Millennium Management LLC decreased its holdings in Avid Technology, Inc. (NASDAQ:AVID) by 60.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 124,064 shares of the technology company’s stock after selling 188,529 shares during the quarter. Millennium Management LLC’s holdings in Avid Technology were worth $645,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also made changes to their positions in the stock. Northern Trust Corp lifted its stake in Avid Technology by 2.9% in the first quarter. Northern Trust Corp now owns 388,048 shares of the technology company’s stock worth $1,762,000 after acquiring an additional 10,925 shares during the period. Bank of America Corp DE lifted its stake in Avid Technology by 77.3% in the second quarter. Bank of America Corp DE now owns 33,329 shares of the technology company’s stock worth $173,000 after acquiring an additional 14,531 shares during the period. Paloma Partners Management Co lifted its stake in Avid Technology by 152.9% in the second quarter. Paloma Partners Management Co now owns 25,900 shares of the technology company’s stock worth $135,000 after acquiring an additional 15,658 shares during the period. BlackRock Inc. lifted its stake in Avid Technology by 1.1% in the first quarter. BlackRock Inc. now owns 2,057,592 shares of the technology company’s stock worth $9,341,000 after acquiring an additional 22,050 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Avid Technology by 1.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,872,181 shares of the technology company’s stock worth $8,500,000 after acquiring an additional 27,867 shares during the period. 70.14% of the stock is owned by institutional investors.
Shares of Avid Technology stock opened at $5.66 on Friday. Avid Technology, Inc. has a 12 month low of $4.07 and a 12 month high of $7.65.
Avid Technology (NASDAQ:AVID) last announced its quarterly earnings data on Thursday, August 9th. The technology company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). The firm had revenue of $98.62 million for the quarter, compared to analysts’ expectations of $98.27 million. Avid Technology had a negative net margin of 4.46% and a negative return on equity of 2.51%. The business’s quarterly revenue was down 3.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.26) EPS. Sell-side analysts anticipate that Avid Technology, Inc. will post 0.04 earnings per share for the current fiscal year.
A number of analysts recently commented on the company. Zacks Investment Research lowered Avid Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, October 10th. ValuEngine lowered Avid Technology from a “buy” rating to a “hold” rating in a research report on Thursday, September 13th.
In other Avid Technology news, SVP Peter Ennis sold 8,600 shares of the firm’s stock in a transaction on Thursday, August 30th. The stock was sold at an average price of $5.92, for a total transaction of $50,912.00. Following the completion of the transaction, the senior vice president now owns 41,857 shares of the company’s stock, valued at $247,793.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.90% of the company’s stock.
Avid Technology Company Profile
Avid Technology, Inc develops, markets, sells, and supports software, hardware, and integrated solutions for video and audio content creation, management, and distribution worldwide. The company's video products and solutions include the Media Composer product line that is used to edit film, television programming, news broadcasts, commercials, and other video content; Avid shared storage systems and Avid Interplay asset management solutions, which provide complete network, storage, and database solutions to enable users to simultaneously share and manage media assets throughout a project or organization.
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