Viavi Solutions (NASDAQ:VIAV) Reaches New 52-Week Low After Earnings Miss

Viavi Solutions Inc. (NASDAQ:VIAV)’s share price reached a new 52-week low during mid-day trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $7.10 and last traded at $7.46, with a volume of 624856 shares changing hands. The stock had previously closed at $8.02.

The communications equipment provider reported $0.06 EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). The company had revenue of $246.00 million during the quarter, compared to the consensus estimate of $249.08 million. Viavi Solutions had a return on equity of 5.38% and a net margin of 0.49%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.02 earnings per share.

Wall Street Analyst Weigh In

Several equities research analysts have commented on VIAV shares. Rosenblatt Securities dropped their target price on Viavi Solutions from $13.00 to $10.00 and set a “buy” rating on the stock in a report on Friday. Northland Securities upped their price target on Viavi Solutions from $12.00 to $17.00 and gave the company an “outperform” rating in a report on Wednesday, March 6th. Morgan Stanley upped their price target on Viavi Solutions from $9.00 to $11.00 and gave the company an “equal weight” rating in a report on Wednesday, March 6th. Stifel Nicolaus reaffirmed a “buy” rating and set a $13.00 price target on shares of Viavi Solutions in a report on Monday, April 1st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Viavi Solutions in a report on Friday. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $12.00.

Insider Transactions at Viavi Solutions

In other news, SVP Kevin Christopher Siebert sold 13,967 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $10.70, for a total value of $149,446.90. Following the transaction, the senior vice president now owns 47,097 shares of the company’s stock, valued at $503,937.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Paul Mcnab sold 15,004 shares of the stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $10.62, for a total transaction of $159,342.48. Following the completion of the sale, the executive vice president now owns 57,940 shares in the company, valued at $615,322.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kevin Christopher Siebert sold 13,967 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $10.70, for a total value of $149,446.90. Following the sale, the senior vice president now owns 47,097 shares of the company’s stock, valued at approximately $503,937.90. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Viavi Solutions

Several institutional investors have recently made changes to their positions in the business. Park Avenue Securities LLC purchased a new position in Viavi Solutions during the 1st quarter valued at approximately $99,000. Coldstream Capital Management Inc. grew its holdings in Viavi Solutions by 13.4% during the 3rd quarter. Coldstream Capital Management Inc. now owns 11,922 shares of the communications equipment provider’s stock valued at $109,000 after buying an additional 1,411 shares in the last quarter. Versor Investments LP purchased a new position in Viavi Solutions during the 4th quarter valued at approximately $110,000. Quadrant Capital Group LLC grew its holdings in Viavi Solutions by 49.0% during the 4th quarter. Quadrant Capital Group LLC now owns 12,019 shares of the communications equipment provider’s stock valued at $121,000 after buying an additional 3,952 shares in the last quarter. Finally, Heritage Wealth Management LLC purchased a new position in Viavi Solutions during the 4th quarter valued at approximately $150,000. Hedge funds and other institutional investors own 95.54% of the company’s stock.

Viavi Solutions Price Performance

The firm has a market cap of $1.68 billion, a PE ratio of 378.00 and a beta of 0.97. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.72 and a current ratio of 3.09. The firm has a fifty day simple moving average of $9.11 and a two-hundred day simple moving average of $9.03.

Viavi Solutions Company 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.