Wall Street brokerages forecast that Avid Technology, Inc. (NASDAQ:AVID) will announce earnings of $0.04 per share for the current quarter, according to Zacks. Two analysts have provided estimates for Avid Technology’s earnings, with the highest EPS estimate coming in at $0.05 and the lowest estimate coming in at $0.02. Avid Technology reported earnings per share of ($0.12) during the same quarter last year, which suggests a positive year-over-year growth rate of 133.3%. The company is expected to report its next earnings results on Thursday, August 8th.
On average, analysts expect that Avid Technology will report full-year earnings of $0.58 per share for the current year, with EPS estimates ranging from $0.50 to $0.66. For the next year, analysts expect that the firm will post earnings of $0.88 per share. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that that provide coverage for Avid Technology.
Avid Technology (NASDAQ:AVID) last announced its quarterly earnings results on Monday, May 6th. The technology company reported $0.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $103.32 million during the quarter, compared to analysts’ expectations of $100.78 million. During the same period in the prior year, the company posted ($0.06) EPS. The company’s revenue was up 5.5% on a year-over-year basis.
Several equities analysts have issued reports on AVID shares. Maxim Group set a $5.00 price target on shares of Adial Pharmaceuticals and gave the company a “buy” rating in a research report on Friday, June 7th. BWS Financial cut 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. BidaskClub cut shares of Vertex Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Tuesday, July 9th. Zacks Investment Research cut shares of HEXO from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Finally, Jefferies Financial Group upped their price target on shares of Avid Technology from $6.50 to $8.50 and gave the company a “hold” rating in a research report on Friday, June 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $8.25.
NASDAQ AVID traded down $0.03 on Thursday, hitting $10.18. The company’s stock had a trading volume of 350,674 shares, compared to its average volume of 443,037. Avid Technology has a 1-year low of $4.37 and a 1-year high of $10.65. The stock’s 50-day simple moving average is $8.69. The company has a market capitalization of $428.82 million, a price-to-earnings ratio of 84.83, a PEG ratio of 2.65 and a beta of 1.77.
In other Avid Technology news, insider Ryan H. Murray sold 12,000 shares of the company’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 completion of the transaction, the insider now directly owns 35,995 shares in the company, valued at approximately $287,960. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 5.90% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. BNP Paribas Arbitrage SA increased its position in shares of Avid Technology by 86.8% during the first quarter. BNP Paribas Arbitrage SA now owns 5,722 shares of the technology company’s stock worth $43,000 after buying an additional 2,659 shares during the period. Bank of America Corp DE increased its position in shares of Avid Technology by 21.7% during the fourth quarter. Bank of America Corp DE now owns 33,160 shares of the technology company’s stock worth $157,000 after buying an additional 5,921 shares during the period. D. E. Shaw & Co. Inc. increased its position in shares of Avid Technology by 15.9% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 51,624 shares of the technology company’s stock worth $245,000 after buying an additional 7,066 shares during the period. Quantamental Technologies LLC acquired a new stake in shares of Avid Technology during the first quarter worth $58,000. Finally, Heritage Investors Management Corp acquired a new stake in shares of Avid Technology during the first quarter worth $76,000. Institutional investors own 57.04% 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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