On Dec. 10, 2025, Rick Burns, Director of Viavi Solutions (VIAV +0.47%), sold 3,384 shares in an open-market transaction for $63,483.84, according to the SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (direct) | 3,384 |
| Transaction value | $63,483.84 |
| Post-transaction shares (direct) | 3,384 |
| Post-transaction value (direct ownership) | $64,972.80 |
Transaction value based on SEC Form 4 reported price ($18.76); post-transaction value based on Dec. 10, 2025 market close ($18.76).
Key questions
- How significant was this sale relative to Burns's prior activity?
This is the only open-market sale by Burns since Aug. 2025, and the transaction matched the full median size for his sell trades, representing a substantial 50.00% reduction in direct holdings. - What mechanism governed the timing of this transaction?
The sale was executed under a 10b5-1 trading plan, providing a pre-established framework and limiting discretionary timing. - Did this sale impact indirect holdings or involve derivatives?
No indirect holdings or derivative securities were involved; Burns's remaining position is exclusively direct common stock. - How does this transaction relate to Burns's remaining capacity?
Following the sale, Burns retains 3,384 directly held shares—half of his pre-sale position—so the transaction size reflects a constrained selling capacity after prior administrative adjustments to his ownership base.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close Dec. 10, 2025) | $18.76 |
| Market capitalization | $4.15 billion |
| Revenue (TTM) | $1.15 billion |
| 1-year price change | 85.90% |
* 1-year price change calculated using Dec. 10, 2025 as the reference date.
Company snapshot
- Offers network test, monitoring, and assurance solutions across three segments: Network Enablement, Service Enablement, and Optical Security and Performance Products.
- Generates revenue through the sale of instruments, software, and services for network build-out, maintenance, optimization, and optical security applications.
- Serves communications service providers, enterprises, network equipment manufacturers, government agencies, and avionics customers globally.
Viavi Solutions is a technology company specializing in communication equipment and network assurance solutions, with a global customer base and a diversified product portfolio. The company leverages its expertise in network visibility and optical technologies to address the evolving needs of service providers and enterprises. Its scale and broad market reach position it as a key partner for clients seeking advanced network performance and security capabilities.
What this transaction means for investors
Generally, sales by insiders aren't nearly as important as buys. That's because insiders are also people who have bills to pay and luxuries to acquire.
The use of a 10b5-1 trading plan that automates the gradual sale of shares is another sign that Burns is supplementing his income rather than exiting a burning building. The important thing to remember about automated trading plans, though, is that insiders can always decide to pause them if they expect a sharp increase in the stock price down the road.
Based on fiscal first-quarter results that Viavi reported in October, this isn't the right time to sell Viavi shares. During the three months ended Sept. 27, 2025, net revenue soared 25.6% year over year.
Viavi's bottom line performance has been even more impressive lately. Adjusted earnings in the fiscal first quarter soared by 150% year over year to $0.15 per share.
Glossary
Open-market sale: A transaction where shares are sold on a public exchange at market prices, not through private deals.
SEC Form 4: A required filing disclosing insider trades by company officers, directors, or large shareholders.
Direct holdings: Shares owned and controlled directly by an individual, not through intermediaries or entities.
Indirect holdings: Shares owned through trusts, family members, or entities, not held directly by the individual.
Derivative transactions: Trades involving financial contracts whose value is based on underlying assets, like options or futures.
10b5-1 trading plan: A prearranged plan allowing insiders to buy or sell stock at set times, reducing concerns about insider trading.
Insider: A company officer, director, or significant shareholder with access to material, nonpublic information.
Transaction value: The total dollar amount received or paid in a specific buy or sell transaction.
Direct ownership: Holding shares in one's own name, with full control and rights over those shares.
Administrative adjustments: Changes to ownership records due to events like stock splits, transfers, or corrections, not regular trading.
Network assurance: Technologies and services ensuring the reliability, security, and performance of communication networks.
TTM: The 12-month period ending with the most recent quarterly report.
