Avid Technology, Inc. (NASDAQ:AVID) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $38.24 and last traded at $38.08, with a volume of 3619 shares traded. The stock had previously closed at $37.48.
A number of brokerages have recently weighed in on AVID. Northland Securities reissued a “buy” rating on shares of Avid Technology in a report on Monday, March 29th. Zacks Investment Research raised shares of Avid Technology from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a research report on Friday, March 12th. B. Riley upped their price objective on shares of Avid Technology from $25.00 to $30.00 in a report on Thursday, May 6th. Finally, Royal Bank of Canada initiated coverage on shares of Avid Technology in a report on Wednesday, March 17th. They set an “outperform” rating for the company. Five analysts have rated the stock with a buy rating, Avid Technology has an average rating of “Buy” and an average target price of $21.40.
The company has a market cap of $1.77 billion, a price-to-earnings ratio of 48.82 and a beta of 1.39. The stock has a 50-day moving average of $29.23.
In other news, SVP Tom J. A. Cordiner sold 7,022 shares of the company’s stock in a transaction that occurred on Friday, May 21st. The stock was sold at an average price of $30.81, for a total transaction of $216,347.82. Following the completion of the transaction, the senior vice president now directly owns 244,655 shares of the company’s stock, valued at approximately $7,537,820.55. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Nancy Hawthorne sold 1,250 shares of Avid Technology stock in a transaction on Tuesday, June 1st. The shares were sold at an average price of $31.03, for a total transaction of $38,787.50. Following the completion of the sale, the director now directly owns 136,220 shares in the company, valued at approximately $4,226,906.60. The disclosure for this sale can be found here. Insiders have sold a total of 12,022 shares of company stock worth $341,973 over the last 90 days. Insiders own 6.70% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of AVID. BlackRock Inc. increased its stake in shares of Avid Technology by 0.9% during the first quarter. BlackRock Inc. now owns 2,386,011 shares of the technology company’s stock worth $50,369,000 after purchasing an additional 20,814 shares in the last quarter. Gilder Gagnon Howe & Co. LLC acquired a new position in shares of Avid Technology during the first quarter valued at approximately $44,440,000. Royce & Associates LP lifted its position in shares of Avid Technology by 18.9% in the first quarter. Royce & Associates LP now owns 1,974,645 shares of the technology company’s stock valued at $41,685,000 after acquiring an additional 313,985 shares in the last quarter. Rubric Capital Management LP boosted its stake in shares of Avid Technology by 20.3% in the first quarter. Rubric Capital Management LP now owns 1,203,156 shares of the technology company’s stock worth $25,399,000 after acquiring an additional 203,156 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Avid Technology by 11.7% during the first quarter. Geode Capital Management LLC now owns 892,422 shares of the technology company’s stock worth $18,839,000 after purchasing an additional 93,474 shares in the last quarter. 77.22% of the stock is currently owned by institutional investors and hedge funds.
Avid Technology Company Profile (NASDAQ:AVID)
Avid Technology, Inc develops, markets, sells, and supports software and integrated solutions for video and audio content creation, management, and distribution worldwide. The company's video products and solutions include the Media Composer, a cloud-enabled solution used to edit video content; Avid NEXIS shared storage systems; Maestro solutions for the integration of virtual sets, augmented reality, and video wall control into existing workflows; AirSpeed 5000 and AirSpeed 5500 on-air server solutions; and MediaCentral, a media production suite.
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