Connor Clark & Lunn Investment Management Ltd. Invests $340,000 in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in ADTRAN Holdings, Inc. (NASDAQ:ADTN) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 40,807 shares of the communications equipment provider’s stock, valued at approximately $340,000. Connor Clark & Lunn Investment Management Ltd. owned 0.05% of ADTRAN as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in shares of ADTRAN by 3.7% in the 3rd 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 period. Assenagon Asset Management S.A. lifted its position in ADTRAN by 39.7% in the fourth quarter. Assenagon Asset Management S.A. now owns 925,310 shares of the communications equipment provider’s stock worth $7,708,000 after purchasing an additional 263,156 shares during the period. Barclays PLC boosted its stake in ADTRAN by 11.4% during the third quarter. Barclays PLC now owns 115,741 shares of the communications equipment provider’s stock worth $686,000 after buying an additional 11,880 shares in the last quarter. State Street Corp increased its holdings in ADTRAN by 2.8% in the 3rd quarter. State Street Corp now owns 1,767,902 shares of the communications equipment provider’s stock valued at $10,484,000 after buying an additional 48,542 shares during the period. Finally, Proficio Capital Partners LLC acquired a new position in shares of ADTRAN in the 4th quarter valued at $300,000. 80.56% of the stock is owned by institutional investors and hedge funds.

ADTRAN Stock Up 1.9 %

Shares of ADTN opened at $9.21 on Monday. The business’s 50 day simple moving average is $10.26 and its 200-day simple moving average is $8.30. ADTRAN Holdings, Inc. has a one year low of $4.34 and a one year high of $12.44. The company has a market capitalization of $735.51 million, a P/E ratio of -1.41 and a beta of 1.29. 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

A number of analysts recently weighed in on the stock. Needham & Company LLC upped their target price 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. Rosenblatt Securities reissued a “buy” rating and issued a $15.00 target price on shares of ADTRAN in a report on Friday, February 28th. Craig Hallum initiated coverage on ADTRAN in a research note on Wednesday, January 8th. They issued a “buy” rating and a $15.00 price target on the stock. Finally, Northland Securities increased their price objective on ADTRAN from $9.00 to $10.00 and gave the stock an “outperform” rating in a research note on Thursday, December 19th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, ADTRAN has an average rating of “Buy” and a consensus price target 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.