Insider Selling: Aviat Networks (NASDAQ:AVNW) CEO Sells $280,858.16 in Stock

Key Points

• CEO Pete Smith sold 14,264 Aviat Networks shares at an average price of $19.69, generating $280,858.16 and reducing his direct holdings by 3.73% to 367,840 shares.
• Aviat’s stock fell 6.4% to $18.66 during Tuesday trading. The company has a market capitalization of approximately $238.9 million and trades at a P/E ratio of 98.21.
• The company exceeded quarterly expectations, reporting $0.64 in earnings per share and $120.89 million in revenue versus estimates of $0.55 and $110.12 million, respectively. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $32.71.

Aviat Networks, Inc. (NASDAQ:AVNW - Get Free Report) 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 value of $280,858.16. Following the transaction, the chief executive officer directly owned 367,840 shares in the company, valued at $7,242,769.60. This trade represents a 3.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Aviat Networks Stock Down 6.4%

Shares of NASDAQ AVNW traded down $1.27 during trading hours on Tuesday, hitting $18.66. The company had a trading volume of 201,916 shares, compared to its average volume of 166,667. Aviat Networks, Inc. has a 1-year low of $13.92 and a 1-year high of $27.02. 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 firm's 50 day moving average is $20.91 and its 200-day moving average is $21.23. The stock has a market capitalization of $238.85 million, a P/E ratio of 98.21 and a beta of 0.70.

Aviat Networks (NASDAQ:AVNW - Get Free Report) last issued its earnings results on Thursday, August 27th. The communications equipment provider reported $0.64 earnings per share for the quarter, topping analysts' consensus estimates of $0.55 by $0.09. Aviat Networks had a net margin of 0.58% and a return on equity of 5.85%. The business had revenue of $120.89 million for the quarter, compared to the consensus estimate of $110.12 million. On average, analysts expect that Aviat Networks, Inc. will post 2.44 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

AVNW has been the topic of a number of research analyst reports. Craig Hallum began coverage on shares of Aviat Networks in a report on Tuesday, June 30th. They issued a "buy" rating and a $36.00 target price on the stock. Rafferty Capital Markets started coverage on Aviat Networks in a report on Tuesday, June 30th. They set a "buy" rating and a $36.00 price target for the company. Northland Securities boosted their price target on Aviat Networks from $25.00 to $30.00 and gave the stock an "outperform" rating in a research report on Thursday, July 2nd. Lake Street Capital set a $31.00 price objective on Aviat Networks and gave the company a "buy" rating in a research note on Tuesday, May 5th. Finally, Zacks Research raised Aviat Networks from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $32.71.

Hedge Funds Weigh In On Aviat Networks

Several large investors have recently modified their holdings of AVNW. Vanguard Group Inc. boosted its holdings in shares of Aviat Networks by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 700,233 shares of the communications equipment provider's stock worth $16,056,000 after buying an additional 8,179 shares during the period. Tieton Capital Management LLC acquired a new position in Aviat Networks in the 2nd quarter valued at about $15,017,000. Royce & Associates LP raised its holdings in Aviat Networks by 8.5% in the 4th quarter. Royce & Associates LP now owns 648,235 shares of the communications equipment provider's stock valued at $13,859,000 after acquiring an additional 51,000 shares during the period. First Wilshire Securities Management Inc. raised its holdings in Aviat Networks by 1.0% in the 1st quarter. First Wilshire Securities Management Inc. now owns 529,533 shares of the communications equipment provider's stock valued at $11,973,000 after acquiring an additional 5,302 shares during the period. Finally, Western Standard LLC lifted its position in Aviat Networks by 84.5% during the fourth quarter. Western Standard LLC now owns 494,238 shares of the communications equipment provider's stock worth $10,567,000 after acquiring an additional 226,332 shares during the last quarter. 78.62% of the stock is owned by institutional investors.

About Aviat Networks

Aviat Networks, Inc is a specialist in wireless transport solutions, designing, manufacturing and selling microwave networking products that enable the secure and reliable transmission of data, voice and video. The company's offerings address mission-critical communications needs for a broad range of end markets, including telecommunications service providers, utilities, government agencies and enterprises. Its product portfolio spans high-capacity packet microwave radios, IP transport systems and network management software.

Aviat's core product lines include the WTM series of packet microwave platforms, which deliver scalable throughput and advanced resilience features, and the Eclipse packet microwave systems, which combine broadband capacity with synchronization, security and quality-of-service capabilities.

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