Quantinno Capital Management LP Buys Shares of 20,303 ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Quantinno Capital Management LP purchased a new position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the 3rd quarter, Holdings Channel.com reports. The firm purchased 20,303 shares of the communications equipment provider’s stock, valued at approximately $120,000.

Several other hedge funds have also recently modified their holdings of ADTN. Paradigm Capital Management Inc. NY raised its position in ADTRAN by 173.1% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider’s stock worth $12,872,000 after buying an additional 1,551,000 shares during the last quarter. Millennium Management LLC increased its stake in shares of ADTRAN by 8,824.3% during the second quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider’s stock worth $8,151,000 after acquiring an additional 1,532,257 shares during the period. Divisar Capital Management LLC raised its holdings in ADTRAN by 25.0% during the second quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider’s stock worth $30,195,000 after purchasing an additional 1,146,774 shares in the last quarter. Assenagon Asset Management S.A. lifted its position in ADTRAN by 1,545.2% in the third quarter. Assenagon Asset Management S.A. now owns 662,154 shares of the communications equipment provider’s stock valued at $3,927,000 after purchasing an additional 621,906 shares during the period. Finally, Marshall Wace LLP boosted its holdings in ADTRAN by 3,656.1% in the 2nd quarter. Marshall Wace LLP now owns 444,198 shares of the communications equipment provider’s stock valued at $2,336,000 after purchasing an additional 432,372 shares in the last quarter. 80.56% of the stock is owned by institutional investors and hedge funds.

ADTRAN Stock Performance

ADTN opened at $8.40 on Wednesday. ADTRAN Holdings, Inc. has a 1-year low of $4.34 and a 1-year high of $9.21. The stock has a market cap of $666.17 million, a P/E ratio of -1.29 and a beta of 1.29. The stock’s 50 day simple moving average is $7.42 and its 200 day simple moving average is $6.17. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.10 and a quick ratio of 1.17.

Analysts Set New Price Targets

ADTN has been the subject of a number of analyst reports. Needham & Company LLC increased their target price on ADTRAN from $8.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $6.00 to $10.00 in a research report on Friday, November 8th. Finally, StockNews.com upgraded shares of ADTRAN from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, ADTRAN has an average rating of “Buy” and an average price target of $9.50.

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.