Shellback Capital LP Invests $1.65 Million in ADTRAN Holdings, Inc. (NASDAQ:ADTN)

Shellback Capital LP purchased a new stake in shares of ADTRAN Holdings, Inc. (NASDAQ:ADTN) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 198,440 shares of the communications equipment provider’s stock, valued at approximately $1,653,000.

Other hedge funds have also recently modified their holdings of the company. William Blair Investment Management LLC boosted its holdings in ADTRAN by 2.5% in the 4th quarter. William Blair Investment Management LLC now owns 4,647,155 shares of the communications equipment provider’s stock valued at $38,711,000 after purchasing an additional 114,986 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of ADTRAN by 39.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 925,310 shares of the communications equipment provider’s stock valued at $7,708,000 after buying an additional 263,156 shares during the period. Quantbot Technologies LP lifted its holdings in ADTRAN by 104.5% in the fourth quarter. Quantbot Technologies LP now owns 14,945 shares of the communications equipment provider’s stock valued at $124,000 after acquiring an additional 7,636 shares during the last quarter. Barclays PLC grew its position in ADTRAN by 11.4% in the third quarter. Barclays PLC now owns 115,741 shares of the communications equipment provider’s stock worth $686,000 after acquiring an additional 11,880 shares during the period. Finally, American Century Companies Inc. grew its position in ADTRAN by 53.5% in the fourth quarter. American Century Companies Inc. now owns 172,100 shares of the communications equipment provider’s stock worth $1,434,000 after acquiring an additional 59,985 shares during the period. Hedge funds and other institutional investors own 80.56% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ADTN. Needham & Company LLC lowered their price target on ADTRAN from $14.00 to $12.00 and set a “buy” rating for the company in a report on Friday, May 9th. Rosenblatt Securities decreased their target price on shares of ADTRAN from $15.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, ADTRAN has an average rating of “Moderate Buy” and a consensus target price of $12.00.

ADTRAN Stock Up 0.5%

Shares of NASDAQ ADTN opened at $8.19 on Friday. The company has a quick ratio of 1.17, a current ratio of 2.10 and a debt-to-equity ratio of 0.89. The business’s 50 day moving average is $8.17 and its two-hundred day moving average is $8.86. ADTRAN Holdings, Inc. has a 52-week low of $4.62 and a 52-week high of $12.44. The firm has a market cap of $654.89 million, a price-to-earnings ratio of -1.26 and a beta of 1.33.

ADTRAN (NASDAQ:ADTN) last posted its quarterly earnings data on Wednesday, May 7th. The communications equipment provider reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.05. ADTRAN had a negative return on equity of 38.62% and a negative net margin of 56.95%. During the same period in the prior year, the firm posted $0.02 EPS. ADTRAN’s revenue for the quarter was up 9.5% compared to the same quarter last year. Research analysts predict that ADTRAN Holdings, Inc. will post -0.5 EPS for the current year.

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.