Bank of America Corp DE Sells 307,327 Shares of Viavi Solutions Inc. (VIAV)

Bank of America Corp DE lowered its stake in shares of Viavi Solutions Inc. (NASDAQ:VIAV) by 35.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 561,523 shares of the communications equipment provider’s stock after selling 307,327 shares during the period. Bank of America Corp DE’s holdings in Viavi Solutions were worth $6,020,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in VIAV. State of New Jersey Common Pension Fund D purchased a new stake in Viavi Solutions during the first quarter valued at approximately $2,144,000. First Mercantile Trust Co. purchased a new stake in Viavi Solutions during the first quarter valued at approximately $155,000. Fisher Asset Management LLC increased its stake in Viavi Solutions by 2.2% in the first quarter. Fisher Asset Management LLC now owns 464,300 shares of the communications equipment provider’s stock valued at $4,977,000 after buying an additional 10,075 shares in the last quarter. State of Alaska Department of Revenue increased its stake in Viavi Solutions by 1.6% in the first quarter. State of Alaska Department of Revenue now owns 25,530 shares of the communications equipment provider’s stock valued at $273,000 after buying an additional 390 shares in the last quarter. Finally, Columbus Circle Investors purchased a new stake in Viavi Solutions during the first quarter valued at approximately $6,589,000. Hedge funds and other institutional investors own 93.24% of the company’s stock.

Viavi Solutions Inc. (NASDAQ:VIAV) opened at 11.00 on Friday. Viavi Solutions Inc. has a 12 month low of $6.96 and a 12 month high of $11.89. The company’s 50 day moving average price is $10.99 and its 200 day moving average price is $10.42. The stock has a market cap of $2.50 billion, a PE ratio of 30.39 and a beta of 1.35.

Viavi Solutions (NASDAQ:VIAV) last announced its earnings results on Tuesday, May 2nd. The communications equipment provider reported $0.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.02. Viavi Solutions had a return on equity of 8.57% and a net margin of 9.83%. The business had revenue of $196 million during the quarter, compared to analyst estimates of $196.85 million. Equities analysts forecast that Viavi Solutions Inc. will post $0.36 EPS for the current fiscal year.

Several research firms have recently commented on VIAV. Zacks Investment Research downgraded Viavi Solutions from a “buy” rating to a “hold” rating in a report on Wednesday, May 10th. BidaskClub upgraded Viavi Solutions from a “hold” rating to a “buy” rating in a report on Tuesday. B. Riley restated a “neutral” rating and set a $8.75 price objective on shares of Viavi Solutions in a report on Saturday, May 6th. Jefferies Group LLC upgraded Viavi Solutions from a “hold” rating to a “buy” rating and boosted their price objective for the company from $9.50 to $14.00 in a report on Friday, May 5th. Finally, Stifel Nicolaus restated a “hold” rating and set a $11.00 price objective (up previously from $9.50) on shares of Viavi Solutions in a report on Thursday, June 22nd. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $11.41.

In other Viavi Solutions news, SVP Luke M. Scrivanich sold 4,691 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $11.39, for a total transaction of $53,430.49. Following the completion of the transaction, the senior vice president now owns 22,707 shares in the company, valued at $258,632.73. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Paul Mcnab sold 3,702 shares of the business’s stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $11.52, for a total value of $42,647.04. The disclosure for this sale can be found here. Insiders have sold 12,791 shares of company stock valued at $144,657 in the last 90 days. Company insiders own 0.35% of the company’s stock.

About Viavi Solutions

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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