Connor Clark & Lunn Investment Management Ltd. Takes Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Connor Clark & Lunn Investment Management Ltd. acquired a new position in ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 40,807 shares of the communications equipment provider’s stock, valued at approximately $340,000.

Several other large investors have also recently bought and sold shares of the company. Geode Capital Management LLC raised its position in shares of ADTRAN by 3.7% during the third quarter. Geode Capital Management LLC now owns 1,810,112 shares of the communications equipment provider’s stock worth $10,736,000 after acquiring an additional 63,960 shares during the last quarter. State Street Corp raised its holdings in ADTRAN by 2.8% during the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock worth $10,484,000 after purchasing an additional 48,542 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in ADTRAN by 39.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 925,310 shares of the communications equipment provider’s stock valued at $7,708,000 after purchasing an additional 263,156 shares during the period. Kovack Advisors Inc. boosted its stake in shares of ADTRAN by 2.7% in the 4th quarter. Kovack Advisors Inc. now owns 799,950 shares of the communications equipment provider’s stock valued at $6,664,000 after purchasing an additional 21,100 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in shares of ADTRAN during the 4th quarter worth approximately $2,146,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

ADTRAN Trading Up 1.9 %

Shares of NASDAQ ADTN opened at $9.21 on Monday. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89. ADTRAN Holdings, Inc. has a twelve month low of $4.34 and a twelve month high of $12.44. The company’s fifty day moving average is $10.26 and its 200-day moving average is $8.30. The stock has a market cap of $735.51 million, a price-to-earnings ratio of -1.41 and a beta of 1.29.

Analyst Upgrades and Downgrades

ADTN has been the topic of a number of recent research reports. Needham & Company LLC raised their price objective on shares of ADTRAN from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Northland Securities raised their price target on ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a research report on Thursday, December 19th. Rosenblatt Securities reiterated a “buy” rating and issued a $15.00 price objective on shares of ADTRAN in a report on Friday, February 28th. Finally, Craig Hallum initiated coverage on ADTRAN in a report on Wednesday, January 8th. They set a “buy” rating and a $15.00 target price on the stock. One equities 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. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $13.50.

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.