Viavi Solutions (NASDAQ:VIAV) announced that its board has approved a stock buyback program, which permits the company to buyback $50.00 million in shares on Thursday, February 15th, EventVestor reports. This buyback authorization permits the communications equipment provider to repurchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
VIAV has been the subject of several research reports. Stifel Nicolaus reiterated a “hold” rating on shares of Viavi Solutions in a research note on Tuesday, October 24th. Zacks Investment Research cut Viavi Solutions from a “hold” rating to a “sell” rating in a report on Thursday, November 2nd. Rosenblatt Securities set a $13.00 target price on Viavi Solutions and gave the stock a “buy” rating in a report on Wednesday, December 13th. Loop Capital started coverage on Viavi Solutions in a report on Monday, January 29th. They set a “hold” rating and a $9.50 target price on the stock. Finally, Morgan Stanley boosted their target price on Viavi Solutions from $9.00 to $10.50 and gave the stock an “equal weight” rating in a report on Friday, February 2nd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $11.93.
Viavi Solutions (NASDAQ VIAV) opened at $9.86 on Wednesday. The firm has a market capitalization of $2,260.00, a P/E ratio of 98.60, a PEG ratio of 1.62 and a beta of 1.80. Viavi Solutions has a twelve month low of $8.34 and a twelve month high of $11.89. The company has a current ratio of 2.18, a quick ratio of 2.06 and a debt-to-equity ratio of 0.48.
In related news, Director Richard Belluzzo sold 4,997 shares of the company’s stock in a transaction that occurred on Friday, January 12th. The stock was sold at an average price of $9.00, for a total value of $44,973.00. Following the transaction, the director now directly owns 190,654 shares in the company, valued at $1,715,886. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Keith Barnes sold 13,500 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $9.75, for a total value of $131,625.00. Following the completion of the transaction, the director now owns 119,545 shares in the company, valued at $1,165,563.75. The disclosure for this sale can be found here. Insiders sold 29,509 shares of company stock worth $275,898 over the last quarter. 0.59% of the stock is currently owned by insiders.
ILLEGAL ACTIVITY WARNING: “Stock Repurchase Program Authorized by Viavi Solutions (VIAV)” was first reported by Chaffey Breeze and is the property of of Chaffey Breeze. If you are accessing this piece of content on another website, it was stolen and reposted in violation of U.S. & international copyright law. The original version of this piece of content can be viewed at https://www.chaffeybreeze.com/2018/02/21/stock-repurchase-program-authorized-by-viavi-solutions-viav.html.
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.
Receive News & Ratings for Viavi Solutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Viavi Solutions and related companies with MarketBeat.com's FREE daily email newsletter.