A number of other research firms also recently issued reports on AVID. Maxim Group reiterated a “buy” rating and issued a $14.00 price objective on shares of Avid Technology in a report on Tuesday, May 7th. Zacks Investment Research downgraded Avid Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday. BWS Financial downgraded Avid Technology from a “hold” rating to a “sell” rating and set a $5.00 price objective for the company. in a report on Thursday, March 21st. Finally, ValuEngine upgraded Avid Technology from a “hold” rating to a “buy” rating in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $7.63.
AVID traded up $0.27 during trading on Wednesday, reaching $7.81. The stock had a trading volume of 488,591 shares, compared to its average volume of 436,311. The company has a market cap of $320.47 million, a price-to-earnings ratio of 65.08, a price-to-earnings-growth ratio of 1.47 and a beta of 1.86. Avid Technology has a one year low of $4.37 and a one year high of $10.65.
Avid Technology (NASDAQ:AVID) last posted its quarterly earnings data on Monday, May 6th. The technology company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. The business had revenue of $103.32 million during the quarter, compared to the consensus estimate of $100.78 million. Avid Technology had a negative return on equity of 7.54% and a negative net margin of 0.46%. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.06) earnings per share. On average, sell-side analysts predict that Avid Technology will post 0.52 EPS for the current fiscal year.
In other news, insider Ryan H. Murray sold 12,000 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $8.00, for a total value of $96,000.00. Following the sale, the insider now directly owns 35,995 shares of the company’s stock, valued at $287,960. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 5.90% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVID. Geode Capital Management LLC grew its stake in shares of Avid Technology by 39.9% in the first quarter. Geode Capital Management LLC now owns 466,558 shares of the technology company’s stock worth $3,475,000 after acquiring an additional 133,000 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Avid Technology in the first quarter worth $764,000. Gabelli Funds LLC grew its stake in shares of Avid Technology by 63.0% in the first quarter. Gabelli Funds LLC now owns 208,020 shares of the technology company’s stock worth $1,550,000 after acquiring an additional 80,420 shares during the last quarter. Teton Advisors Inc. grew its stake in shares of Avid Technology by 44.4% in the first quarter. Teton Advisors Inc. now owns 260,042 shares of the technology company’s stock worth $1,937,000 after acquiring an additional 80,000 shares during the last quarter. Finally, Gamco Investors INC. ET AL grew its stake in shares of Avid Technology by 307.2% in the first quarter. Gamco Investors INC. ET AL now owns 101,800 shares of the technology company’s stock worth $758,000 after acquiring an additional 76,800 shares during the last quarter. 58.05% of the stock is currently owned by hedge funds and other institutional investors.
About Avid Technology
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, which is used to edit video content, such as television programming, commercials, and films; Avid NEXIS shared storage systems; and Maestro product line solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows.
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