Granite Investment Partners LLC Lowers Stock Position in Viavi Solutions Inc. (NASDAQ:VIAV)

Granite Investment Partners LLC lowered its position in Viavi Solutions Inc. (NASDAQ:VIAV) by 10.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,744,104 shares of the communications equipment provider’s stock after selling 208,389 shares during the period. Granite Investment Partners LLC owned about 0.78% of Viavi Solutions worth $11,982,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in VIAV. Capital World Investors raised its holdings in shares of Viavi Solutions by 305.4% in the first quarter. Capital World Investors now owns 12,161,535 shares of the communications equipment provider’s stock valued at $110,548,000 after purchasing an additional 9,161,535 shares during the last quarter. Capital Research Global Investors purchased a new stake in Viavi Solutions during the first quarter worth about $29,526,000. Norges Bank purchased a new stake in Viavi Solutions during the fourth quarter worth about $24,608,000. Bank of New York Mellon Corp increased its holdings in Viavi Solutions by 65.2% during the second quarter. Bank of New York Mellon Corp now owns 3,290,197 shares of the communications equipment provider’s stock worth $22,604,000 after buying an additional 1,298,394 shares during the last quarter. Finally, Westwood Holdings Group Inc. increased its holdings in Viavi Solutions by 20.2% during the fourth quarter. Westwood Holdings Group Inc. now owns 6,573,335 shares of the communications equipment provider’s stock worth $66,193,000 after buying an additional 1,103,687 shares during the last quarter. Hedge funds and other institutional investors own 95.54% of the company’s stock.

Wall Street Analyst Weigh In

VIAV has been the subject of a number of research analyst reports. Rosenblatt Securities downgraded shares of Viavi Solutions from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $10.00 to $8.25 in a report on Wednesday, June 26th. Stifel Nicolaus decreased their price objective on shares of Viavi Solutions from $13.00 to $10.50 and set a “buy” rating for the company in a report on Tuesday, August 6th. StockNews.com upgraded shares of Viavi Solutions from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. Needham & Company LLC reiterated a “hold” rating on shares of Viavi Solutions in a research report on Friday, August 9th. Finally, B. Riley cut their target price on shares of Viavi Solutions from $9.00 to $8.50 and set a “neutral” rating for the company in a research report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $10.71.

Viavi Solutions Price Performance

VIAV stock opened at $8.53 on Friday. The firm has a 50 day moving average of $7.97 and a 200-day moving average of $8.10. The company has a current ratio of 3.55, a quick ratio of 3.16 and a debt-to-equity ratio of 0.93. Viavi Solutions Inc. has a 12 month low of $6.60 and a 12 month high of $11.32. The firm has a market capitalization of $1.89 billion, a P/E ratio of -426.50 and a beta of 0.91.

Viavi Solutions (NASDAQ:VIAV) last released its quarterly earnings data 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. Viavi Solutions had a negative net margin of 2.58% and a positive return on equity of 3.81%. The company had revenue of $252.00 million during the quarter, compared to analyst estimates of $251.83 million. As a group, sell-side analysts predict that Viavi Solutions Inc. will post 0.17 earnings per share for the current fiscal year.

Insider Activity

In related news, SVP Kevin Christopher Siebert sold 8,432 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $8.63, for a total value of $72,768.16. Following the sale, the senior vice president now directly owns 56,617 shares of the company’s stock, valued at $488,604.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Kevin Christopher Siebert sold 8,432 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $8.63, for a total value of $72,768.16. Following the completion of the transaction, the senior vice president now directly owns 56,617 shares in the company, valued at $488,604.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Masood Jabbar sold 15,000 shares of Viavi Solutions stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $8.20, for a total value of $123,000.00. Following the sale, the director now directly owns 228,514 shares of the company’s stock, valued at approximately $1,873,814.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 67,947 shares of company stock worth $556,175. 1.80% of the stock is owned by company insiders.

Viavi Solutions Profile

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.