According to Zacks, “Avid Technology, Inc. develops, markets, sells and supports a wide range of software and systems for creating and manipulating digital media content. Digital media are media elements, whether video or audio or graphics, in which the image, sound or picture is recorded and stored as digital values, as opposed to analog signals. The company’s systems are designed to improve the productivity of video and film editors by enabling them to edit moving pictures and sound in a faster, easier, and more cost-effective manner than traditional analog tape-based systems. “
Several other equities research analysts also recently weighed in on the stock. Maxim Group started coverage on shares of Avid Technology in a research report on Wednesday, May 1st. They set a buy rating for the company. ValuEngine downgraded shares of Avid Technology from a buy rating to a hold rating in a research report on Wednesday, February 20th. BidaskClub raised shares of Avid Technology from a strong sell rating to a sell rating in a research report on Tuesday, March 19th. Dougherty & Co raised shares of Avid Technology from a sell rating to a neutral rating in a research report on Wednesday, January 30th. Finally, BWS Financial downgraded shares of Avid Technology from a hold rating to a sell rating and set a $5.00 price target for the company. in a research report on Thursday, March 21st. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $7.63.
Shares of NASDAQ AVID traded up $0.02 on Wednesday, reaching $7.81. 7,839 shares of the company’s stock traded hands, compared to its average volume of 436,311. Avid Technology has a 12 month low of $4.37 and a 12 month high of $10.65. The company has a market capitalization of $320.47 million, a price-to-earnings ratio of 65.29, a P/E/G ratio of 1.47 and a beta of 1.86.
Avid Technology (NASDAQ:AVID) last announced its earnings results on Monday, May 6th. The technology company reported $0.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.04. Avid Technology had a negative net margin of 0.46% and a negative return on equity of 7.54%. The business had revenue of $103.32 million during the quarter, compared to the consensus estimate of $100.78 million. During the same quarter last year, the firm earned ($0.06) earnings per share. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, research analysts forecast that Avid Technology will post 0.52 earnings per share for the current year.
In related news, insider Ryan H. Murray sold 12,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $8.00, for a total value of $96,000.00. Following the sale, the insider now owns 35,995 shares in the company, valued at $287,960. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 5.90% of the company’s stock.
A number of hedge funds have recently modified their holdings of AVID. Dimensional Fund Advisors LP boosted its holdings in Avid Technology by 1.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,887,306 shares of the technology company’s stock worth $11,191,000 after purchasing an additional 20,989 shares during the last quarter. Virtu Financial LLC purchased a new stake in Avid Technology in the fourth quarter worth approximately $58,000. Gamco Investors INC. ET AL boosted its holdings in Avid Technology by 11.1% in the fourth quarter. Gamco Investors INC. ET AL now owns 25,000 shares of the technology company’s stock worth $119,000 after purchasing an additional 2,500 shares during the last quarter. Teton Advisors Inc. boosted its holdings in Avid Technology by 1.4% in the fourth quarter. Teton Advisors Inc. now owns 180,042 shares of the technology company’s stock worth $855,000 after purchasing an additional 2,500 shares during the last quarter. Finally, Gabelli Funds LLC boosted its holdings in Avid Technology by 34.3% in the fourth quarter. Gabelli Funds LLC now owns 127,600 shares of the technology company’s stock worth $606,000 after purchasing an additional 32,600 shares during the last quarter. Institutional investors own 58.05% of the company’s stock.
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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