Avaya (NYSE:AVYA) Rating Lowered to Market Perform at Cowen

Avaya (NYSE:AVYA – Get Rating) was downgraded by stock analysts at Cowen from an “outperform” rating to a “market perform” rating in a note issued to investors on Friday, The Fly reports.

Several other research firms have also issued reports on AVYA. Citigroup lowered their price target on shares of Avaya from $25.00 to $17.00 in a report on Thursday, February 10th. Zacks Investment Research upgraded shares of Avaya from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research note on Wednesday, April 20th. BWS Financial lowered shares of Avaya from a “buy” rating to a “sell” rating in a research note on Thursday. Craig Hallum reduced their price target on shares of Avaya from $30.00 to $13.00 in a research report on Wednesday. Finally, JPMorgan Chase & Co. downgraded shares of Avaya from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $16.00 to $7.00 in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $19.11.

NYSE:AVYA opened at $5.81 on Friday. The company has a debt-to-equity ratio of 7.42, a current ratio of 1.45 and a quick ratio of 1.40. Avaya has a one year low of $5.54 and a one year high of $29.55. The firm’s 50 day simple moving average is $11.64 and its 200 day simple moving average is $16.07. The company has a market cap of $493.44 million, a PE ratio of -18.16 and a beta of 1.60.

Avaya (NYSE:AVYA – Get Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported $0.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.08). Avaya had a positive return on equity of 54.06% and a negative net margin of 0.62%. The firm had revenue of $716.00 million for the quarter, compared to the consensus estimate of $737.62 million. During the same quarter in the previous year, the business posted $0.60 EPS. The firm’s revenue for the quarter was down 3.0% compared to the same quarter last year. Equities research analysts expect that Avaya will post 2.33 EPS for the current year.

Large investors have recently modified their holdings of the stock. AlphaCrest Capital Management LLC boosted its holdings in shares of Avaya by 5.4% in the 4th quarter. AlphaCrest Capital Management LLC now owns 80,300 shares of the company’s stock worth $1,590,000 after buying an additional 4,140 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in shares of Avaya in the 3rd quarter worth about $379,000. Twinbeech Capital LP boosted its holdings in shares of Avaya by 112.2% in the 3rd quarter. Twinbeech Capital LP now owns 34,983 shares of the company’s stock worth $692,000 after buying an additional 18,497 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Avaya by 31.2% in the 3rd quarter. Principal Financial Group Inc. now owns 17,311 shares of the company’s stock worth $343,000 after buying an additional 4,114 shares during the last quarter. Finally, Formula Growth Ltd. boosted its holdings in shares of Avaya by 596.1% in the 3rd quarter. Formula Growth Ltd. now owns 348,064 shares of the company’s stock worth $6,888,000 after buying an additional 298,064 shares during the last quarter.

About Avaya (Get Rating)

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

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