Is Viavi Solutions Stock a Buy or Sell After Its CEO Dumps Shares Worth More Than $1 Million

Oleg Khaykin, President and CEO of Viavi Solutions (NASDAQ:VIAV), reported the open-market sale of 73,442 shares in multiple transactions on December 3, 2025 and December 4, 2025, according to the SEC Form 4 filing.

Transaction summary

Transaction value based on SEC Form 4 weighted average purchase price ($17.36); post-transaction value based on December 4, 2025 market close ($17.50).

Key questions

• What proportion of Oleg Khaykin’s direct holdings was sold in this transaction?
  The 73,442 shares sold represented approximately 3.68% of Mr. Khaykin’s direct shareholdings immediately before the transaction.
• How does the size of this sale compare to Khaykin’s historical sell transactions?
  This transaction was larger than the earlier median sell transaction of 7,872 shares (0.36% of holdings) observed between December 2022 and February 2024, but smaller than the 154,646-share sale completed on December 2, 2025. The recent median sell size since August 2024 has been 114,044 shares (5.44% of holdings).
• What is the market context for this sale, in terms of share price performance?
  Viavi Solutions shares closed at $17.50 on December 4, 2025, and delivered a one-year total return of approximately 68.4% as of the transaction date.
• What is Mr. Khaykin’s post-sale direct ownership and its significance?
  Following this sale, Khaykin retains direct ownership of 1,921,191 shares, representing an estimated post-transaction value of ~$33.6 million and approximately 0.86% of Viavi Solutions’ outstanding shares as of the latest available data.

Company overview

* 1-year price change calculated using December 4, 2025 as the reference date.

Company snapshot

• Viavi Solutions offers network test, monitoring, and assurance solutions across three segments: Network Enablement (NE), Service Enablement (SE), and Optical Security and Performance Products (OSP).
• It generates revenue primarily through the sale of instruments, software, and services for network build-out, monitoring, and optimization, as well as optical security products.
• The company serves communications service providers, enterprises, network equipment manufacturers, OEMs, government agencies, and the avionics industry worldwide.

Viavi Solutions is a global provider of advanced network testing and optical security solutions, operating at scale with $1.15 billion in TTM revenue and a market capitalization of $3.91 billion. Its diversified product portfolio and focus on mission-critical communications infrastructure position the company as a key enabler for network reliability and security. Viavi's broad customer base and established expertise support its competitive standing in the technology and communications equipment sector.

What this transaction means for investors

The sale of Viavi Solutions stock by CEO Oleg Khaykin isn't necessarily a red flag. His disposition of 35,004 shares on Dec. 3 still left him with nearly two million shares held directly. He also indirectly holds an additional 80,476 shares through his spouse, after 38,438 shares among those holdings were sold on Dec. 4.

Most likely, Mr. Khaykin was taking advantage of the rise in the price of Viavi Solutions stock, as these sales occurred just a day or two before shares hit a 52-week high of $18.55 on Dec. 5.

The company is achieving strong results. Viavi Solutions exited its 2025 fiscal year, ended June 28, with $1.08 billion in revenue, an 8% year-over-year increase. This was followed by outstanding fiscal Q1 sales growth of 26% year over year to $299.1 million thanks to strong demand from customers in the data center, aerospace and defense industries.

With substantial growth in data centers for the artificial intelligence sector expected in the coming years, Viavi Solutions is well-positioned to see further sales expansion. These factors make the company a compelling investment, although with its price-to-earnings ratio exceeding 200, the stock is expensive right now. Wait for the share price to drop before deciding to buy.

Glossary

Open-market sale: The sale of securities on a public exchange, rather than through a private transaction.
SEC Form 4: A required filing disclosing insider trades by company officers, directors, or major shareholders.
Weighted average purchase price: The average price paid per share, weighted by the number of shares in each transaction.
Direct ownership: Shares held directly by an individual, not through trusts, funds, or indirect means.
Outstanding shares: The total number of a company's shares currently held by all shareholders.
Total return: The investment's price change plus all dividends and distributions, assuming those payouts are reinvested.
Network Enablement (NE): A business segment focused on products for building and optimizing communication networks.
Service Enablement (SE): A business segment providing solutions for monitoring and managing network services.
Optical Security and Performance Products (OSP): A segment offering products that enhance optical network security and performance.
OEMs: Original Equipment Manufacturers; companies that produce parts or equipment used in another company's end products.
Avionics industry: The sector involved in the development and production of electronic systems for aircraft.
TTM: The 12-month period ending with the most recent quarterly report.

Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Viavi Solutions. The Motley Fool has a disclosure policy.