Russell Investments Group Ltd. decreased its holdings in Avaya Holdings Corp (NYSE:AVYA) by 33.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 348,330 shares of the company’s stock after selling 176,532 shares during the quarter. Russell Investments Group Ltd.’s holdings in Avaya were worth $4,146,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. ARP Americas LP bought a new position in shares of Avaya in the first quarter worth $192,000. Xact Kapitalforvaltning AB bought a new position in shares of Avaya in the second quarter worth $138,000. Dfpg Investments Inc. bought a new position in shares of Avaya in the second quarter worth $187,000. FNY Investment Advisers LLC bought a new position in shares of Avaya in the second quarter worth $222,000. Finally, Steward Partners Investment Advisory LLC bought a new position in shares of Avaya in the second quarter worth $238,000.
Several research analysts have recently issued reports on AVYA shares. Northland Securities set a $21.00 price target on Avaya and gave the stock a “buy” rating in a research note on Wednesday, August 21st. Morgan Stanley reaffirmed an “equal weight” rating and set a $14.00 target price (down previously from $18.50) on shares of Avaya in a research note on Wednesday, August 14th. Zacks Investment Research cut Avaya from a “hold” rating to a “strong sell” rating in a research note on Thursday, August 15th. Finally, Citigroup set a $12.00 target price on Avaya and gave the company a “hold” rating in a research note on Monday, July 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued 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.
Avaya (NYSE:AVYA) last announced its earnings results 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 firm had revenue of $720.00 million for the quarter, compared to the consensus estimate of $715.96 million. During the same period in the prior year, the business earned ($0.80) EPS. The company’s quarterly revenue was down 4.6% compared to the same quarter last year. Analysts forecast that Avaya Holdings Corp will post 3.33 earnings per share for the current year.
Avaya Company Profile
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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