Zacks Investment Research Lowers Avaya (AVYA) to Hold

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Avaya (NYSE:AVYA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “Avaya Holdings Corp. provides real-time communication applications. The company offer portfolio of software and services for contact center and unified communications which provide on premises, in the cloud or a hybrid. Avaya Holdings Corp. is based in Santa Clara, United States. “

Shares of Avaya traded down $0.11, hitting $20.94, on Wednesday, according to MarketBeat Ratings. The company’s stock had a trading volume of 1,140,814 shares, compared to its average volume of 1,247,859. The company has a current ratio of 0.97, a quick ratio of 0.88 and a debt-to-equity ratio of 1.63. Avaya has a fifty-two week low of $15.63 and a fifty-two week high of $23.76.

Avaya (NYSE:AVYA) last released its quarterly earnings results on Thursday, May 10th. The company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.17). The business had revenue of $672.00 million during the quarter, compared to analysts’ expectations of $758.00 million. equities research analysts anticipate that Avaya will post 2.32 earnings per share for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in AVYA. JPMorgan Chase & Co. acquired a new position in Avaya during the 1st quarter worth approximately $215,768,000. Franklin Resources Inc. bought a new stake in shares of Avaya during the 1st quarter worth approximately $118,887,000. OppenheimerFunds Inc. bought a new stake in shares of Avaya during the 1st quarter worth approximately $113,118,000. Highland Capital Management LP bought a new stake in shares of Avaya during the 1st quarter worth approximately $78,509,000. Finally, Symphony Asset Management LLC bought a new stake in shares of Avaya during the 1st quarter worth approximately $70,401,000. 87.93% of the stock is owned by hedge funds and other institutional investors.

About Avaya

Avaya Holdings Corp. operates as a holding company which through its subsidiary, develops business collaboration and communications solutions worldwide. The company was formerly known as Sierra Holdings Corp. The company was incorporated in 2007 and is based in Santa Clara, California.

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