William Blair Investment Management LLC Cuts Stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

William Blair Investment Management LLC trimmed its position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 0.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 4,437,187 shares of the communications equipment provider’s stock after selling 18,880 shares during the quarter. William Blair Investment Management LLC owned about 0.06% of ADTRAN worth $23,340,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. American Century Companies Inc. boosted its holdings in shares of ADTRAN by 17.9% during the 2nd quarter. American Century Companies Inc. now owns 90,343 shares of the communications equipment provider’s stock valued at $475,000 after acquiring an additional 13,688 shares during the last quarter. Versor Investments LP raised its stake in ADTRAN by 36.5% during the 2nd quarter. Versor Investments LP now owns 30,300 shares of the communications equipment provider’s stock worth $159,000 after acquiring an additional 8,100 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of ADTRAN during the second quarter valued at approximately $212,000. SG Americas Securities LLC bought a new stake in shares of ADTRAN during the second quarter valued at approximately $90,000. Finally, DNB Asset Management AS raised its position in shares of ADTRAN by 33.4% during the second quarter. DNB Asset Management AS now owns 4,631,848 shares of the communications equipment provider’s stock valued at $24,364,000 after buying an additional 1,159,809 shares during the last quarter. Hedge funds and other institutional investors own 80.56% of the company’s stock.

ADTRAN Stock Up 3.6 %

Shares of NASDAQ ADTN opened at $5.44 on Monday. ADTRAN Holdings, Inc. has a 12-month low of $4.34 and a 12-month high of $8.56. The stock’s fifty day simple moving average is $5.56 and its two-hundred day simple moving average is $5.35. The stock has a market capitalization of $430.40 million, a PE ratio of -0.79 and a beta of 1.19. The company has a current ratio of 2.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.86.

ADTRAN (NASDAQ:ADTN) last issued its quarterly earnings data on Monday, August 5th. The communications equipment provider reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). The company had revenue of $225.99 million for the quarter, compared to the consensus estimate of $225.95 million. ADTRAN had a negative net margin of 58.64% and a negative return on equity of 29.26%. As a group, analysts expect that ADTRAN Holdings, Inc. will post -0.41 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ADTN. Needham & Company LLC reissued a “buy” rating and issued a $8.00 target price on shares of ADTRAN in a report on Thursday, August 8th. Rosenblatt Securities reiterated a “neutral” rating and issued a $6.00 target price on shares of ADTRAN in a research note on Wednesday, August 7th. Finally, StockNews.com downgraded shares of ADTRAN from a “hold” rating to a “sell” rating in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, two have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, ADTRAN currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.17.

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.