Viavi Solutions (NASDAQ:VIAV) Shares Gap Down to $7.10

Viavi Solutions Inc. (NASDAQ:VIAV)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $7.10, but opened at $6.82. Viavi Solutions shares last traded at $6.97, with a volume of 206,861 shares.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Viavi Solutions in a research report on Friday, May 3rd. Argus upgraded shares of Viavi Solutions to a “strong-buy” rating in a research note on Thursday, May 9th. StockNews.com raised Viavi Solutions from a “hold” rating to a “buy” rating in a report on Friday, April 12th. Northland Securities lifted their price target on Viavi Solutions from $12.00 to $17.00 and gave the stock an “outperform” rating in a report on Wednesday, March 6th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $13.00 price objective on shares of Viavi Solutions in a research note on Monday, April 1st. Four equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.65.

Viavi Solutions Price Performance

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 company has a 50-day moving average price of $7.55 and a two-hundred day moving average price of $8.89.

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

Insider Activity at Viavi Solutions

In related news, EVP Paul Mcnab sold 6,822 shares of the company’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $7.33, for a total value of $50,005.26. Following the completion of the transaction, the executive vice president now directly owns 42,955 shares in the company, valued at $314,860.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last quarter, insiders sold 14,985 shares of company stock valued at $109,969. Company insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Viavi Solutions

Institutional investors have recently added to or reduced their stakes in the company. Sequoia Financial Advisors LLC lifted its holdings in Viavi Solutions by 11.3% in the first quarter. Sequoia Financial Advisors LLC now owns 17,326 shares of the communications equipment provider’s stock worth $157,000 after buying an additional 1,756 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Viavi Solutions by 3.7% during the third quarter. PNC Financial Services Group Inc. now owns 56,643 shares of the communications equipment provider’s stock valued at $518,000 after purchasing an additional 2,047 shares during the last quarter. Handelsbanken Fonder AB boosted its position in shares of Viavi Solutions by 7.4% in the 4th quarter. Handelsbanken Fonder AB now owns 33,210 shares of the communications equipment provider’s stock worth $334,000 after purchasing an additional 2,300 shares in the last quarter. First National Bank of Omaha grew its stake in shares of Viavi Solutions by 5.4% in the fourth quarter. First National Bank of Omaha now owns 51,146 shares of the communications equipment provider’s stock worth $515,000 after acquiring an additional 2,633 shares during the last quarter. Finally, Texas Permanent School Fund Corp increased its holdings in shares of Viavi Solutions by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 194,787 shares of the communications equipment provider’s stock valued at $1,771,000 after acquiring an additional 2,754 shares in the last quarter. Hedge funds and other institutional investors own 95.54% of the company’s stock.

About Viavi Solutions

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.