Avaya (NYSE:AVYA) Downgraded by Zacks Investment Research to “Strong Sell”

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Zacks Investment Research downgraded shares of Avaya (NYSE:AVYA) from a hold rating to a strong sell rating in a research report released on Thursday, Zacks.com reports.

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. “

AVYA has been the topic of several other reports. BWS Financial cut their price objective on shares of Avaya from $32.00 to $22.00 and set a hold rating on the stock in a report on Friday, May 10th. Citigroup set a $12.00 price objective on shares of Avaya and gave the company a hold rating in a report on Monday, July 8th. Morgan Stanley reiterated an equal weight rating and issued a $14.00 target price (down from $18.50) on shares of Avaya in a report on Wednesday, August 14th. Finally, Northland Securities reiterated a buy rating and issued a $21.00 target price on shares of Avaya in a report on Wednesday, August 14th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average target price of $18.88.

Shares of NYSE AVYA opened at $12.52 on Thursday. The company’s 50 day simple moving average is $11.27 and its 200 day simple moving average is $14.44. Avaya has a fifty-two week low of $10.23 and a fifty-two week high of $23.40. The firm has a market capitalization of $1.34 billion, a P/E ratio of 4.50 and a beta of 1.70. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.41 and a quick ratio of 1.31.

Avaya (NYSE:AVYA) last announced its quarterly earnings data on Tuesday, August 13th. The company reported $0.24 earnings per share for the quarter, missing the Thomson Reuters’ 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 during the quarter, compared to analyst estimates of $715.96 million. During the same quarter in the prior year, the company earned ($0.80) earnings per share. The company’s quarterly revenue was down 4.6% on a year-over-year basis. Sell-side analysts expect that Avaya will post 3.36 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Public Employees Retirement System of Ohio raised its holdings in Avaya by 57.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 3,363 shares of the company’s stock worth $49,000 after purchasing an additional 1,232 shares during the period. Legal & General Group Plc raised its holdings in Avaya by 7.2% in the fourth quarter. Legal & General Group Plc now owns 43,331 shares of the company’s stock worth $631,000 after purchasing an additional 2,912 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Avaya by 0.7% during the second quarter. Bank of New York Mellon Corp now owns 497,199 shares of the company’s stock worth $5,922,000 after acquiring an additional 3,505 shares during the period. AEGON USA Investment Management LLC raised its holdings in shares of Avaya by 2.4% during the second quarter. AEGON USA Investment Management LLC now owns 172,284 shares of the company’s stock worth $2,052,000 after acquiring an additional 4,100 shares during the period. Finally, Swiss National Bank raised its holdings in shares of Avaya by 2.7% during the second quarter. Swiss National Bank now owns 205,900 shares of the company’s stock worth $2,452,000 after acquiring an additional 5,500 shares during the period. Institutional investors own 99.56% of the company’s stock.

About Avaya

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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