Pinnacle Associates Ltd. Trims Stock Position in Viavi Solutions Inc. (NASDAQ:VIAV)

Pinnacle Associates Ltd. lowered its stake in shares of Viavi Solutions Inc. (NASDAQ:VIAV - Free Report) by 97.0% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 30,196 shares of the communications equipment provider's stock after selling 967,277 shares during the period. Pinnacle Associates Ltd.'s holdings in Viavi Solutions were worth $304,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in VIAV. Lazard Asset Management LLC lifted its holdings in Viavi Solutions by 2,189.8% during the fourth quarter. Lazard Asset Management LLC now owns 3,137 shares of the communications equipment provider's stock worth $32,000 after acquiring an additional 3,000 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in Viavi Solutions during the third quarter valued at about $92,000. Oak Thistle LLC purchased a new position in Viavi Solutions in the third quarter valued at about $101,000. Coldstream Capital Management Inc. grew its position in shares of Viavi Solutions by 13.4% during the 3rd quarter. Coldstream Capital Management Inc. now owns 11,922 shares of the communications equipment provider's stock valued at $109,000 after acquiring an additional 1,411 shares during the period. Finally, Panagora Asset Management Inc. purchased a new stake in shares of Viavi Solutions during the 2nd quarter worth approximately $129,000. 95.54% of the stock is owned by institutional investors.

Viavi Solutions Trading Down 2.2 %

Shares of NASDAQ:VIAV traded down $0.20 on Thursday, reaching $8.83. 1,391,630 shares of the company traded hands, compared to its average volume of 2,261,939. Viavi Solutions Inc. has a 52 week low of $7.26 and a 52 week high of $11.65. The company has a current ratio of 3.09, a quick ratio of 2.72 and a debt-to-equity ratio of 0.87. The business's 50-day simple moving average is $9.66 and its 200 day simple moving average is $9.12. The stock has a market capitalization of $1.97 billion, a P/E ratio of 441.50 and a beta of 0.95.

Viavi Solutions (NASDAQ:VIAV - Get Free Report) last released its quarterly earnings data on Thursday, February 1st. The communications equipment provider reported $0.05 earnings per share for the quarter, meeting analysts' consensus estimates of $0.05. Viavi Solutions had a return on equity of 5.38% and a net margin of 0.49%. The firm had revenue of $254.50 million during the quarter, compared to analyst estimates of $249.77 million. As a group, equities analysts anticipate that Viavi Solutions Inc. will post 0.22 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on VIAV shares. Rosenblatt Securities decreased their target price on Viavi Solutions from $15.00 to $13.00 and set a "buy" rating for the company in a research report on Wednesday. Morgan Stanley lifted their target price on shares of Viavi Solutions from $9.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Wednesday, March 6th. Needham & Company LLC reaffirmed a "hold" rating on shares of Viavi Solutions in a report on Monday. Northland Securities increased their target price on Viavi Solutions from $12.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, March 6th. Finally, Susquehanna boosted their price objective on Viavi Solutions from $12.00 to $14.00 and gave the company a "positive" rating in a research note on Thursday, March 7th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Viavi Solutions presently has a consensus rating of "Moderate Buy" and an average target price of $13.17.

Insider Transactions at Viavi Solutions

In other news, EVP Paul Mcnab sold 15,004 shares of the business's stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $10.62, for a total transaction of $159,342.48. Following the transaction, the executive vice president now directly owns 57,940 shares of the company's stock, valued at $615,322.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Viavi Solutions news, EVP Paul Mcnab sold 15,004 shares of Viavi Solutions stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $10.62, for a total transaction of $159,342.48. Following the sale, the executive vice president now directly owns 57,940 shares of the company's stock, valued at approximately $615,322.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Kevin Christopher Siebert sold 13,967 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $10.70, for a total value of $149,446.90. Following the completion of the transaction, the senior vice president now directly owns 47,097 shares of the company's stock, valued at approximately $503,937.90. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 30,093 shares of company stock worth $319,841. Company insiders own 1.80% of the company's stock.

Viavi Solutions Company Profile

Viavi Solutions Inc provides network test, monitoring, and assurance solutions for communications service providers, hyperscalers, network equipment manufacturers, original equipment manufacturers, government, and avionics customers in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa.