Envestnet Asset Management Inc. Sells 384,185 Shares of Viavi Solutions Inc. (NASDAQ:VIAV)

Envestnet Asset Management Inc. reduced its stake in Viavi Solutions Inc. (NASDAQ:VIAV - Free Report) by 39.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 582,847 shares of the communications equipment provider's stock after selling 384,185 shares during the period. Envestnet Asset Management Inc. owned 0.26% of Viavi Solutions worth $6,522,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in shares of Viavi Solutions during the fourth quarter worth about $718,000. Swiss National Bank increased its position in shares of Viavi Solutions by 0.6% during the fourth quarter. Swiss National Bank now owns 438,400 shares of the communications equipment provider's stock worth $4,428,000 after acquiring an additional 2,600 shares in the last quarter. Natixis Advisors LLC increased its position in shares of Viavi Solutions by 22.7% during the fourth quarter. Natixis Advisors LLC now owns 80,246 shares of the communications equipment provider's stock worth $810,000 after acquiring an additional 14,853 shares in the last quarter. Cibc World Markets Corp bought a new stake in shares of Viavi Solutions during the fourth quarter worth about $208,000. Finally, Xponance Inc. increased its position in shares of Viavi Solutions by 11.5% during the fourth quarter. Xponance Inc. now owns 15,977 shares of the communications equipment provider's stock worth $161,000 after acquiring an additional 1,649 shares in the last quarter. 95.54% of the stock is owned by institutional investors.

Viavi Solutions Stock Performance

Shares of NASDAQ VIAV traded down $0.09 during midday trading on Friday, hitting $10.09. The company's stock had a trading volume of 368,157 shares, compared to its average volume of 2,173,336. The stock has a fifty day moving average price of $9.70 and a 200 day moving average price of $10.36. Viavi Solutions Inc. has a one year low of $7.03 and a one year high of $12.91. The company has a current ratio of 1.53, a quick ratio of 1.32 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of 504.50 and a beta of 0.88.

Analyst Ratings Changes

Several research analysts recently weighed in on VIAV shares. Wall Street Zen upgraded shares of Viavi Solutions from a "buy" rating to a "strong-buy" rating in a report on Tuesday, May 13th. B. Riley cut their price target on shares of Viavi Solutions from $12.00 to $11.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. UBS Group cut their price target on shares of Viavi Solutions from $11.50 to $11.00 and set a "neutral" rating on the stock in a report on Friday, May 2nd. Rosenblatt Securities reiterated a "buy" rating and issued a $13.50 target price on shares of Viavi Solutions in a research note on Friday, June 20th. Finally, Morgan Stanley dropped their target price on shares of Viavi Solutions from $10.00 to $8.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $12.69.

Insiders Place Their Bets

In related news, Director Richard Belluzzo sold 8,385 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $10.02, for a total transaction of $84,017.70. Following the sale, the director owned 242,311 shares of the company's stock, valued at approximately $2,427,956.22. This represents a 3.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.52% of the company's stock.

Viavi Solutions Profile

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.