Viavi Solutions (VIAV) Shares Gap Down to $10.85

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Viavi Solutions Inc (NASDAQ:VIAV) shares gapped down prior to trading on Monday . The stock had previously closed at $10.19, but opened at $10.85. Viavi Solutions shares last traded at $10.63, with a volume of 78629 shares changing hands.

A number of research analysts have issued reports on the company. ValuEngine downgraded Viavi Solutions from a “buy” rating to a “hold” rating in a report on Friday. JPMorgan Chase & Co. boosted their price target on Viavi Solutions from $11.00 to $12.00 and gave the company a “sell” rating in a report on Friday. Stifel Nicolaus started coverage on Viavi Solutions in a report on Monday, October 22nd. They issued a “buy” rating and a $14.00 price target for the company. Zacks Investment Research upgraded Viavi Solutions from a “hold” rating to a “strong-buy” rating and set a $14.00 price objective for the company in a research report on Wednesday, October 17th. Finally, BidaskClub upgraded Viavi Solutions from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 4th. One analyst has rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $11.99.

The stock has a market cap of $2.47 billion, a P/E ratio of 31.84 and a beta of 0.87. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.39 and a quick ratio of 2.18.

Viavi Solutions (NASDAQ:VIAV) last issued its quarterly earnings results on Thursday, November 1st. The communications equipment provider reported $0.12 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.01. Viavi Solutions had a positive return on equity of 12.72% and a negative net margin of 5.92%. The firm had revenue of $268.50 million during the quarter, compared to analysts’ expectations of $268.73 million. During the same period in the previous year, the business earned $0.11 earnings per share. The firm’s revenue for the quarter was up 40.6% on a year-over-year basis. Analysts forecast that Viavi Solutions Inc will post 0.48 EPS for the current fiscal year.

In related news, SVP Gary W. Staley sold 5,185 shares of the business’s stock in a transaction that occurred on Thursday, September 27th. The stock was sold at an average price of $11.22, for a total transaction of $58,175.70. Following the completion of the sale, the senior vice president now directly owns 7,670 shares in the company, valued at $86,057.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Ralph Rondinone sold 4,949 shares of the business’s stock in a transaction that occurred on Thursday, August 30th. The stock was sold at an average price of $11.43, for a total value of $56,567.07. Following the sale, the senior vice president now owns 24,695 shares of the company’s stock, valued at $282,263.85. The disclosure for this sale can be found here. Insiders have sold 117,495 shares of company stock valued at $1,417,459 over the last quarter. 0.50% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Metropolitan Life Insurance Co. NY increased its position in shares of Viavi Solutions by 7.2% during the second quarter. Metropolitan Life Insurance Co. NY now owns 73,365 shares of the communications equipment provider’s stock worth $751,000 after purchasing an additional 4,958 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Viavi Solutions by 17.4% during the second quarter. SG Americas Securities LLC now owns 37,173 shares of the communications equipment provider’s stock worth $381,000 after purchasing an additional 5,505 shares in the last quarter. Macquarie Group Ltd. increased its position in shares of Viavi Solutions by 0.3% during the second quarter. Macquarie Group Ltd. now owns 2,786,563 shares of the communications equipment provider’s stock worth $28,534,000 after purchasing an additional 7,114 shares in the last quarter. Rhumbline Advisers increased its position in shares of Viavi Solutions by 1.5% during the second quarter. Rhumbline Advisers now owns 576,349 shares of the communications equipment provider’s stock worth $5,902,000 after purchasing an additional 8,722 shares in the last quarter. Finally, Xact Kapitalforvaltning AB increased its position in shares of Viavi Solutions by 35.8% during the first quarter. Xact Kapitalforvaltning AB now owns 37,910 shares of the communications equipment provider’s stock worth $368,000 after purchasing an additional 10,000 shares in the last quarter. Hedge funds and other institutional investors own 90.59% of the company’s stock.

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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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