Avaya (NYSE:AVYA) Rating Lowered to Hold at Craig Hallum

Avaya (NYSE:AVYA – Get Rating) was downgraded by investment analysts at Craig Hallum from a “buy” rating to a “hold” rating in a report issued on Friday, MarketBeat reports.

Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. downgraded Avaya from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $16.00 to $7.00 in a report on Wednesday, May 11th. Barclays downgraded Avaya from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $8.00 to $5.00 in a report on Tuesday, May 17th. Cowen downgraded Avaya from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $26.00 to $6.00 in a report on Friday, May 13th. Citigroup reduced their price target on Avaya from $9.00 to $6.00 and set a “neutral” rating for the company in a report on Monday, June 6th. Finally, Cowen downgraded Avaya from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $26.00 to $6.00 in a report on Friday, May 13th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $13.78.

Avaya Price Performance

AVYA opened at $0.90 on Friday. The stock has a fifty day simple moving average of $3.17 and a two-hundred day simple moving average of $9.51. The company has a current ratio of 1.66, a quick ratio of 1.61 and a debt-to-equity ratio of 6.54. The company has a market cap of $77.13 million, a price-to-earnings ratio of -2.81 and a beta of 1.78. Avaya has a 12-month low of $0.79 and a 12-month high of $24.58.

Avaya (NYSE:AVYA – Get Rating) last posted its quarterly earnings data on Tuesday, May 10th. The company reported $0.43 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.07). The firm had revenue of $716.00 million during the quarter, compared to the consensus estimate of $737.62 million. Avaya had a positive return on equity of 51.82% and a negative net margin of 0.62%. Avaya’s revenue for the quarter was down 3.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.60 EPS. Research analysts predict that Avaya will post 1.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avaya

Several institutional investors have recently modified their holdings of the business. Strs Ohio boosted its position in Avaya by 5.7% in the fourth quarter. Strs Ohio now owns 54,000 shares of the company’s stock worth $1,069,000 after purchasing an additional 2,900 shares during the last quarter. National Bank of Canada FI purchased a new position in Avaya in the fourth quarter worth about $123,000. Allspring Global Investments Holdings LLC purchased a new position in Avaya in the fourth quarter worth about $1,832,000. Peregrine Capital Management LLC boosted its position in Avaya by 15.8% in the fourth quarter. Peregrine Capital Management LLC now owns 612,878 shares of the company’s stock worth $12,135,000 after purchasing an additional 83,497 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Avaya by 30.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,004 shares of the company’s stock worth $218,000 after purchasing an additional 2,553 shares during the last quarter.

About Avaya

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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.