Viavi Solutions (NASDAQ:VIAV) Shares Gap Down After Analyst Downgrade

Viavi Solutions Inc. (NASDAQ:VIAV - Get Free Report)'s share price gapped down before the market opened on Friday after UBS Group lowered their price target on the stock from $11.50 to $11.00. The stock had previously closed at $10.65, but opened at $8.58. UBS Group currently has a neutral rating on the stock. Viavi Solutions shares last traded at $9.00, with a volume of 1,347,555 shares changing hands.

A number of other brokerages have also issued reports on VIAV. Argus upped their target price on Viavi Solutions from $13.00 to $16.00 and gave the company a "buy" rating in a research report on Wednesday, February 5th. Northland Securities reiterated an "outperform" rating and set a $14.00 price objective (up from $13.00) on shares of Viavi Solutions in a research note on Friday, January 31st. Morgan Stanley decreased their price objective on shares of Viavi Solutions from $10.00 to $8.00 and set an "underweight" rating for the company in a report on Tuesday, April 8th. Stifel Nicolaus reaffirmed a "buy" rating and set a $13.00 price target (up previously from $12.00) on shares of Viavi Solutions in a research report on Friday, January 31st. Finally, Rosenblatt Securities boosted their price objective on Viavi Solutions from $12.00 to $13.50 and gave the company a "buy" rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.69.

Insider Activity

In other news, EVP Paul Mcnab sold 9,034 shares of the firm's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $11.09, for a total transaction of $100,187.06. Following the transaction, the executive vice president now directly owns 38,775 shares of the company's stock, valued at approximately $430,014.75. This trade represents a 18.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Luke M. Scrivanich sold 14,323 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $11.24, for a total transaction of $160,990.52. Following the completion of the transaction, the senior vice president now owns 55,877 shares of the company's stock, valued at $628,057.48. This trade represents a 20.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,164 shares of company stock valued at $411,122. 1.52% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Viavi Solutions

A number of institutional investors and hedge funds have recently added to or reduced their stakes in VIAV. Picton Mahoney Asset Management raised its holdings in shares of Viavi Solutions by 35.0% during the fourth quarter. Picton Mahoney Asset Management now owns 3,212 shares of the communications equipment provider's stock worth $32,000 after acquiring an additional 833 shares in the last quarter. Heritage Family Offices LLP boosted its holdings in Viavi Solutions by 7.5% in the first quarter. Heritage Family Offices LLP now owns 14,970 shares of the communications equipment provider's stock worth $168,000 after purchasing an additional 1,045 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in Viavi Solutions by 29.1% during the first quarter. First Horizon Advisors Inc. now owns 5,046 shares of the communications equipment provider's stock valued at $56,000 after purchasing an additional 1,138 shares during the last quarter. Sanctuary Advisors LLC raised its holdings in Viavi Solutions by 8.1% in the 4th quarter. Sanctuary Advisors LLC now owns 17,226 shares of the communications equipment provider's stock worth $172,000 after acquiring an additional 1,288 shares during the period. Finally, Xponance Inc. increased its stake in shares of Viavi Solutions by 11.5% in the fourth quarter. Xponance Inc. now owns 15,977 shares of the communications equipment provider's stock worth $161,000 after purchasing an additional 1,649 shares during the period. 95.54% of the stock is owned by institutional investors.

Viavi Solutions Trading Up 0.6 %

The company has a debt-to-equity ratio of 0.94, a current ratio of 3.55 and a quick ratio of 3.18. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of -50.33 and a beta of 0.92. The business has a fifty day moving average price of $10.51 and a 200 day moving average price of $10.52.

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.