Renaissance Technologies LLC Buys 11,000 Shares of Viavi Solutions Inc. (NASDAQ:VIAV)

Posted by Defense World Staff on Mar 8th, 2023

Renaissance Technologies LLC boosted its stake in Viavi Solutions Inc. (NASDAQ:VIAV – Get Rating) by 1.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 638,000 shares of the communications equipment provider’s stock after purchasing an additional 11,000 shares during the period. Renaissance Technologies LLC owned approximately 0.28% of Viavi Solutions worth $8,326,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Verition Fund Management LLC increased its position in Viavi Solutions by 206.9% during the third quarter. Verition Fund Management LLC now owns 94,905 shares of the communications equipment provider’s stock valued at $1,239,000 after acquiring an additional 63,983 shares during the last quarter. MetLife Investment Management LLC increased its position in shares of Viavi Solutions by 2.1% during the 3rd quarter. MetLife Investment Management LLC now owns 120,370 shares of the communications equipment provider’s stock valued at $1,571,000 after purchasing an additional 2,434 shares during the last quarter. Prudential PLC purchased a new position in shares of Viavi Solutions in the third quarter worth approximately $497,000. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Viavi Solutions by 1.2% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 85,502 shares of the communications equipment provider’s stock worth $1,116,000 after buying an additional 975 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its position in Viavi Solutions by 415.7% during the third quarter. Quadrant Capital Group LLC now owns 10,268 shares of the communications equipment provider’s stock valued at $134,000 after buying an additional 8,277 shares during the period. 90.87% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Viavi Solutions

In other Viavi Solutions news, SVP Gary W. Staley sold 13,216 shares of the stock in a transaction dated Wednesday, February 8th. The shares were sold at an average price of $11.31, for a total transaction of $149,472.96. Following the completion of the transaction, the senior vice president now owns 107,116 shares of the company’s stock, valued at approximately $1,211,481.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Gary W. Staley sold 13,636 shares of Viavi Solutions stock in a transaction that occurred on Wednesday, February 22nd. The stock was sold at an average price of $11.02, for a total value of $150,268.72. Following the completion of the transaction, the senior vice president now owns 80,027 shares in the company, valued at approximately $881,897.54. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Gary W. Staley sold 13,216 shares of the company’s stock in a transaction dated Wednesday, February 8th. The shares were sold at an average price of $11.31, for a total transaction of $149,472.96. Following the transaction, the senior vice president now owns 107,116 shares in the company, valued at $1,211,481.96. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 52,946 shares of company stock worth $588,620. Insiders own 1.57% of the company’s stock.

Viavi Solutions Stock Performance

NASDAQ:VIAV opened at $10.34 on Wednesday. The stock has a 50-day moving average price of $11.03 and a 200 day moving average price of $12.11. The stock has a market capitalization of $2.32 billion, a P/E ratio of 31.33 and a beta of 0.82. Viavi Solutions Inc. has a 12-month low of $9.99 and a 12-month high of $16.69. The company has a current ratio of 2.77, a quick ratio of 2.41 and a debt-to-equity ratio of 0.90.

Viavi Solutions (NASDAQ:VIAV – Get Rating) last announced its quarterly earnings data on Thursday, February 2nd. The communications equipment provider reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $284.50 million during the quarter, compared to analyst estimates of $270.48 million. Viavi Solutions had a net margin of 6.16% and a return on equity of 21.06%. Equities research analysts forecast that Viavi Solutions Inc. will post 0.42 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. B. Riley dropped their price target on shares of Viavi Solutions from $14.50 to $13.50 and set a “neutral” rating on the stock in a research note on Friday, February 3rd. Stifel Nicolaus assumed coverage on Viavi Solutions in a research report on Thursday, December 1st. They issued a “hold” rating and a $12.00 price target for the company. StockNews.com raised Viavi Solutions from a “hold” rating to a “buy” rating in a research note on Friday, January 20th. Finally, JPMorgan Chase & Co. cut their price objective on Viavi Solutions from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Tuesday, December 20th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $14.79.

Viavi Solutions Company Profile

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Viavi Solutions, Inc engages in the provision of network test, monitoring, and assurance solutions for communications service providers, enterprises, network equipment manufacturers, government and avionics. It operates through the following segments: Network Enablement, Service Enablement, and Optical Security and Performance.