Avaya Holdings Corp (NYSE:AVYA) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $14.64, but opened at $15.75. Avaya shares last traded at $16.77, with a volume of 3578271 shares changing hands.
The company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.08. Avaya had a net margin of 104.03% and a return on equity of 4,097.00%. The business had revenue of $770.00 million for the quarter, compared to analysts’ expectations of $768.00 million. The firm’s revenue was up 2.0% compared to the same quarter last year.
AVYA has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Avaya from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research report on Monday, August 13th. Citigroup initiated coverage on shares of Avaya in a research report on Friday, August 31st. They set a “neutral” rating and a $25.00 price target on the stock. Finally, Barclays started coverage on shares of Avaya in a research report on Friday, October 5th. They set an “equal weight” rating on the stock. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $25.80.
Institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp grew its holdings in shares of Avaya by 203.4% in the second quarter. Bank of New York Mellon Corp now owns 433,609 shares of the company’s stock worth $8,707,000 after purchasing an additional 290,677 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Avaya by 186.2% in the second quarter. BlackRock Inc. now owns 7,206,505 shares of the company’s stock worth $144,708,000 after purchasing an additional 4,688,763 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Avaya by 45.1% in the second quarter. Wells Fargo & Company MN now owns 436,373 shares of the company’s stock worth $8,762,000 after purchasing an additional 135,721 shares during the last quarter. Paloma Partners Management Co bought a new position in shares of Avaya in the second quarter worth approximately $691,000. Finally, Chicago Equity Partners LLC bought a new position in shares of Avaya in the third quarter worth approximately $1,995,000.
The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.13 and a current ratio of 1.22.
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About Avaya (NYSE:AVYA)
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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