Zacks Investment Research Lowers Avaya (AVYA) to Hold

Avaya (NYSE:AVYA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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, reaching $20.94, on Wednesday, Marketbeat.com reports. 1,140,814 shares of the company were exchanged, compared to its average volume of 1,247,859. Avaya has a one year low of $15.63 and a one year high of $23.76. 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 (NYSE:AVYA) last announced its quarterly earnings data on Thursday, May 10th. The company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.17). The firm had revenue of $672.00 million during the quarter, compared to the consensus estimate of $758.00 million. equities research analysts expect that Avaya will post 2.32 EPS for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. bought a new stake in Avaya in the 1st quarter valued at $215,768,000. Franklin Resources Inc. bought a new stake in Avaya in the 1st quarter valued at $118,887,000. OppenheimerFunds Inc. bought a new stake in Avaya in the 1st quarter valued at $113,118,000. Highland Capital Management LP bought a new stake in Avaya in the 1st quarter valued at $78,509,000. Finally, Symphony Asset Management LLC bought a new stake in Avaya in the 1st quarter valued at $70,401,000. Institutional investors and hedge funds own 87.93% of the company’s stock.

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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