Viavi Solutions (NASDAQ:VIAV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday, Zacks.com reports.
According to Zacks, “Viavi Solutions Inc. provides software and hardware platforms and instruments for telecommunications service providers, wireless operators, cable operators, network-equipment manufacturers and enterprises. The Company offers installation, commissioning, scripting, custom analytics, integration, business intelligence consulting, operational assistance, field and lab testing, technical training, maintenance, and support services. Its operating segment consists of Network and Service Enablement, Communications and Commercial Optical Products and Optical Security and Performance Products. Viavi Solutions Inc., formerly known as JDS Uniphase Corporation, is based in Milpitas, Calif. “
Several other brokerages have also recently issued reports on VIAV. BidaskClub cut shares of Viavi Solutions from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, March 13th. Rosenblatt Securities reissued a “buy” rating and issued a $15.00 price target on shares of Viavi Solutions in a research note on Sunday, February 10th. Northland Securities initiated coverage on shares of Viavi Solutions in a research note on Tuesday, February 12th. They issued an “outperform” rating and a $15.00 price target for the company. Morgan Stanley set a $13.00 price target on shares of Viavi Solutions and gave the company a “hold” rating in a research note on Friday, May 3rd. Finally, JPMorgan Chase & Co. raised shares of Viavi Solutions from an “underweight” rating to a “neutral” rating and increased their price target for the company from $12.00 to $13.00 in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $13.33.
NASDAQ VIAV traded down $0.01 during trading hours on Thursday, hitting $13.50. 132,271 shares of the company’s stock traded hands, compared to its average volume of 2,261,481. Viavi Solutions has a 52-week low of $9.17 and a 52-week high of $14.00. The stock has a market cap of $3.10 billion, a PE ratio of 39.68 and a beta of 0.90. The company has a current ratio of 3.19, a quick ratio of 2.86 and a debt-to-equity ratio of 0.79.
Viavi Solutions (NASDAQ:VIAV) last announced its quarterly earnings data on Thursday, May 2nd. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.03. Viavi Solutions had a negative net margin of 3.25% and a positive return on equity of 15.88%. The company had revenue of $265.20 million during the quarter, compared to analysts’ expectations of $259.86 million. During the same quarter in the prior year, the company earned $0.13 EPS. Viavi Solutions’s revenue was up 20.9% compared to the same quarter last year. On average, sell-side analysts forecast that Viavi Solutions will post 0.55 EPS for the current fiscal year.
In other news, SVP Luke M. Scrivanich sold 4,810 shares of the stock in a transaction that occurred on Friday, February 22nd. The shares were sold at an average price of $13.29, for a total value of $63,924.90. Following the completion of the sale, the senior vice president now owns 45,456 shares of the company’s stock, valued at approximately $604,110.24. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last three months, insiders sold 6,915 shares of company stock valued at $91,685. Corporate insiders own 0.50% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in shares of Viavi Solutions by 1.8% during the 3rd quarter. Vanguard Group Inc. now owns 23,357,949 shares of the communications equipment provider’s stock worth $264,879,000 after purchasing an additional 418,120 shares during the period. Victory Capital Management Inc. boosted its position in shares of Viavi Solutions by 46.6% during the 1st quarter. Victory Capital Management Inc. now owns 3,624,562 shares of the communications equipment provider’s stock worth $44,872,000 after purchasing an additional 1,151,837 shares during the period. Macquarie Group Ltd. boosted its position in shares of Viavi Solutions by 0.5% during the 4th quarter. Macquarie Group Ltd. now owns 2,837,657 shares of the communications equipment provider’s stock worth $28,518,000 after purchasing an additional 14,500 shares during the period. Geode Capital Management LLC boosted its position in shares of Viavi Solutions by 6.6% during the 4th quarter. Geode Capital Management LLC now owns 2,548,290 shares of the communications equipment provider’s stock worth $25,610,000 after purchasing an additional 157,575 shares during the period. Finally, Norges Bank purchased a new position in shares of Viavi Solutions during the 4th quarter worth approximately $23,704,000. 92.82% of the stock is owned by hedge funds and other institutional investors.
About Viavi Solutions
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.
Featured Story: Fundamental Analysis
Get a free copy of the Zacks research report on Viavi Solutions (VIAV)
For more information about research offerings from Zacks Investment Research, visit Zacks.com