Zacks Research Downgrades Aviat Networks (NASDAQ:AVNW) to Strong Sell

Aviat Networks (NASDAQ:AVNW) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Wednesday, Zacks reports.

A number of other equities analysts have also recently issued reports on the stock. Northland Securities raised their price objective on shares of Aviat Networks from $25.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, July 2nd. Citigroup reiterated a “market outperform” rating on shares of Aviat Networks in a research report on Friday, August 28th. Wall Street Zen raised shares of Aviat Networks from a “hold” rating to a “buy” rating in a research note on Saturday, October 3rd. Roth Capital reiterated a “buy” rating and issued a $38.00 target price (up from $34.00) on shares of Aviat Networks in a report on Friday, August 28th. Finally, Craig Hallum assumed coverage on Aviat Networks in a research note on Tuesday, June 30th. They issued a “buy” rating and a $36.00 target price for the company. Eight research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, Aviat Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.71.

Aviat Networks Trading Down 2.0%

AVNW opened at $20.42 on Wednesday. Aviat Networks has a 1-year low of $13.92 and a 1-year high of $27.02. The firm has a 50-day moving average price of $20.47 and a two-hundred day moving average price of $20.26. The stock has a market capitalization of $262.60 million, a PE ratio of 107.47 and a beta of 0.68. The company has a current ratio of 1.97, a quick ratio of 1.66 and a debt-to-equity ratio of 0.33.

Aviat Networks (NASDAQ:AVNW) last posted its quarterly earnings data on Thursday, August 27th. The communications equipment provider reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.09. The firm had revenue of $120.89 million during the quarter, compared to analysts’ expectations of $110.12 million. Aviat Networks had a net margin of 0.58% and a return on equity of 5.85%. As a group, equities analysts anticipate that Aviat Networks will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Aviat Networks

In related news, CEO Pete Smith sold 14,264 shares of the firm’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $19.69, for a total value of $280,858.16. Following the completion of the transaction, the chief executive officer directly owned 367,840 shares of the company’s stock, valued at approximately $7,242,769.60. This trade represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Erin Boase sold 1,347 shares of the business’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $19.69, for a total transaction of $26,522.43. Following the transaction, the vice president owned 28,275 shares in the company, valued at approximately $556,734.75. The trade was a 4.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 16,240 shares of company stock valued at $319,766. 5.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of AVNW. Tieton Capital Management LLC bought a new position in Aviat Networks during the second quarter worth about $15,017,000. Sei Investments Co. lifted its holdings in shares of Aviat Networks by 122.2% during the first quarter. Sei Investments Co. now owns 432,325 shares of the communications equipment provider’s stock worth $9,775,000 after buying an additional 237,761 shares in the last quarter. Inspire Investing LLC acquired a new position in shares of Aviat Networks during the 1st quarter worth approximately $1,465,000. Squarepoint Ops LLC acquired a new stake in Aviat Networks during the second quarter worth approximately $1,095,000. Finally, Bank of New York Mellon Corp acquired a new position in Aviat Networks in the 2nd quarter valued at $1,076,000. 78.62% of the stock is currently owned by institutional investors and hedge funds.

About Aviat Networks

Aviat Networks, Inc (NASDAQ: AVNW) provides wireless networking solutions for communications service providers, private networks, government agencies, utilities, transportation organizations, and other critical infrastructure operators. The company specializes in connecting locations where fiber is unavailable, impractical, or requires a complementary wireless link.

Its portfolio includes microwave and millimeter-wave wireless transport systems, packet-based networking equipment, routers, wireless access products, network management software, and related installation, support, and professional services.