Pinnacle Associates Ltd. Has $23.83 Million Stake in Viavi Solutions Inc. (VIAV)

Pinnacle Associates Ltd. trimmed its holdings in shares of Viavi Solutions Inc. (NASDAQ:VIAV) by 4.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,262,762 shares of the communications equipment provider’s stock after selling 106,480 shares during the quarter. Pinnacle Associates Ltd. owned 1.00% of Viavi Solutions worth $23,827,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. World Asset Management Inc lifted its position in shares of Viavi Solutions by 1.1% during the second quarter. World Asset Management Inc now owns 14,912 shares of the communications equipment provider’s stock worth $157,000 after purchasing an additional 155 shares during the last quarter. OppenheimerFunds Inc. lifted its position in shares of Viavi Solutions by 0.4% during the first quarter. OppenheimerFunds Inc. now owns 67,211 shares of the communications equipment provider’s stock worth $720,000 after purchasing an additional 238 shares during the last quarter. Teacher Retirement System of Texas lifted its position in shares of Viavi Solutions by 2.1% during the second quarter. Teacher Retirement System of Texas now owns 18,336 shares of the communications equipment provider’s stock worth $193,000 after purchasing an additional 371 shares during the last quarter. State of Alaska Department of Revenue lifted its position in shares of Viavi Solutions by 1.6% during the first quarter. State of Alaska Department of Revenue now owns 25,530 shares of the communications equipment provider’s stock worth $273,000 after purchasing an additional 390 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Viavi Solutions by 10.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,635 shares of the communications equipment provider’s stock worth $112,000 after purchasing an additional 1,003 shares during the last quarter. Institutional investors and hedge funds own 92.53% of the company’s stock.

Viavi Solutions Inc. (NASDAQ:VIAV) opened at 9.79 on Friday. Viavi Solutions Inc. has a 1-year low of $6.99 and a 1-year high of $11.89. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of 13.85 and a beta of 1.35. The firm has a 50-day moving average price of $10.39 and a 200 day moving average price of $10.62.

Viavi Solutions (NASDAQ:VIAV) last announced its quarterly earnings data on Tuesday, August 15th. The communications equipment provider reported $0.09 EPS for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.03. The business had revenue of $198.10 million during the quarter, compared to the consensus estimate of $196.22 million. Viavi Solutions had a return on equity of 8.46% and a net margin of 20.57%. The business’s revenue for the quarter was down 11.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.10 earnings per share. On average, equities research analysts anticipate that Viavi Solutions Inc. will post $0.41 EPS for the current fiscal year.

Several research firms recently weighed in on VIAV. BidaskClub downgraded Viavi Solutions from a “buy” rating to a “hold” rating in a report on Thursday, June 22nd. Stifel Nicolaus restated a “hold” rating and issued a $11.00 price objective (up from $9.50) on shares of Viavi Solutions in a report on Thursday, June 22nd. B. Riley restated a “buy” rating and issued a $14.00 price objective on shares of Viavi Solutions in a report on Tuesday, August 15th. TheStreet downgraded Viavi Solutions from a “b” rating to a “c+” rating in a report on Tuesday, August 1st. Finally, Zacks Investment Research downgraded Viavi Solutions from a “buy” rating to a “hold” rating in a report on Saturday, August 19th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. Viavi Solutions presently has an average rating of “Buy” and a consensus target price of $12.34.

In other news, SVP Ralph Rondinone sold 4,569 shares of Viavi Solutions stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $9.83, for a total value of $44,913.27. Following the completion of the sale, the senior vice president now owns 7,239 shares of the company’s stock, valued at $71,159.37. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Luke M. Scrivanich sold 6,179 shares of the business’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $10.21, for a total value of $63,087.59. Following the sale, the senior vice president now directly owns 18,938 shares of the company’s stock, valued at approximately $193,356.98. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,797 shares of company stock valued at $249,912. Company insiders own 0.35% of the company’s stock.

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Viavi Solutions Profile

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.

Institutional Ownership by Quarter for Viavi Solutions (NASDAQ:VIAV)

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