ADTRAN Holdings, Inc. (NASDAQ:ADTN) Position Cut by Needham Investment Management LLC

Needham Investment Management LLC cut its position in ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 5.3% during the 3rd quarter, HoldingsChannel reports. The firm owned 1,335,000 shares of the communications equipment provider’s stock after selling 75,000 shares during the quarter. Needham Investment Management LLC’s holdings in ADTRAN were worth $7,917,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Paradigm Capital Management Inc. NY grew its stake in shares of ADTRAN by 173.1% in the second quarter. Paradigm Capital Management Inc. NY now owns 2,447,100 shares of the communications equipment provider’s stock worth $12,872,000 after purchasing an additional 1,551,000 shares in the last quarter. Millennium Management LLC lifted its stake in shares of ADTRAN by 8,824.3% in the 2nd quarter. Millennium Management LLC now owns 1,549,621 shares of the communications equipment provider’s stock worth $8,151,000 after acquiring an additional 1,532,257 shares during the period. Divisar Capital Management LLC boosted its stake in ADTRAN by 25.0% during the 2nd quarter. Divisar Capital Management LLC now owns 5,740,461 shares of the communications equipment provider’s stock valued at $30,195,000 after purchasing an additional 1,146,774 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in ADTRAN by 1,545.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 662,154 shares of the communications equipment provider’s stock valued at $3,927,000 after acquiring an additional 621,906 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in ADTRAN by 3,656.1% during the second quarter. Marshall Wace LLP now owns 444,198 shares of the communications equipment provider’s stock valued at $2,336,000 after buying an additional 432,372 shares in the last quarter. Institutional investors own 80.56% of the company’s stock.

ADTRAN Trading Down 1.0 %

NASDAQ:ADTN traded down $0.09 during mid-day trading on Tuesday, hitting $8.56. The company’s stock had a trading volume of 96,815 shares, compared to its average volume of 809,840. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.17 and a current ratio of 2.10. ADTRAN Holdings, Inc. has a fifty-two week low of $4.34 and a fifty-two week high of $9.05. The stock has a fifty day moving average of $6.82 and a 200-day moving average of $5.92.

Analysts Set New Price Targets

Several analysts recently commented on the stock. StockNews.com upgraded shares of ADTRAN from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Needham & Company LLC upped their price objective on shares of ADTRAN from $8.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Finally, Rosenblatt Securities upgraded ADTRAN from a “neutral” rating to a “buy” rating and raised their target price for the company from $6.00 to $10.00 in a report on Friday, November 8th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, ADTRAN currently has a consensus rating of “Buy” and an average target price of $9.50.

About ADTRAN

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.