Viavi Solutions Inc (VIAV) Sees Large Drop in Short Interest

Viavi Solutions Inc (NASDAQ:VIAV) was the recipient of a large decline in short interest during the month of September. As of September 28th, there was short interest totalling 8,373,433 shares, a decline of 18.7% from the September 14th total of 10,295,706 shares. Based on an average daily volume of 1,902,864 shares, the short-interest ratio is presently 4.4 days. Approximately 3.7% of the shares of the stock are sold short.

In related news, SVP Gary W. Staley sold 5,185 shares of Viavi Solutions stock in a transaction that occurred on Thursday, September 27th. The stock was sold at an average price of $11.22, for a total transaction of $58,175.70. Following the completion of the transaction, the senior vice president now directly owns 7,670 shares in the company, valued at approximately $86,057.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Paul Mcnab sold 14,046 shares of Viavi Solutions stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $11.25, for a total value of $158,017.50. Following the transaction, the executive vice president now owns 110,456 shares of the company’s stock, valued at $1,242,630. The disclosure for this sale can be found here. Insiders have sold a total of 117,495 shares of company stock valued at $1,417,459 over the last 90 days. Insiders own 0.59% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James & Associates purchased a new stake in shares of Viavi Solutions during the 2nd quarter valued at $109,000. Koch Industries Inc. purchased a new stake in Viavi Solutions during the 1st quarter worth $104,000. Element Capital Management LLC acquired a new position in Viavi Solutions in the 1st quarter worth $139,000. Dynamic Technology Lab Private Ltd acquired a new position in Viavi Solutions in the 1st quarter worth $173,000. Finally, Gateway Investment Advisers LLC acquired a new position in Viavi Solutions in the 2nd quarter worth $286,000. 91.01% of the stock is owned by institutional investors.

Shares of NASDAQ VIAV opened at $11.66 on Friday. Viavi Solutions has a 52-week low of $8.34 and a 52-week high of $12.82. The firm has a market cap of $2.57 billion, a PE ratio of 35.00 and a beta of 0.88. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.05 and a quick ratio of 1.89.

Viavi Solutions (NASDAQ:VIAV) last announced its quarterly earnings data on Tuesday, August 14th. The communications equipment provider reported $0.14 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.11 by $0.03. Viavi Solutions had a negative net margin of 5.22% and a positive return on equity of 11.57%. The company had revenue of $264.00 million during the quarter, compared to analysts’ expectations of $255.10 million. During the same period in the previous year, the company earned $0.12 EPS. The business’s quarterly revenue was up 33.3% compared to the same quarter last year. As a group, sell-side analysts expect that Viavi Solutions will post 0.44 EPS for the current fiscal year.

Several brokerages recently issued reports on VIAV. BidaskClub upgraded Viavi Solutions from a “hold” rating to a “buy” rating in a research report on Wednesday, August 15th. B. Riley lifted their target price on shares of Viavi Solutions from $12.00 to $13.00 and gave the stock a “buy” rating in a research note on Monday, August 13th. Needham & Company LLC raised shares of Viavi Solutions from a “hold” rating to a “buy” rating and set a $13.50 target price for the company in a research note on Monday, August 13th. ValuEngine raised shares of Viavi Solutions from a “sell” rating to a “hold” rating in a research note on Thursday, August 2nd. Finally, William Blair reaffirmed a “buy” rating on shares of Viavi Solutions in a research note on Friday, June 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $11.29.

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.

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