Raymond James Financial Inc. Buys New Holdings in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Raymond James Financial Inc. bought a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 257,591 shares of the communications equipment provider's stock, valued at approximately $2,146,000. Raymond James Financial Inc. owned approximately 0.32% of ADTRAN as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quantbot Technologies LP raised its stake in ADTRAN by 104.5% during the 4th 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. Magnetar Financial LLC acquired a new stake in shares of ADTRAN during the fourth quarter worth about $140,000. Inceptionr LLC bought a new position in shares of ADTRAN during the 4th quarter valued at about $162,000. Catalyst Funds Management Pty Ltd grew its position in shares of ADTRAN by 6.0% in the 4th 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. Finally, Intech Investment Management LLC increased its stake in ADTRAN by 62.0% during the 4th 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. 80.56% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

ADTRAN Stock Down 1.9 %

Shares of NASDAQ:ADTN traded down $0.15 during midday trading on Tuesday, reaching $7.75. The company had a trading volume of 797,322 shares, compared to its average volume of 937,070. The business's 50 day moving average price is $8.42 and its 200 day moving average price is $8.79. ADTRAN Holdings, Inc. has a 1-year low of $4.62 and a 1-year high of $12.44. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89. The stock has a market cap of $619.71 million, a PE ratio of -1.19 and a beta of 1.33.

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.