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.
WARNING: This report was originally posted by Dispatch Tribunal and is owned by of Dispatch Tribunal. If you are reading this report on another domain, it was illegally copied and republished in violation of United States & international trademark and copyright law. The original version of this report can be viewed at https://www.dispatchtribunal.com/2018/02/03/viavi-solutions-viav-sees-large-volume-increase-after-better-than-expected-earnings.html.
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.
Receive News & Ratings for Viavi Solutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Viavi Solutions and related companies with MarketBeat.com's FREE daily email newsletter.