Viavi Solutions Inc. (NASDAQ:VIAV) Shares Acquired by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp has increased its stake in Viavi Solutions Inc. by 51.8%, purchasing an additional 30,826 shares, totaling 90,318 shares worth approximately $1,011,000.
• Institutional investors now own 95.54% of Viavi Solutions' stock, with several other funds also increasing their positions in the company.
• Despite recent analyst updates with mixed ratings, the average price target for Viavi Solutions is currently set at $12.69.

Mackenzie Financial Corp raised its stake in Viavi Solutions Inc. (NASDAQ:VIAV - Free Report) by 51.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 90,318 shares of the communications equipment provider's stock after buying an additional 30,826 shares during the period. Mackenzie Financial Corp's holdings in Viavi Solutions were worth $1,011,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. USA Financial Formulas acquired a new position in shares of Viavi Solutions in the first quarter valued at approximately $53,000. First Horizon Advisors Inc. grew its stake in Viavi Solutions by 29.1% in the 1st quarter. First Horizon Advisors Inc. now owns 5,046 shares of the communications equipment provider's stock worth $56,000 after acquiring an additional 1,138 shares during the period. Sterling Capital Management LLC raised its holdings in Viavi Solutions by 804.6% in the 4th quarter. Sterling Capital Management LLC now owns 6,938 shares of the communications equipment provider's stock valued at $70,000 after acquiring an additional 6,171 shares during the last quarter. TD Waterhouse Canada Inc. lifted its stake in shares of Viavi Solutions by 64.6% during the 4th quarter. TD Waterhouse Canada Inc. now owns 9,389 shares of the communications equipment provider's stock worth $95,000 after purchasing an additional 3,684 shares during the period. Finally, Brevan Howard Capital Management LP acquired a new stake in shares of Viavi Solutions during the fourth quarter worth $135,000. 95.54% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on VIAV shares. UBS Group dropped their target price on Viavi Solutions from $11.50 to $11.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Wall Street Zen upgraded Viavi Solutions from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 13th. Needham & Company LLC reaffirmed a "buy" rating and set a $15.00 price target on shares of Viavi Solutions in a research report on Friday, May 2nd. B. Riley lowered their target price on Viavi Solutions from $12.00 to $11.00 and set a "neutral" rating for the company in a research note on Friday, May 2nd. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $13.50 price target on shares of Viavi Solutions in a research note on Friday, June 20th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $12.69.

Viavi Solutions Stock Performance

Shares of VIAV stock traded up $0.12 on Thursday, hitting $10.16. 2,844,867 shares of the stock traded hands, compared to its average volume of 2,155,891. The company has a market capitalization of $2.27 billion, a PE ratio of 508.25 and a beta of 0.87. The company's fifty day moving average is $9.88 and its 200 day moving average is $10.36. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.53 and a quick ratio of 1.32. Viavi Solutions Inc. has a 1-year low of $7.05 and a 1-year high of $12.91.

Insider Activity

In other Viavi Solutions news, Director Richard Belluzzo sold 8,385 shares of Viavi Solutions stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $10.02, for a total value of $84,017.70. Following the completion of the transaction, the director directly owned 242,311 shares in the company, valued at $2,427,956.22. The trade was a 3.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.52% of the company's stock.

About Viavi Solutions

Viavi Solutions, Inc engages in the provision of network test, monitoring, and assurance solutions for communications service providers, enterprises, network equipment manufacturers, government and avionics. It operates through the following segments: Network Enablement, Service Enablement, and Optical Security and Performance.