Squarepoint Ops LLC Takes Position in Aviat Networks, Inc. $AVNW

Key Points

• Squarepoint Ops LLC acquired 49,315 shares of Aviat Networks in the second quarter, valued at approximately $1.1 million and representing about 0.39% of the company. Institutional investors collectively own 78.62% of AVNW.
• Aviat Networks beat quarterly expectations, reporting $0.64 earnings per share versus the $0.55 consensus and revenue of $120.89 million versus $110.12 million expected.
• Analysts remain bullish, with nine Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $32.71, well above the recent $20.58 share price.

Squarepoint Ops LLC bought a new position in Aviat Networks, Inc. (NASDAQ:AVNW - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 49,315 shares of the communications equipment provider's stock, valued at approximately $1,095,000. Squarepoint Ops LLC owned approximately 0.39% of Aviat Networks as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Potomac Capital Management Inc. purchased a new position in Aviat Networks during the fourth quarter valued at $43,000. Fifth Third Bancorp purchased a new stake in Aviat Networks in the 1st quarter worth $53,000. Ancora Advisors LLC bought a new position in shares of Aviat Networks during the 2nd quarter valued at about $55,000. State of Wyoming bought a new position in shares of Aviat Networks during the 1st quarter valued at about $207,000. Finally, Public Employees Retirement System of Ohio purchased a new position in shares of Aviat Networks during the second quarter valued at about $274,000. Institutional investors own 78.62% of the company's stock.

Aviat Networks Stock Up 2.0%

Shares of AVNW opened at $20.58 on Friday. The company has a quick ratio of 1.66, a current ratio of 1.97 and a debt-to-equity ratio of 0.33. The business has a fifty day moving average of $20.60 and a 200 day moving average of $20.81. The company has a market cap of $263.47 million, a PE ratio of 108.32 and a beta of 0.70. Aviat Networks, Inc. has a 52-week low of $13.92 and a 52-week high of $27.02.

Aviat Networks (NASDAQ:AVNW - Get Free Report) last posted its quarterly earnings data on Thursday, August 27th. The communications equipment provider reported $0.64 earnings per share for the quarter, beating analysts' consensus estimates of $0.55 by $0.09. The business had revenue of $120.89 million for the quarter, compared to analysts' expectations of $110.12 million. Aviat Networks had a net margin of 0.58% and a return on equity of 5.85%. On average, sell-side analysts expect that Aviat Networks, Inc. will post 2.24 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on AVNW shares. B. Riley Financial reaffirmed a "buy" rating and issued a $33.00 target price (up from $28.00) on shares of Aviat Networks in a report on Friday, August 28th. Northland Securities raised their price target on Aviat Networks from $25.00 to $30.00 and gave the company an "outperform" rating in a report on Thursday, July 2nd. B Riley restated a "buy" rating on shares of Aviat Networks in a report on Friday, August 28th. Rafferty Capital Markets started coverage on Aviat Networks in a research note on Tuesday, June 30th. They issued a "buy" rating and a $36.00 price objective on the stock. Finally, Roth Capital reaffirmed a "buy" rating and set a $38.00 price objective (up from $34.00) on shares of Aviat Networks in a report on Friday, August 28th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $32.71.

Insider Activity

In other Aviat Networks news, CEO Pete Smith sold 14,264 shares of the business's stock in a transaction that occurred on Monday, August 31st. The stock was sold at an average price of $19.69, for a total transaction of $280,858.16. Following the completion of the transaction, the chief executive officer owned 367,840 shares in the company, valued at $7,242,769.60. The trade was a 3.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Erin Boase sold 1,347 shares of the business's stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $19.69, for a total value of $26,522.43. Following the transaction, the vice president owned 28,275 shares of the company's stock, valued at $556,734.75. This trade represents a 4.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 16,240 shares of company stock valued at $319,766. 5.30% of the stock is owned by insiders.

Aviat Networks Profile

Aviat Networks, Inc is a provider of wireless networking solutions for communications and critical infrastructure markets. The company designs and supplies microwave and millimeter-wave radio systems, routers, network management software, and related hardware used to transport voice, data, and video traffic.

Its products support a range of applications, including mobile network backhaul and access, broadband connectivity, private enterprise networks, public safety communications, utilities, transportation systems, government networks, and other industrial operations.

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