Sawgrass Asset Management LLC increased its position in Viavi Solutions Inc (NASDAQ:VIAV) by 169.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 120,830 shares of the communications equipment provider’s stock after acquiring an additional 75,995 shares during the period. Sawgrass Asset Management LLC owned about 0.05% of Viavi Solutions worth $1,606,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Capital Investment Advisory Services LLC purchased a new position in Viavi Solutions during the first quarter valued at $68,000. Penserra Capital Management LLC purchased a new stake in shares of Viavi Solutions in the first quarter worth about $110,000. Navellier & Associates Inc purchased a new stake in shares of Viavi Solutions in the second quarter worth about $156,000. Signition LP purchased a new stake in shares of Viavi Solutions in the first quarter worth about $156,000. Finally, Bank of Montreal Can lifted its position in shares of Viavi Solutions by 16.6% in the first quarter. Bank of Montreal Can now owns 13,639 shares of the communications equipment provider’s stock worth $169,000 after buying an additional 1,941 shares in the last quarter. 92.83% of the stock is owned by institutional investors.
In other news, CFO Amar Maletira sold 2,500 shares of the company’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $13.31, for a total value of $33,275.00. Following the completion of the sale, the chief financial officer now directly owns 269,370 shares of the company’s stock, valued at $3,585,314.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 22,556 shares of company stock valued at $307,093 over the last ninety days. Corporate insiders own 0.50% of the company’s stock.
Viavi Solutions (NASDAQ:VIAV) last released its quarterly earnings data on Thursday, May 2nd. The communications equipment provider reported $0.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 business had revenue of $265.20 million during the quarter, compared to analysts’ expectations of $259.86 million. During the same period in the previous year, the company earned $0.13 EPS. The company’s revenue for the quarter was up 20.9% on a year-over-year basis. On average, research analysts anticipate that Viavi Solutions Inc will post 0.53 EPS for the current fiscal year.
A number of research firms recently commented on VIAV. Morgan Stanley set a $13.00 target price on Viavi Solutions and gave the stock a “hold” rating in a research report on Friday, May 3rd. BidaskClub raised Viavi Solutions from a “hold” rating to a “buy” rating in a research note on Thursday, July 4th. JPMorgan Chase & Co. raised Viavi Solutions from an “underweight” rating to a “neutral” rating and increased their price objective for the stock from $12.00 to $13.00 in a research note on Monday, April 22nd. Northland Securities set a $16.00 price objective on Viavi Solutions and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Finally, TheStreet lowered Viavi Solutions from a “b-” rating to a “c+” rating in a report on Monday, June 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $13.81.
Viavi Solutions Company Profile
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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