257,591 Shares in ADTRAN Holdings, Inc. (NASDAQ:ADTN) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN) during the fourth quarter, Holdings Channel reports. The fund acquired 257,591 shares of the communications equipment provider’s stock, valued at approximately $2,146,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in shares of ADTRAN by 3.7% in 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 buying an additional 63,960 shares in the last quarter. Assenagon Asset Management S.A. raised its holdings in ADTRAN by 39.7% in 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 acquiring an additional 263,156 shares during the last quarter. Barclays PLC lifted its stake in ADTRAN by 11.4% in the 3rd quarter. Barclays PLC now owns 115,741 shares of the communications equipment provider’s stock worth $686,000 after purchasing an additional 11,880 shares in the last quarter. State Street Corp boosted its holdings in shares of 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. Finally, Proficio Capital Partners LLC purchased a new stake in shares of ADTRAN in the fourth quarter valued at approximately $300,000. Institutional investors and hedge funds own 80.56% of the company’s stock.

ADTRAN Stock Performance

Shares of ADTRAN stock opened at $8.90 on Monday. The firm has a market cap of $710.75 million, a PE ratio of -1.37 and a beta of 1.29. 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 52 week low of $4.34 and a 52 week high of $12.44. The business’s fifty day simple moving average is $10.18 and its 200-day simple moving average is $8.44.

Analyst Upgrades and Downgrades

ADTN has been the topic of a number of analyst reports. Craig Hallum started coverage on ADTRAN in a research report on Wednesday, January 8th. They set a “buy” rating and a $15.00 price objective on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $15.00 price target on shares of ADTRAN in a report on Friday, February 28th. Needham & Company LLC upped their price objective on shares of ADTRAN from $11.00 to $14.00 and gave the company a “buy” rating in a report on Friday, February 28th. Finally, Northland Securities lifted their target price on shares of ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. One investment analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $13.50.

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.