Zacks Investment Research upgraded shares of Avaya (NYSE:AVYA) from a hold rating to a buy rating in a research report report published on Monday morning. The brokerage currently has $24.00 price target on the stock.

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. “

Shares of AVYA stock opened at $21.74 on Monday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 0.88 and a current ratio of 0.97. Avaya has a fifty-two week low of $15.63 and a fifty-two week high of $23.76.

Avaya (NYSE:AVYA) last issued its earnings results on Thursday, August 9th. The company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of $0.77 by ($1.57). The business had revenue of $755.00 million during the quarter, compared to the consensus estimate of $754.00 million. The company’s revenue for the quarter was down 6.0% compared to the same quarter last year. research analysts anticipate that Avaya will post 2.4 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. bought a new stake in shares of Avaya during the 1st quarter worth about $215,768,000. BlackRock Inc. boosted its stake in Avaya by 186.2% during the 2nd quarter. BlackRock Inc. now owns 7,206,505 shares of the company’s stock valued at $144,708,000 after purchasing an additional 4,688,763 shares during the period. Franklin Resources Inc. bought a new stake in Avaya during the 1st quarter valued at approximately $118,887,000. OppenheimerFunds Inc. bought a new stake in Avaya during the 1st quarter valued at approximately $113,118,000. Finally, Highland Capital Management LP bought a new stake in Avaya during the 1st quarter valued at approximately $78,509,000. Institutional investors own 89.28% of the company’s stock.

Avaya Company Profile

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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