Rubric Capital Management LP Has $41.49 Million Position in Avaya Holdings Corp (AVYA)

Rubric Capital Management LP increased its stake in Avaya Holdings Corp (NYSE:AVYA) by 2,430.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,874,060 shares of the company’s stock after purchasing an additional 1,799,990 shares during the period. Avaya accounts for about 4.4% of Rubric Capital Management LP’s portfolio, making the stock its 7th largest position. Rubric Capital Management LP owned about 1.70% of Avaya worth $41,492,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its position in Avaya by 2.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 9,816,231 shares of the company’s stock worth $217,330,000 after buying an additional 225,882 shares during the last quarter. BlackRock Inc. raised its position in Avaya by 0.7% during the 3rd quarter. BlackRock Inc. now owns 7,259,420 shares of the company’s stock worth $160,724,000 after buying an additional 52,915 shares during the last quarter. River Road Asset Management LLC raised its position in Avaya by 9.9% during the 3rd quarter. River Road Asset Management LLC now owns 2,568,133 shares of the company’s stock worth $56,858,000 after buying an additional 231,020 shares during the last quarter. Wells Fargo & Company MN raised its position in Avaya by 289.3% during the 3rd quarter. Wells Fargo & Company MN now owns 1,698,927 shares of the company’s stock worth $37,614,000 after buying an additional 1,262,554 shares during the last quarter. Finally, Northern Trust Corp raised its position in Avaya by 452.0% during the 2nd quarter. Northern Trust Corp now owns 1,171,935 shares of the company’s stock worth $23,533,000 after buying an additional 959,620 shares during the last quarter.

NYSE:AVYA opened at $15.27 on Monday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.13 and a current ratio of 1.22. Avaya Holdings Corp has a 1-year low of $14.24 and a 1-year high of $23.76.

A number of equities analysts have issued reports on the stock. Zacks Investment Research raised shares of Avaya from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research report on Monday, August 13th. Barclays assumed coverage on shares of Avaya in a research report on Friday, October 5th. They set an “equal weight” rating for the company. Finally, Citigroup assumed coverage on shares of Avaya in a research report on Friday, August 31st. They set a “neutral” rating and a $25.00 price target for the company. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $27.25.

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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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Institutional Ownership by Quarter for Avaya (NYSE:AVYA)

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