Sei Investments Co. Purchases 683,262 Shares of ADTRAN Holdings, Inc. $ADTN

Sei Investments Co. raised its position in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) by 162.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,105,110 shares of the communications equipment provider’s stock after buying an additional 683,262 shares during the period. Sei Investments Co. owned about 1.36% of ADTRAN worth $13,902,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Quarry LP purchased a new stake in shares of ADTRAN during the third quarter worth about $36,000. Kestra Advisory Services LLC purchased a new position in ADTRAN during the 4th quarter valued at about $36,000. ST Germain D J Co. Inc. increased its holdings in ADTRAN by 100.0% during the 4th quarter. ST Germain D J Co. Inc. now owns 5,000 shares of the communications equipment provider’s stock valued at $43,000 after purchasing an additional 2,500 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in ADTRAN during the 4th quarter valued at approximately $47,000. Finally, Freestone Grove Partners LP bought a new position in ADTRAN during the 4th quarter valued at approximately $87,000. Hedge funds and other institutional investors own 80.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on ADTN shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of ADTRAN in a research report on Tuesday, June 30th. Needham & Company LLC decreased their target price on ADTRAN from $18.00 to $14.00 and set a “buy” rating for the company in a report on Thursday, July 23rd. Evercore assumed coverage on ADTRAN in a research note on Tuesday, April 14th. They issued an “outperform” rating and a $18.00 price target for the company. Northland Securities set a $18.00 price target on shares of ADTRAN in a report on Wednesday, May 6th. Finally, Wall Street Zen downgraded shares of ADTRAN from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Four analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, ADTRAN currently has a consensus rating of “Moderate Buy” and an average target price of $18.20.

ADTRAN Trading Up 1.1%

ADTN opened at $8.42 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.77 and a debt-to-equity ratio of 1.59. ADTRAN Holdings, Inc. has a 52 week low of $7.11 and a 52 week high of $19.98. The stock has a market cap of $685.81 million, a PE ratio of -21.59 and a beta of 1.44. The business has a 50 day moving average of $13.83 and a 200-day moving average of $12.77.

ADTRAN (NASDAQ:ADTN) last announced its quarterly earnings data on Tuesday, May 5th. The communications equipment provider reported $0.14 EPS for the quarter, beating the consensus estimate of $0.09 by $0.05. The business had revenue of $286.09 million during the quarter, compared to analyst estimates of $285.48 million. ADTRAN had a positive return on equity of 10.94% and a negative net margin of 3.18%.The company’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.03 earnings per share. Equities research analysts predict that ADTRAN Holdings, Inc. will post 0.23 earnings per share for the current fiscal year.

ADTRAN Profile

ADTRAN, Inc is a global provider of networking and communications equipment, specializing in broadband access solutions for service providers, enterprises and government organizations. Founded in 1985 and headquartered in Huntsville, Alabama, the company develops and delivers hardware and software platforms that enable high-speed Internet access over fiber, copper and wireless networks. Its core offerings include fiber access and aggregation equipment, Ethernet switches, customer premises equipment (CPE) and network management systems designed to support both legacy and next-generation broadband deployments.

The company’s product portfolio encompasses a broad range of optical line terminals (OLTs), optical network terminals (ONTs), multiservice access gateways and virtualized access solutions.