Clearbridge Investments LLC Sells 1,027,676 Shares of Viavi Solutions Inc. (NASDAQ:VIAV)

Clearbridge Investments LLC trimmed its stake in Viavi Solutions Inc. (NASDAQ:VIAV) by 29.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,484,559 shares of the communications equipment provider’s stock after selling 1,027,676 shares during the quarter. Clearbridge Investments LLC owned 1.11% of Viavi Solutions worth $22,585,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of VIAV. Headlands Technologies LLC bought a new position in Viavi Solutions in the 1st quarter worth about $55,000. Park Avenue Securities LLC purchased a new stake in shares of Viavi Solutions during the first quarter valued at approximately $99,000. Versor Investments LP bought a new stake in shares of Viavi Solutions during the fourth quarter valued at approximately $110,000. Quadrant Capital Group LLC raised its holdings in Viavi Solutions by 49.0% in the 4th quarter. Quadrant Capital Group LLC now owns 12,019 shares of the communications equipment provider’s stock worth $121,000 after acquiring an additional 3,952 shares during the last quarter. Finally, Heritage Wealth Management LLC bought a new position in Viavi Solutions in the 4th quarter valued at approximately $150,000. 95.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on VIAV. Stifel Nicolaus restated a “buy” rating and issued a $13.00 price target on shares of Viavi Solutions in a research note on Monday, April 1st. Needham & Company LLC reissued a “hold” rating on shares of Viavi Solutions in a research report on Friday, May 3rd. Argus raised shares of Viavi Solutions to a “strong-buy” rating in a report on Thursday, May 9th. Susquehanna lowered shares of Viavi Solutions from a “positive” rating to a “neutral” rating and set a $9.00 price target for the company. in a research note on Friday, May 3rd. Finally, Rosenblatt Securities downgraded shares of Viavi Solutions from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $10.00 to $8.25 in a research report on Wednesday, June 26th. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $11.65.

Insider Activity at Viavi Solutions

In other Viavi Solutions news, EVP Paul Mcnab sold 4,762 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $7.35, for a total value of $35,000.70. Following the completion of the sale, the executive vice president now owns 49,777 shares in the company, valued at $365,860.95. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Over the last three months, insiders have sold 14,985 shares of company stock worth $109,969. Corporate insiders own 1.80% of the company’s stock.

Viavi Solutions Stock Performance

Shares of NASDAQ VIAV remained flat at $7.55 during midday trading on Wednesday. 937,512 shares of the stock traded hands, compared to its average volume of 1,896,931. The company has a debt-to-equity ratio of 0.90, a current ratio of 3.81 and a quick ratio of 3.35. The stock has a market capitalization of $1.69 billion, a PE ratio of -377.50 and a beta of 0.91. The company has a 50-day moving average price of $7.40 and a two-hundred day moving average price of $8.58. Viavi Solutions Inc. has a 12-month low of $6.60 and a 12-month high of $11.32.

Viavi Solutions (NASDAQ:VIAV) last released its quarterly earnings results on Thursday, May 2nd. The communications equipment provider reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.01). The business had revenue of $246.00 million during the quarter, compared to the consensus estimate of $249.08 million. Viavi Solutions had a positive return on equity of 4.65% and a negative net margin of 0.42%. The firm’s revenue was down .7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.02 earnings per share. On average, equities analysts anticipate that Viavi Solutions Inc. will post 0.12 earnings per share for the current year.

Viavi Solutions Profile

Viavi Solutions Inc provides network test, monitoring, and assurance solutions for communications service providers, hyperscalers, network equipment manufacturers, original equipment manufacturers, government, and avionics customers in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa.