State Street Corp Acquires 48,542 Shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN)

State Street Corp grew its holdings in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 2.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,767,902 shares of the communications equipment provider’s stock after purchasing an additional 48,542 shares during the period. State Street Corp owned about 2.23% of ADTRAN worth $10,484,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the company. Blue Trust Inc. grew its position in shares of ADTRAN by 798.7% in the 3rd quarter. Blue Trust Inc. now owns 4,700 shares of the communications equipment provider’s stock valued at $28,000 after buying an additional 4,177 shares during the last quarter. Park Avenue Securities LLC bought a new position in shares of ADTRAN in the third quarter valued at $65,000. Point72 DIFC Ltd acquired a new position in shares of ADTRAN during the second quarter valued at about $69,000. Intech Investment Management LLC bought a new stake in shares of ADTRAN during the third quarter worth about $92,000. Finally, Harbor Capital Advisors Inc. increased its position in shares of ADTRAN by 94.8% during the third quarter. Harbor Capital Advisors Inc. now owns 18,906 shares of the communications equipment provider’s stock worth $112,000 after acquiring an additional 9,202 shares in the last quarter. 80.56% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ADTN. Rosenblatt Securities upgraded shares of ADTRAN from a “neutral” rating to a “buy” rating and increased their target price for the company from $6.00 to $10.00 in a report on Friday, November 8th. StockNews.com upgraded shares of ADTRAN from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Needham & Company LLC boosted their target price on ADTRAN from $8.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, Northland Securities increased their price target on ADTRAN from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, ADTRAN currently has a consensus rating of “Buy” and a consensus target price of $10.33.

ADTRAN Stock Up 1.1 %

ADTN opened at $8.49 on Friday. The business’s 50-day moving average price is $7.74 and its 200-day moving average price is $6.30. The company has a market cap of $673.31 million, a P/E ratio of -1.30 and a beta of 1.29. The company has a current ratio of 2.10, a quick ratio of 1.17 and a debt-to-equity ratio of 0.89. ADTRAN Holdings, Inc. has a 12 month low of $4.34 and a 12 month high of $9.21.

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.