Zacks Investment Research upgraded shares of Viavi Solutions (NASDAQ:VIAV) from a hold rating to a buy rating in a research report released on Friday. Zacks Investment Research currently has $11.00 price objective on the communications equipment provider’s stock.
According to Zacks, “Viavi Solutions Inc. provides software and hardware platforms and instruments for telecommunications service providers, wireless operators, cable operators, network-equipment manufacturers and enterprises. The Company offers installation, commissioning, scripting, custom analytics, integration, business intelligence consulting, operational assistance, field and lab testing, technical training, maintenance, and support services. Its operating segment consists of Network and Service Enablement, Communications and Commercial Optical Products and Optical Security and Performance Products. Viavi Solutions Inc., formerly known as JDS Uniphase Corporation, is based in Milpitas, Calif. “
Several other brokerages also recently commented on VIAV. Morgan Stanley raised their target price on shares of Viavi Solutions from $9.00 to $10.50 and gave the stock an equal weight rating in a report on Friday, February 2nd. Loop Capital upgraded shares of Viavi Solutions from a hold rating to a buy rating and set a $9.50 target price on the stock in a report on Monday, February 5th. ValuEngine downgraded shares of Viavi Solutions from a hold rating to a sell rating in a report on Friday. Rosenblatt Securities set a $13.00 target price on shares of Viavi Solutions and gave the stock a buy rating in a report on Wednesday, December 13th. Finally, BidaskClub upgraded shares of Viavi Solutions from a strong sell rating to a sell rating in a report on Monday, February 5th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $11.81.
Viavi Solutions (NASDAQ:VIAV) last announced its earnings results on Thursday, February 1st. The communications equipment provider reported $0.09 EPS for the quarter, topping the consensus estimate of $0.07 by $0.02. The firm had revenue of $201.80 million for the quarter, compared to the consensus estimate of $185.80 million. Viavi Solutions had a net margin of 3.94% and a return on equity of 9.60%. The business’s quarterly revenue was down 2.3% on a year-over-year basis. During the same period last year, the company posted $0.10 EPS. research analysts anticipate that Viavi Solutions will post 0.34 EPS for the current fiscal year.
Viavi Solutions announced that its board has initiated a share buyback plan on Thursday, February 15th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the communications equipment provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
In other news, Director Richard Belluzzo sold 4,997 shares of Viavi Solutions stock in a transaction that occurred on Friday, January 12th. The shares were sold at an average price of $9.00, for a total value of $44,973.00. Following the sale, the director now directly owns 190,654 shares in the company, valued at $1,715,886. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Pamela J. Strayer sold 44,278 shares of Viavi Solutions stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $9.72, for a total transaction of $430,382.16. The disclosure for this sale can be found here. Insiders sold 101,131 shares of company stock worth $986,485 over the last quarter. 0.59% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. raised its holdings in shares of Viavi Solutions by 6.5% in the third quarter. Schwab Charles Investment Management Inc. now owns 1,328,110 shares of the communications equipment provider’s stock valued at $12,564,000 after purchasing an additional 80,760 shares during the last quarter. Crossmark Global Holdings Inc. acquired a new position in Viavi Solutions during the third quarter worth $384,000. Stifel Financial Corp increased its holdings in Viavi Solutions by 82.8% during the third quarter. Stifel Financial Corp now owns 95,877 shares of the communications equipment provider’s stock worth $906,000 after buying an additional 43,423 shares during the last quarter. DnB Asset Management AS increased its holdings in Viavi Solutions by 246.0% during the fourth quarter. DnB Asset Management AS now owns 1,485,900 shares of the communications equipment provider’s stock worth $12,987,000 after buying an additional 1,056,400 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in Viavi Solutions by 75.1% during the third quarter. First Trust Advisors LP now owns 67,298 shares of the communications equipment provider’s stock worth $637,000 after buying an additional 28,858 shares during the last quarter. Institutional investors own 93.45% of the company’s stock.
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About Viavi Solutions
Viavi Solutions Inc (Viavi) is a provider of network test, monitoring and assurance solutions to communications service providers, enterprises and their ecosystems. The Company also offers thin film optical coatings, providing light management solutions to anti-counterfeiting, consumer and industrial, government and healthcare and other markets.
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