Raymond James Financial Inc. Acquires New Stake 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 Form 13F filing with the Securities and Exchange Commission. The fund bought 257,591 shares of the communications equipment provider's stock, valued at approximately $2,146,000. Raymond James Financial Inc. owned about 0.32% of ADTRAN at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quantbot Technologies LP raised its position in shares of ADTRAN by 104.5% in the fourth quarter. Quantbot Technologies LP now owns 14,945 shares of the communications equipment provider's stock valued at $124,000 after buying an additional 7,636 shares during the last quarter. Magnetar Financial LLC acquired a new position in ADTRAN in the 4th quarter valued at $140,000. Inceptionr LLC purchased a new position in shares of ADTRAN during the 4th quarter worth $162,000. Catalyst Funds Management Pty Ltd boosted its holdings in shares of ADTRAN by 6.0% during the fourth quarter. Catalyst Funds Management Pty Ltd now owns 22,800 shares of the communications equipment provider's stock worth $190,000 after purchasing an additional 1,300 shares during the last quarter. Finally, Intech Investment Management LLC grew its position in shares of ADTRAN by 62.0% in the fourth quarter. Intech Investment Management LLC now owns 25,038 shares of the communications equipment provider's stock valued at $209,000 after purchasing an additional 9,585 shares during the period. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

ADTRAN Stock Performance

ADTRAN stock opened at $7.66 on Thursday. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17. ADTRAN Holdings, Inc. has a 12 month low of $4.34 and a 12 month high of $12.44. The company has a market cap of $612.51 million, a price-to-earnings ratio of -1.18 and a beta of 1.46. The stock's 50-day moving average is $8.64 and its 200-day moving average is $8.73.

ADTRAN Company 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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