Clearbridge Investments LLC Sells 76,269 Shares of Viavi Solutions Inc. (NASDAQ:VIAV)

Clearbridge Investments LLC cut its holdings in Viavi Solutions Inc. (NASDAQ:VIAV - Free Report) by 3.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,408,290 shares of the communications equipment provider's stock after selling 76,269 shares during the quarter. Clearbridge Investments LLC owned about 1.08% of Viavi Solutions worth $16,545,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. Quarry LP raised its holdings in Viavi Solutions by 419.7% during the 2nd quarter. Quarry LP now owns 7,229 shares of the communications equipment provider's stock worth $50,000 after buying an additional 5,838 shares during the period. Algert Global LLC acquired a new stake in Viavi Solutions during the 2nd quarter worth about $154,000. Mackenzie Financial Corp raised its holdings in Viavi Solutions by 93.7% during the 2nd quarter. Mackenzie Financial Corp now owns 27,382 shares of the communications equipment provider's stock worth $188,000 after buying an additional 13,247 shares during the period. Millennium Management LLC raised its holdings in Viavi Solutions by 41.6% during the 2nd quarter. Millennium Management LLC now owns 396,227 shares of the communications equipment provider's stock worth $2,722,000 after buying an additional 116,355 shares during the period. Finally, Dark Forest Capital Management LP raised its holdings in Viavi Solutions by 36.5% during the 2nd quarter. Dark Forest Capital Management LP now owns 95,154 shares of the communications equipment provider's stock worth $654,000 after buying an additional 25,447 shares during the period. 95.54% of the stock is currently owned by institutional investors.

Viavi Solutions Stock Performance

Shares of NASDAQ VIAV traded up $0.04 during trading hours on Friday, reaching $9.05. The stock had a trading volume of 1,157,281 shares, compared to its average volume of 1,804,112. The business's fifty day moving average is $8.24 and its two-hundred day moving average is $7.99. The company has a debt-to-equity ratio of 0.93, a current ratio of 3.55 and a quick ratio of 3.16. The company has a market cap of $2.02 billion, a price-to-earnings ratio of -452.50 and a beta of 0.91. Viavi Solutions Inc. has a twelve month low of $6.60 and a twelve month high of $11.32.

Viavi Solutions (NASDAQ:VIAV - Get Free Report) last issued its earnings results on Thursday, August 8th. The communications equipment provider reported $0.02 EPS for the quarter, beating analysts' consensus estimates of $0.01 by $0.01. The business had revenue of $252.00 million during the quarter, compared to analyst estimates of $251.83 million. Viavi Solutions had a positive return on equity of 3.81% and a negative net margin of 2.58%. As a group, research analysts expect that Viavi Solutions Inc. will post 0.17 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on VIAV. Rosenblatt Securities downgraded Viavi Solutions from a "buy" rating to a "neutral" rating and cut their price objective for the stock from $10.00 to $8.25 in a report on Wednesday, June 26th. Needham & Company LLC reissued a "hold" rating on shares of Viavi Solutions in a research note on Friday, August 9th. StockNews.com raised Viavi Solutions from a "hold" rating to a "buy" rating in a research note on Tuesday, September 10th. Stifel Nicolaus lowered their price target on Viavi Solutions from $13.00 to $10.50 and set a "buy" rating for the company in a research note on Tuesday, August 6th. Finally, B. Riley lowered their price target on Viavi Solutions from $9.00 to $8.50 and set a "neutral" rating for the company in a research note on Friday, August 9th. Five investment analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Viavi Solutions currently has an average rating of "Moderate Buy" and a consensus price target of $10.71.

Insider Activity at Viavi Solutions

In other Viavi Solutions news, EVP Paul Mcnab sold 7,324 shares of the company's stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $7.52, for a total value of $55,076.48. Following the sale, the executive vice president now directly owns 35,631 shares in the company, valued at $267,945.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Viavi Solutions news, SVP Luke M. Scrivanich sold 3,029 shares of the company's stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $8.86, for a total value of $26,836.94. Following the sale, the senior vice president now directly owns 57,319 shares in the company, valued at $507,846.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Paul Mcnab sold 7,324 shares of the company's stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $7.52, for a total value of $55,076.48. Following the completion of the sale, the executive vice president now owns 35,631 shares in the company, valued at $267,945.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 70,976 shares of company stock worth $583,012. 1.80% of the stock is owned by corporate insiders.

About Viavi Solutions

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.