Viavi Solutions (VIAV) Sees Large Volume Increase After Better-Than-Expected Earnings

Viavi Solutions Inc (NASDAQ:VIAV) saw strong trading volume on Friday after the company announced better than expected quarterly earnings. 12,657,566 shares traded hands during trading, an increase of 412% from the previous session’s volume of 2,471,355 shares.The stock last traded at $10.00 and had previously closed at $8.67.

The communications equipment provider reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.02. The firm had revenue of $201.80 million for the quarter, compared to analysts’ expectations of $185.80 million. Viavi Solutions had a net margin of 10.57% and a return on equity of 8.99%. The firm’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.10 earnings per share.

Several analysts recently issued reports on the stock. Stifel Nicolaus raised shares of Viavi Solutions from a “hold” rating to a “buy” rating and upped their price target for the company from $10.00 to $12.00 in a report on Friday. Morgan Stanley upped their price target on shares of Viavi Solutions from $9.00 to $10.50 and gave the company an “equal weight” rating in a report on Friday. Loop Capital assumed coverage on shares of Viavi Solutions in a report on Monday, January 29th. They issued a “hold” rating and a $9.50 price target on the stock. Zacks Investment Research cut shares of Viavi Solutions from a “hold” rating to a “sell” rating in a report on Thursday, November 2nd. Finally, Rosenblatt Securities set a $13.00 price target on shares of Viavi Solutions and gave the company a “buy” rating in a report on Wednesday, December 13th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $11.93.

In other Viavi Solutions news, EVP Paul Mcnab sold 3,003 shares of the business’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $9.05, for a total transaction of $27,177.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard Belluzzo sold 4,997 shares of the business’s stock in a transaction on Friday, January 12th. The shares were sold at an average price of $9.00, for a total transaction of $44,973.00. Following the sale, the director now owns 190,654 shares of the company’s stock, valued at approximately $1,715,886. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,710 shares of company stock valued at $303,444. 0.59% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its position in shares of Viavi Solutions by 22.4% during the second quarter. JPMorgan Chase & Co. now owns 221,260 shares of the communications equipment provider’s stock worth $2,330,000 after acquiring an additional 40,437 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Viavi Solutions by 1.5% during the second quarter. Alliancebernstein L.P. now owns 330,132 shares of the communications equipment provider’s stock worth $3,476,000 after acquiring an additional 4,800 shares during the last quarter. Northern Trust Corp grew its position in shares of Viavi Solutions by 5.1% during the second quarter. Northern Trust Corp now owns 3,022,015 shares of the communications equipment provider’s stock worth $31,821,000 after acquiring an additional 147,950 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Viavi Solutions by 0.8% during the second quarter. Vanguard Group Inc. now owns 21,052,725 shares of the communications equipment provider’s stock worth $221,685,000 after acquiring an additional 158,549 shares during the last quarter. Finally, California Public Employees Retirement System grew its position in shares of Viavi Solutions by 3.3% during the second quarter. California Public Employees Retirement System now owns 618,400 shares of the communications equipment provider’s stock worth $6,512,000 after acquiring an additional 20,000 shares during the last quarter. Hedge funds and other institutional investors own 92.84% of the company’s stock.

The stock has a market cap of $2,620.00, a PE ratio of 76.92, a P/E/G ratio of 1.41 and a beta of 1.80. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.20 and a quick ratio of 2.10.

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Viavi Solutions Company Profile

Viavi Solutions Inc (Viavi) is a provider of network test, monitoring and assurance solutions to communications service providers, enterprises and their ecosystems. The Company also offers thin film optical coatings, providing light management solutions to anti-counterfeiting, consumer and industrial, government and healthcare and other markets.

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