Aviat Networks (NASDAQ:AVNW) Downgraded by Zacks Research to Strong Sell

Zacks Research downgraded shares of Aviat Networks (NASDAQ:AVNW) from a hold rating to a strong sell rating in a report issued on Wednesday,Zacks reports.

AVNW has been the subject of several other reports. 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 upped their price objective on Aviat Networks from $25.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, July 2nd. Rafferty Capital Markets began coverage on Aviat Networks in a research report on Tuesday, June 30th. They set a “buy” rating and a $36.00 target price for the company. Roth Capital reiterated a “buy” rating and set a $38.00 target price (up from $34.00) on shares of Aviat Networks in a research note on Friday, August 28th. Finally, Citigroup restated a “market outperform” rating on shares of Aviat Networks in a research report on Friday, August 28th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Aviat Networks has a consensus rating of “Moderate Buy” and an average target price of $32.71.

Aviat Networks Price Performance

AVNW opened at $20.42 on Wednesday. Aviat Networks has a 1 year low of $13.92 and a 1 year high of $27.02. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.97 and a quick ratio of 1.66. The company has a market capitalization of $262.60 million, a price-to-earnings ratio of 107.47 and a beta of 0.68. The firm’s fifty day moving average price is $20.47 and its two-hundred day moving average price is $20.26.

Aviat Networks (NASDAQ:AVNW) last released its quarterly earnings results 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 company had revenue of $120.89 million for the quarter, compared to analyst estimates of $110.12 million. Aviat Networks had a net margin of 0.58% and a return on equity of 5.85%. As a group, analysts anticipate that Aviat Networks will post 2.09 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Pete A. Smith sold 14,264 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 $280,858.16. Following the sale, the chief executive officer owned 367,840 shares of the company’s stock, valued at $7,242,769.60. The trade was a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Erin Boase sold 1,347 shares of the company’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 transaction of $26,522.43. Following the sale, the vice president owned 28,275 shares in the company, valued at $556,734.75. The trade was a 4.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 16,240 shares of company stock valued at $319,766. 5.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Aviat Networks

Several hedge funds have recently made changes to their positions in the stock. Farther Finance Advisors LLC lifted its holdings in Aviat Networks by 1,026.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,893 shares of the communications equipment provider’s stock worth $38,000 after purchasing an additional 1,725 shares in the last quarter. WINTON GROUP Ltd boosted its stake in Aviat Networks by 6.1% in the 2nd quarter. WINTON GROUP Ltd now owns 12,050 shares of the communications equipment provider’s stock worth $268,000 after purchasing an additional 692 shares during the period. Squarepoint Ops LLC purchased a new position in Aviat Networks during the 2nd quarter valued at about $1,095,000. Public Employees Retirement System of Ohio purchased a new position in Aviat Networks during the 2nd quarter valued at about $274,000. Finally, Ancora Advisors LLC bought a new stake in shares of Aviat Networks during the second quarter valued at about $55,000. 78.62% of the stock is currently owned by hedge funds and other institutional investors.

About Aviat Networks

Aviat Networks, Inc (NASDAQ: AVNW) provides wireless networking solutions for communications service providers, private networks, government agencies, utilities, transportation organizations, and other critical infrastructure operators. The company specializes in connecting locations where fiber is unavailable, impractical, or requires a complementary wireless link.

Its portfolio includes microwave and millimeter-wave wireless transport systems, packet-based networking equipment, routers, wireless access products, network management software, and related installation, support, and professional services.