Assenagon Asset Management S.A. Buys 196,367 Shares of ADTRAN Holdings, Inc. $ADTN

Key Points

• Assenagon Asset Management raised its stake in ADTRAN by 21.1%, buying 196,367 shares to hold 1,129,047 shares (about 1.41% of the company) worth roughly $9.81 million at quarter-end.
• ADTRAN reported quarterly EPS of $0.16 versus $0.08 expected and revenue of $291.6M (up 20% year-over-year), though the company still showed a negative net margin (-4.15%) and a negative trailing PE.
• Analyst opinions are mixed—three Buys, two Holds and one Sell—giving ADTRAN a MarketBeat consensus rating of "Hold" and an average price target of $15.33.

Assenagon Asset Management S.A. raised its stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) by 21.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,129,047 shares of the communications equipment provider's stock after purchasing an additional 196,367 shares during the quarter. Assenagon Asset Management S.A. owned 1.41% of ADTRAN worth $9,811,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in ADTN. Cape Investment Advisory Inc. purchased a new stake in ADTRAN during the 2nd quarter valued at $27,000. State of Alaska Department of Revenue bought a new position in shares of ADTRAN during the third quarter valued at about $36,000. Quarry LP purchased a new stake in shares of ADTRAN during the third quarter worth about $36,000. Skaana Management L.P. bought a new stake in shares of ADTRAN in the third quarter worth about $99,000. Finally, Stoneridge Investment Partners LLC purchased a new position in ADTRAN during the 3rd quarter valued at about $100,000. Hedge funds and other institutional investors own 80.56% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on ADTN shares. Needham & Company LLC reaffirmed a "buy" rating and set a $14.00 price target on shares of ADTRAN in a research report on Thursday, February 26th. Wall Street Zen cut ADTRAN from a "strong-buy" rating to a "buy" rating in a research note on Saturday, March 21st. Rosenblatt Securities upped their target price on ADTRAN from $11.00 to $16.00 and gave the company a "buy" rating in a report on Friday, February 27th. Finally, Argus raised ADTRAN to a "hold" rating in a research note on Wednesday, March 4th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, ADTRAN has a consensus rating of "Hold" and an average target price of $15.33.

ADTRAN Trading Down 0.3%

NASDAQ ADTN opened at $12.93 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 1.50. ADTRAN Holdings, Inc. has a twelve month low of $6.93 and a twelve month high of $13.10. The firm has a market capitalization of $1.04 billion, a PE ratio of -25.35 and a beta of 1.37. The stock's 50 day moving average is $10.29 and its 200 day moving average is $9.36.

ADTRAN (NASDAQ:ADTN - Get Free Report) last posted its quarterly earnings data on Wednesday, February 25th. The communications equipment provider reported $0.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.08 by $0.08. The business had revenue of $291.56 million during the quarter, compared to the consensus estimate of $281.12 million. ADTRAN had a positive return on equity of 4.23% and a negative net margin of 4.15%.The business's revenue for the quarter was up 20.0% on a year-over-year basis. Research analysts forecast that ADTRAN Holdings, Inc. will post -0.5 earnings per share for the current fiscal year.

ADTRAN 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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