Viavi Solutions Inc (NASDAQ:VIAV) shares dropped 8.3% during trading on Friday . The company traded as low as $10.62 and last traded at $10.84. Approximately 4,689,600 shares traded hands during trading, an increase of 108% from the average daily volume of 2,255,990 shares. The stock had previously closed at $11.82.
VIAV has been the subject of a number of research analyst reports. Stifel Nicolaus initiated coverage on shares of Viavi Solutions in a research note on Monday, October 22nd. They set a “buy” rating and a $14.00 price objective for the company. ValuEngine raised shares of Viavi Solutions from a “hold” rating to a “buy” rating in a research note on Tuesday, October 2nd. Deutsche Bank raised shares of Viavi Solutions from a “hold” rating to a “buy” rating in a research note on Monday, October 1st. William Blair reaffirmed a “buy” rating on shares of Viavi Solutions in a research note on Wednesday, August 15th. Finally, BidaskClub raised shares of Viavi Solutions from a “hold” rating to a “buy” rating in a research note on Wednesday, August 15th. One analyst has rated the stock with a sell rating, two have issued a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $11.99.
The stock has a market capitalization of $2.59 billion, a PE ratio of 31.88 and a beta of 0.88. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.89 and a current ratio of 2.05.
Viavi Solutions (NASDAQ:VIAV) last posted its earnings results on Thursday, November 1st. The communications equipment provider reported $0.12 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.01. The firm had revenue of $268.50 million during the quarter, compared to the consensus estimate of $268.73 million. Viavi Solutions had a negative net margin of 5.22% and a positive return on equity of 11.57%. The company’s revenue was up 40.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.11 EPS. As a group, research analysts anticipate that Viavi Solutions Inc will post 0.48 earnings per share for the current year.
In related news, EVP Paul Mcnab sold 57,668 shares of the stock in a transaction that occurred on Thursday, October 4th. The shares were sold at an average price of $12.56, for a total transaction of $724,310.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Gary W. Staley sold 4,927 shares of the stock in a transaction that occurred on Thursday, October 4th. The stock was sold at an average price of $12.55, for a total transaction of $61,833.85. Following the sale, the senior vice president now directly owns 10,111 shares of the company’s stock, valued at approximately $126,893.05. The disclosure for this sale can be found here. In the last three months, insiders have sold 117,495 shares of company stock valued at $1,417,459. Corporate insiders own 0.50% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James & Associates purchased a new position in Viavi Solutions in the 2nd quarter worth approximately $109,000. Dynamic Technology Lab Private Ltd purchased a new position in Viavi Solutions in the 1st quarter worth approximately $173,000. Gateway Investment Advisers LLC purchased a new position in Viavi Solutions in the 2nd quarter worth approximately $286,000. FNY Investment Advisers LLC purchased a new position in Viavi Solutions in the 2nd quarter worth approximately $307,000. Finally, Xact Kapitalforvaltning AB boosted its holdings in Viavi Solutions by 35.8% in the 1st quarter. Xact Kapitalforvaltning AB now owns 37,910 shares of the communications equipment provider’s stock worth $368,000 after acquiring an additional 10,000 shares during the period. 90.47% of the stock is owned by hedge funds and other institutional investors.
About Viavi Solutions (NASDAQ:VIAV)
Viavi Solutions Inc provides network test, monitoring, and assurance solutions to communications service providers, enterprises, network equipment manufacturers, civil government, military, and avionics customers worldwide. The company operates through Network Enablement, Service Enablement, and Optical Security and Performance Products segments.
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