Skandinaviska Enskilda Banken AB publ Increases Stock Position in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 21.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 204,261 shares of the communications equipment provider’s stock after acquiring an additional 36,371 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in ADTRAN were worth $1,074,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Dynamic Technology Lab Private Ltd acquired a new stake in shares of ADTRAN during the fourth quarter worth $306,000. William Blair Investment Management LLC lifted its holdings in shares of ADTRAN by 22.5% during the first quarter. William Blair Investment Management LLC now owns 4,456,067 shares of the communications equipment provider’s stock worth $24,241,000 after purchasing an additional 817,762 shares during the period. Campbell & CO Investment Adviser LLC acquired a new stake in shares of ADTRAN during the fourth quarter worth $507,000. Inspire Investing LLC acquired a new stake in shares of ADTRAN during the first quarter worth $356,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of ADTRAN by 28.4% during the fourth quarter. Victory Capital Management Inc. now owns 15,041 shares of the communications equipment provider’s stock worth $110,000 after purchasing an additional 3,326 shares during the period. 80.56% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ADTN shares. Needham & Company LLC reaffirmed a “buy” rating and set a $8.00 price target on shares of ADTRAN in a report on Thursday, August 8th. StockNews.com downgraded ADTRAN from a “hold” rating to a “sell” rating in a report on Thursday, September 5th. Finally, Rosenblatt Securities reissued a “neutral” rating and issued a $6.00 target price on shares of ADTRAN in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $7.17.

ADTRAN Price Performance

ADTRAN stock opened at $5.62 on Tuesday. ADTRAN Holdings, Inc. has a one year low of $4.34 and a one year high of $8.56. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.31 and a current ratio of 2.31. The business has a fifty day moving average of $5.58 and a two-hundred day moving average of $5.33. The company has a market cap of $444.64 million, a P/E ratio of -0.82 and a beta of 1.19.

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

ADTRAN 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.