253,827 Viavi Solutions Inc. $VIAV Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Viavi Solutions stake by 12.6% in the third quarter, selling 253,827 shares; it retained 1.76 million shares worth about $79 million.
• Viavi beat quarterly earnings and revenue expectations, reporting EPS of $0.47 versus $0.41 expected and revenue of $469.3 million, up 56.9% year over year.
• Analysts’ consensus rating was Moderate Buy with an average price target of $57.83, while company insiders sold 198,099 shares worth about $7.9 million over the prior 90 days.

Allspring Global Investments Holdings LLC reduced its position in shares of Viavi Solutions Inc. (NASDAQ:VIAV - Free Report) by 12.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,763,611 shares of the communications equipment provider's stock after selling 253,827 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.72% of Viavi Solutions worth $78,975,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in VIAV. Silvant Capital Management LLC purchased a new stake in shares of Viavi Solutions in the second quarter worth $33,000. Persistent Asset Partners Ltd bought a new stake in shares of Viavi Solutions during the 2nd quarter valued at about $38,000. Fortitude Family Office LLC grew its holdings in shares of Viavi Solutions by 413.3% during the third quarter. Fortitude Family Office LLC now owns 811 shares of the communications equipment provider's stock worth $34,000 after purchasing an additional 653 shares in the last quarter. Carolina Wealth Advisors LLC grew its holdings in shares of Viavi Solutions by 83.2% during the second quarter. Carolina Wealth Advisors LLC now owns 852 shares of the communications equipment provider's stock worth $41,000 after purchasing an additional 387 shares in the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of Viavi Solutions by 309.4% during the second quarter. NewEdge Advisors LLC now owns 1,130 shares of the communications equipment provider's stock worth $54,000 after purchasing an additional 854 shares in the last quarter. Institutional investors own 95.54% of the company's stock.

Insider Buying and Selling

In other Viavi Solutions news, EVP Ilan Daskal sold 56,290 shares of the business's stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $36.29, for a total value of $2,042,764.10. Following the completion of the sale, the executive vice president owned 10,132 shares in the company, valued at approximately $367,690.28. The trade was a 84.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Luke M. Scrivanich sold 35,866 shares of the business's stock in a transaction that occurred on Wednesday, September 23rd. The shares were sold at an average price of $36.24, for a total value of $1,299,783.84. Following the completion of the sale, the senior vice president owned 39,598 shares of the company's stock, valued at $1,435,031.52. The trade was a 47.53% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 198,099 shares of company stock worth $7,916,628 in the last ninety days. Corporate insiders own 1.20% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on VIAV shares. B. Riley Financial cut their price target on shares of Viavi Solutions from $63.00 to $60.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Weiss Ratings cut shares of Viavi Solutions from a "sell (d+)" rating to a "sell (d)" rating in a research report on Tuesday, September 8th. UBS Group lowered their price objective on shares of Viavi Solutions from $44.00 to $33.00 and set a "neutral" rating on the stock in a research report on Thursday, November 5th. Needham & Company LLC dropped their price objective on shares of Viavi Solutions from $60.00 to $53.00 and set a "buy" rating for the company in a report on Thursday, November 5th. Finally, Stifel Nicolaus set a $65.00 target price on shares of Viavi Solutions in a research report on Wednesday, September 23rd. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $57.83.

Viavi Solutions Trading Up 12.3%

Shares of VIAV opened at $31.98 on Tuesday. Viavi Solutions Inc. has a fifty-two week low of $15.51 and a fifty-two week high of $60.43. The firm has a market cap of $7.86 billion, a price-to-earnings ratio of 133.26 and a beta of 1.31. The firm has a 50 day moving average price of $36.58 and a 200-day moving average price of $38.70. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.62 and a current ratio of 1.85.

Viavi Solutions (NASDAQ:VIAV - Get Free Report) last released its earnings results on Wednesday, November 4th. The communications equipment provider reported $0.47 EPS for the quarter, beating the consensus estimate of $0.41 by $0.06. The company had revenue of $469.30 million for the quarter, compared to analyst estimates of $455.06 million. Viavi Solutions had a net margin of 3.97% and a return on equity of 27.07%. The firm's quarterly revenue was up 56.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.15 EPS. As a group, equities research analysts forecast that Viavi Solutions Inc. will post 1.42 earnings per share for the current year.

Viavi Solutions Company Profile

Viavi Solutions Inc develops testing, monitoring and assurance solutions for communications networks. Its products and software help service providers, equipment makers and enterprises build, maintain and troubleshoot fiber-optic, broadband, wireless and other network infrastructure, including technologies used in 5G and data centers.

The company also makes optical technologies and security products, including features used to authenticate banknotes, identity documents and branded goods.

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