Legato Capital Management LLC Invests $419,000 in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Key Points

• Legato Capital Management LLC has invested $419,000 in ADTRAN Holdings, acquiring 48,080 shares in the communications equipment provider.
• Approximately 80.56% of ADTRAN's stock is owned by institutional investors and hedge funds, with several others increasing their positions recently.
• Analysts have given ADTRAN an average rating of "Moderate Buy" with a target price of $12.00, despite mixed opinions on price objectives from different firms.

Legato Capital Management LLC purchased a new position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 48,080 shares of the communications equipment provider's stock, valued at approximately $419,000. Legato Capital Management LLC owned about 0.06% of ADTRAN as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of ADTN. Aquatic Capital Management LLC lifted its holdings in shares of ADTRAN by 1,572.5% during the fourth quarter. Aquatic Capital Management LLC now owns 6,690 shares of the communications equipment provider's stock worth $56,000 after buying an additional 6,290 shares during the last quarter. FNY Investment Advisers LLC acquired a new position in shares of ADTRAN during the first quarter worth approximately $65,000. Ballentine Partners LLC acquired a new position in shares of ADTRAN during the first quarter worth approximately $94,000. SIH Partners LLLP acquired a new position in shares of ADTRAN during the fourth quarter worth approximately $107,000. Finally, CWM LLC lifted its holdings in shares of ADTRAN by 159.6% during the first quarter. CWM LLC now owns 13,360 shares of the communications equipment provider's stock worth $116,000 after buying an additional 8,214 shares during the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Wall Street Zen upgraded ADTRAN from a "hold" rating to a "buy" rating in a research report on Sunday, July 20th. 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. 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. Finally, Wolfe Research assumed coverage on ADTRAN in a research report on Monday, July 7th. They set a "peer perform" rating on the stock. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $12.00.

ADTRAN Stock Performance

Shares of NASDAQ:ADTN opened at $9.23 on Friday. The business's fifty day moving average price is $8.61 and its two-hundred day moving average price is $9.04. ADTRAN Holdings, Inc. has a fifty-two week low of $4.62 and a fifty-two week high of $12.44. The stock has a market capitalization of $738.22 million, a price-to-earnings ratio of -5.43 and a beta of 1.32. The company has a debt-to-equity ratio of 1.37, a current ratio of 2.02 and a quick ratio of 1.18.

ADTRAN (NASDAQ:ADTN - Get Free Report) last announced 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 period in the previous year, the business earned $0.02 EPS. The firm's revenue for the quarter was up 9.5% on a year-over-year basis. As a group, analysts predict that ADTRAN Holdings, Inc. will post -0.5 EPS for the current fiscal year.

ADTRAN 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.

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