Viavi Solutions Inc. (VIAV) Sees Large Increase in Short Interest
Viavi Solutions Inc. (NASDAQ:VIAV) was the target of a large increase in short interest during the month of August. As of August 15th, there was short interest totalling 12,953,944 shares, an increase of 18.2% from the July 31st total of 10,963,231 shares. Based on an average daily volume of 2,877,125 shares, the short-interest ratio is currently 4.5 days. Approximately 5.7% of the company’s stock are sold short.
VIAV has been the subject of a number of research reports. Stifel Nicolaus boosted their price target on shares of Viavi Solutions from $8.50 to $9.50 and gave the company a “hold” rating in a research report on Wednesday, May 3rd. Jefferies Group LLC raised shares of Viavi Solutions from a “hold” rating to a “buy” rating and boosted their price target for the company from $9.50 to $14.00 in a research report on Friday, May 5th. B. Riley reissued a “neutral” rating and issued a $8.75 price target on shares of Viavi Solutions in a research report on Saturday, May 6th. Zacks Investment Research raised shares of Viavi Solutions from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research report on Tuesday, May 9th. Finally, BidaskClub cut shares of Viavi Solutions from a “buy” rating to a “hold” rating in a research report on Thursday, June 22nd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. Viavi Solutions presently has a consensus rating of “Buy” and a consensus target price of $12.34.
Viavi Solutions (VIAV) opened at 10.12 on Thursday. The firm has a 50-day moving average of $10.77 and a 200-day moving average of $10.65. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of 14.31 and a beta of 1.36. Viavi Solutions has a 1-year low of $6.99 and a 1-year high of $11.89.
Viavi Solutions (NASDAQ:VIAV) last announced its quarterly earnings results on Tuesday, August 15th. The communications equipment provider reported $0.09 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.03. The firm had revenue of $198.10 million for the quarter, compared to analyst estimates of $196.22 million. Viavi Solutions had a net margin of 20.57% and a return on equity of 8.46%. The business’s revenue for the quarter was down 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.10 EPS. On average, analysts expect that Viavi Solutions will post $0.41 earnings per share for the current year.
In related news, EVP Paul Mcnab sold 8,915 shares of the business’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $10.04, for a total value of $89,506.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Kevin Christopher Siebert sold 4,591 shares of the business’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $10.11, for a total transaction of $46,415.01. Following the completion of the sale, the vice president now directly owns 6,600 shares of the company’s stock, valued at $66,726. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,019 shares of company stock valued at $274,643. Corporate insiders own 0.35% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Great West Life Assurance Co. Can raised its stake in shares of Viavi Solutions by 6.4% in the first quarter. Great West Life Assurance Co. Can now owns 319,551 shares of the communications equipment provider’s stock valued at $3,422,000 after buying an additional 19,315 shares during the period. Tocqueville Asset Management L.P. purchased a new stake in shares of Viavi Solutions during the first quarter valued at approximately $552,000. Jennison Associates LLC increased its stake in shares of Viavi Solutions by 0.9% in the first quarter. Jennison Associates LLC now owns 134,633 shares of the communications equipment provider’s stock valued at $1,443,000 after buying an additional 1,245 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Viavi Solutions by 29.8% in the first quarter. Wells Fargo & Company MN now owns 499,643 shares of the communications equipment provider’s stock valued at $5,356,000 after buying an additional 114,731 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D purchased a new stake in shares of Viavi Solutions during the first quarter valued at approximately $2,144,000. 92.77% of the stock is currently owned by hedge funds and other institutional investors.
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About Viavi Solutions
Viavi Solutions Inc (Viavi) is a provider of network test, monitoring and assurance solutions to communications service providers, enterprises and their ecosystems. The Company also offers thin film optical coatings, providing light management solutions to anti-counterfeiting, consumer and industrial, government and healthcare and other markets.
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