Bank of America Corp DE cut its stake in Viavi Solutions Inc. (NASDAQ:VIAV) by 35.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 561,523 shares of the communications equipment provider’s stock after selling 307,327 shares during the period. Bank of America Corp DE owned about 0.24% of Viavi Solutions worth $6,020,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in VIAV. Quantitative Systematic Strategies LLC bought a new position in Viavi Solutions during the first quarter valued at approximately $132,000. First Mercantile Trust Co. acquired a new position in shares of Viavi Solutions during the first quarter worth about $155,000. World Asset Management Inc increased its position in shares of Viavi Solutions by 1.2% in the first quarter. World Asset Management Inc now owns 14,757 shares of the communications equipment provider’s stock worth $158,000 after buying an additional 174 shares in the last quarter. Everence Capital Management Inc. acquired a new position in shares of Viavi Solutions during the first quarter worth about $168,000. Finally, Dynamic Technology Lab Private Ltd increased its position in shares of Viavi Solutions by 15.4% in the first quarter. Dynamic Technology Lab Private Ltd now owns 23,525 shares of the communications equipment provider’s stock worth $252,000 after buying an additional 3,144 shares in the last quarter. Hedge funds and other institutional investors own 94.47% of the company’s stock.
Viavi Solutions Inc. (NASDAQ:VIAV) opened at 10.59 on Thursday. The company has a market capitalization of $2.41 billion, a PE ratio of 14.98 and a beta of 1.36. The company has a 50-day moving average price of $10.89 and a 200 day moving average price of $10.61. Viavi Solutions Inc. has a 52-week low of $6.96 and a 52-week high of $11.89.
Viavi Solutions (NASDAQ:VIAV) last released its earnings results on Tuesday, August 15th. The communications equipment provider reported $0.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.03. Viavi Solutions had a net margin of 9.83% and a return on equity of 8.57%. The company had revenue of $198.10 million during the quarter, compared to analysts’ expectations of $196.22 million. During the same quarter last year, the business earned $0.10 EPS. The business’s revenue was down 11.6% on a year-over-year basis. Equities research analysts anticipate that Viavi Solutions Inc. will post $0.44 earnings per share for the current year.
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A number of research analysts recently issued reports on the company. B. Riley restated a “buy” rating and set a $14.00 price target on shares of Viavi Solutions in a report on Thursday, August 10th. Stifel Nicolaus reaffirmed a “hold” rating and set a $11.00 price objective on shares of Viavi Solutions in a research report on Thursday, August 3rd. MKM Partners lifted their price objective on Viavi Solutions from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, BidaskClub cut Viavi Solutions from a “buy” rating to a “hold” rating in a research report on Thursday, June 22nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $12.53.
In other news, SVP Luke M. Scrivanich sold 4,691 shares of the firm’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $11.39, for a total value of $53,430.49. Following the completion of the sale, the senior vice president now owns 22,707 shares in the company, valued at approximately $258,632.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 9,632 shares of company stock valued at $108,000 in the last 90 days. Company insiders own 0.35% of the company’s stock.
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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