Aviat Networks (NASDAQ:AVNW) Releases Earnings Results

Aviat Networks (NASDAQ:AVNW) posted its quarterly earnings results on Tuesday. The communications equipment provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.06, FiscalAI reports. Aviat Networks had a return on equity of 12.04% and a net margin of 2.95%.The firm had revenue of $111.47 million during the quarter, compared to analysts’ expectations of $109.67 million.

Aviat Networks Stock Performance

Shares of AVNW stock traded down $0.21 during trading hours on Tuesday, reaching $22.43. 193,977 shares of the company traded hands, compared to its average volume of 103,833. The firm has a 50-day moving average price of $21.50 and a 200 day moving average price of $22.36. The company has a market cap of $287.93 million, a P/E ratio of 21.78 and a beta of 0.94. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.51. Aviat Networks has a 12-month low of $15.80 and a 12-month high of $26.83.

Insider Buying and Selling

In other Aviat Networks news, CEO Pete A. Smith sold 5,350 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $23.39, for a total value of $125,136.50. Following the completion of the transaction, the chief executive officer directly owned 349,447 shares in the company, valued at $8,173,565.33. This represents a 1.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Bruce M. Taten sold 3,268 shares of the firm’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $23.39, for a total transaction of $76,438.52. Following the sale, the director owned 20,391 shares in the company, valued at $476,945.49. The trade was a 13.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 5.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Aviat Networks

A number of hedge funds have recently made changes to their positions in the business. Quarry LP purchased a new position in Aviat Networks in the 3rd quarter worth approximately $27,000. Raymond James Financial Inc. bought a new stake in shares of Aviat Networks during the second quarter valued at approximately $28,000. BNP Paribas Financial Markets lifted its holdings in shares of Aviat Networks by 96.5% in the third quarter. BNP Paribas Financial Markets now owns 2,281 shares of the communications equipment provider’s stock worth $52,000 after buying an additional 1,120 shares in the last quarter. Comerica Bank boosted its position in shares of Aviat Networks by 40.2% during the first quarter. Comerica Bank now owns 2,720 shares of the communications equipment provider’s stock worth $52,000 after acquiring an additional 780 shares during the last quarter. Finally, Sei Investments Co. bought a new position in shares of Aviat Networks during the third quarter worth $223,000. Institutional investors own 78.62% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on AVNW. Weiss Ratings restated a “hold (c-)” rating on shares of Aviat Networks in a report on Monday, December 29th. Zacks Research upgraded Aviat Networks from a “strong sell” rating to a “hold” rating in a research note on Friday, January 23rd. Lake Street Capital reaffirmed a “buy” rating and issued a $34.00 price objective on shares of Aviat Networks in a report on Wednesday, November 5th. Finally, B. Riley reissued a “buy” rating and issued a $35.00 target price (up previously from $33.00) on shares of Aviat Networks in a report on Wednesday, November 5th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

About Aviat Networks

Aviat Networks, Inc is a specialist in wireless transport solutions, designing, manufacturing and selling microwave networking products that enable the secure and reliable transmission of data, voice and video. The company’s offerings address mission-critical communications needs for a broad range of end markets, including telecommunications service providers, utilities, government agencies and enterprises. Its product portfolio spans high-capacity packet microwave radios, IP transport systems and network management software.

Aviat’s core product lines include the WTM series of packet microwave platforms, which deliver scalable throughput and advanced resilience features, and the Eclipse packet microwave systems, which combine broadband capacity with synchronization, security and quality-of-service capabilities.