Avaya (NYSE:AVYA) Earns “Buy” Rating from Northland Securities

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Northland Securities reaffirmed their buy rating on shares of Avaya (NYSE:AVYA) in a research report sent to investors on Wednesday, AnalystRatings.com reports. They currently have a $21.00 price target on the stock.

“We think the idea of going private to facilitate and accelerate the migration to cloud makes sense. Won two of the largest deals in company history. Key Points Results. Non-GAAP rev of $720 mil, $35 mil lower than 3Q18 and above our $711 mil est and $716 mil consensus. Good execution in the midst of the public strategic review helped. Product rev of $298 mil, down 7.5% y/y, v. our $287 mil est. New phones aided 3Q. Service rev of $422 mil, down 2.5% y/y, vs. our $424 mil est. Cloud revenue was 11% of revenue, same as the last two quarters. Maintenance was stable seq. Non-GAAP gross margin of 60.6% v. 61.5% in 2Q, affected temporarily by one German customer in particular. EBITDA of $167 mil v. our $161 mil est. Cash of $729 mil and debt $3.7 bil including pension obligation.”,” Northland Securities’ analyst wrote.

Several other analysts have also recently commented on AVYA. BWS Financial decreased their price objective on shares of Avaya from $32.00 to $22.00 and set a hold rating for the company in a research note on Friday, May 10th. Zacks Investment Research upgraded shares of Avaya from a strong sell rating to a hold rating in a research note on Wednesday, July 10th. Finally, Citigroup set a $12.00 price objective on shares of Avaya and gave the company a hold rating in a research note on Monday, July 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Avaya currently has an average rating of Hold and a consensus target price of $18.88.

NYSE:AVYA opened at $12.52 on Wednesday. The company has a market cap of $1.35 billion, a PE ratio of 4.52 and a beta of 1.70. Avaya has a twelve month low of $10.23 and a twelve month high of $23.40. The company has a current ratio of 1.41, a quick ratio of 1.31 and a debt-to-equity ratio of 2.10. The company’s 50 day moving average is $11.27 and its two-hundred day moving average is $14.44.

Avaya (NYSE:AVYA) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.37). Avaya had a negative net margin of 12.73% and a positive return on equity of 15.31%. The business had revenue of $720.00 million for the quarter, compared to analyst estimates of $715.96 million. During the same quarter in the previous year, the firm posted ($0.80) earnings per share. The business’s revenue was down 4.6% on a year-over-year basis. As a group, analysts expect that Avaya will post 3.33 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in AVYA. BlackRock Inc. lifted its stake in shares of Avaya by 25.6% in the 2nd quarter. BlackRock Inc. now owns 9,196,120 shares of the company’s stock valued at $109,526,000 after purchasing an additional 1,871,722 shares during the period. Benefit Street Partners LLC lifted its stake in shares of Avaya by 48.6% in the 1st quarter. Benefit Street Partners LLC now owns 4,879,259 shares of the company’s stock valued at $82,118,000 after purchasing an additional 1,595,887 shares during the period. Invesco Ltd. lifted its stake in shares of Avaya by 7,556.2% in the 2nd quarter. Invesco Ltd. now owns 4,765,455 shares of the company’s stock valued at $56,757,000 after purchasing an additional 4,703,212 shares during the period. Lancaster Investment Management LLP lifted its stake in shares of Avaya by 14.8% in the 1st quarter. Lancaster Investment Management LLP now owns 2,476,065 shares of the company’s stock valued at $41,672,000 after purchasing an additional 320,139 shares during the period. Finally, Taconic Capital Advisors LP lifted its stake in shares of Avaya by 6.4% in the 2nd quarter. Taconic Capital Advisors LP now owns 2,250,000 shares of the company’s stock valued at $26,798,000 after purchasing an additional 135,000 shares during the period. Institutional investors and hedge funds own 99.56% of the company’s stock.

Avaya Company Profile

Avaya Holdings Corp., through its subsidiaries, provides digital communications products, solutions, and services for businesses worldwide. The company operates through two segments, Products & Solutions, and Services. The Products & Solutions segment offers unified communications and contact center platforms, applications, and devices.

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Analyst Recommendations for Avaya (NYSE:AVYA)

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