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

Skandinaviska Enskilda Banken AB publ raised its stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 21.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 204,261 shares of the communications equipment provider’s stock after buying an additional 36,371 shares during the quarter. Skandinaviska Enskilda Banken AB publ owned about 0.26% of ADTRAN worth $1,074,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA lifted its position in ADTRAN by 3.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 71,403 shares of the communications equipment provider’s stock valued at $376,000 after buying an additional 2,396 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in ADTRAN by 3.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 83,155 shares of the communications equipment provider’s stock valued at $453,000 after buying an additional 2,764 shares during the last quarter. Victory Capital Management Inc. lifted its position in ADTRAN by 28.4% in the fourth quarter. Victory Capital Management Inc. now owns 15,041 shares of the communications equipment provider’s stock valued at $110,000 after buying an additional 3,326 shares during the last quarter. Cape Investment Advisory Inc. acquired a new position in ADTRAN in the fourth quarter valued at about $27,000. Finally, Dimensional Fund Advisors LP lifted its position in ADTRAN by 1.3% in the second quarter. Dimensional Fund Advisors LP now owns 279,915 shares of the communications equipment provider’s stock valued at $1,472,000 after buying an additional 3,638 shares during the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.

ADTRAN Stock Down 2.1 %

ADTN stock opened at $5.62 on Tuesday. The company’s 50 day moving average price is $5.58 and its 200 day moving average price is $5.33. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.31 and a current ratio of 2.31. ADTRAN Holdings, Inc. has a fifty-two week low of $4.34 and a fifty-two week high of $8.56. The firm has a market capitalization of $444.64 million, a price-to-earnings ratio of -0.82 and a beta of 1.19.

ADTRAN (NASDAQ:ADTN) last released its earnings results 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). ADTRAN had a negative return on equity of 29.26% and a negative net margin of 58.64%. The firm had revenue of $225.99 million for the quarter, compared to analysts’ expectations of $225.95 million. On average, equities research analysts anticipate that ADTRAN Holdings, Inc. will post -0.41 EPS for the current fiscal year.

Analysts Set New Price Targets

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