983 Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Skandinaviska Enskilda Banken AB publ trimmed its position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 45.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 120,418 shares of the communications equipment provider's stock after selling 99,983 shares during the period. Skandinaviska Enskilda Banken AB publ owned 0.15% of ADTRAN worth $1,050,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of ADTRAN by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 6,592,419 shares of the communications equipment provider's stock worth $54,915,000 after acquiring an additional 41,478 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in shares of ADTRAN during the fourth quarter worth $12,921,000. Royce & Associates LP lifted its position in shares of ADTRAN by 188.5% during the first quarter. Royce & Associates LP now owns 1,406,500 shares of the communications equipment provider's stock worth $12,265,000 after acquiring an additional 919,000 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of ADTRAN by 591.5% during the fourth quarter. JPMorgan Chase & Co. now owns 863,807 shares of the communications equipment provider's stock worth $7,196,000 after acquiring an additional 738,893 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in shares of ADTRAN during the fourth quarter worth $6,095,000. 80.56% of the stock is owned by institutional investors.

ADTRAN Price Performance

NASDAQ ADTN traded down $0.53 during trading hours on Friday, reaching $8.76. 1,319,149 shares of the stock traded hands, compared to its average volume of 1,108,581. The stock has a 50 day simple moving average of $8.72 and a two-hundred day simple moving average of $9.01. ADTRAN Holdings, Inc. has a 1 year low of $4.62 and a 1 year high of $12.44. The company has a debt-to-equity ratio of 1.37, a current ratio of 2.02 and a quick ratio of 1.18. The company has a market cap of $700.62 million, a price-to-earnings ratio of -5.15 and a beta of 1.32.

ADTRAN (NASDAQ:ADTN - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The communications equipment provider reported $0.03 earnings per share for the quarter, beating analysts' consensus estimates of ($0.02) by $0.05. ADTRAN had a negative return on equity of 20.07% and a negative net margin of 14.58%. During the same quarter in the prior year, the business earned $0.02 EPS. The firm's revenue for the quarter was up 9.5% on a year-over-year basis. On average, analysts predict that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ADTN. Wolfe Research began coverage on ADTRAN in a research report on Monday, July 7th. They set a "peer perform" rating on the stock. Needham & Company LLC lowered their price objective on ADTRAN from $14.00 to $12.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Wall Street Zen upgraded ADTRAN from a "hold" rating to a "buy" rating in a research report on Sunday, July 20th. Finally, Rosenblatt Securities lowered their price objective on ADTRAN from $15.00 to $11.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $12.00.

About ADTRAN

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.